Keywords: sustainability, sustainable development, social, environmental, nonmarket strategy, nonmarket forces, market strategy, strategy formulation, strategy implementation, strategic management, developing countries, private sector
Nonmarket response strategies: a typology of market and nonmarket strategy interrelatedness
With the growing prevalence of nonmarket forces in the private sector, this manuscript sheds light on the different types of response strategies and their association with existing strategic management processes. Employing an inductive, case-based study of 30 firms operating in developing country contexts, this manuscript presents a typology of firm strategic response to nonmarket forces based on the degree to which market and nonmarket strategies intersect in the strategy formulation and strategy implementation processes. Four approaches are presented each accompanied by important and unique challenges along with guidance on how to overcome them.