Nonmarket strategies are the link between ________.

Question

Quizplus · Accepted Answer

Nonmarket strategies bridge the gap between objectives and the specific actions taken to achieve them. They are a means of achieving business goals that cannot be accomplished through market transactions alone, but require engagement with external stakeholders, such as governments, communities, and interest groups. Nonmarket strategies encompass a variety of activities, including lobbying, public relations, community outreach, and corporate social responsibility initiatives. By leveraging these activities, firms can influence the policy and regulatory environment in which they operate, enhance their reputation and brand image, and build long-term relationships with key stakeholders.

Nonmarket Strategies Are the Link Between ________