The most effective means of integrating market and nonmarket strategies is ________.
A) to incorporate nonmarket strategy formulation into the process of developing a market strategy
B) to incorporate market strategy formulation into the process of developing a nonmarket strategy
C) to incorporate both into the business strategy process
D) to view both as separate strategies unified by the goal of profit maximization

Question

Quizplus · Accepted Answer

To effectively integrate market and nonmarket strategies, both must be incorporated into the overall business strategy process. They are interconnected and impact each other, so it is important to consider both when developing a unified strategy that aims to maximize profits. Option A and B suggest focusing on one strategy and trying to incorporate the other, which is not as effective as having a holistic approach to strategy development. Option D suggests that profit maximization is the only goal, which may not be the case as companies may have other objectives such as social responsibility.

The Most Effective Means of Integrating Market and Nonmarket Strategies