Strategic management has traditionally concerned itself with delivering objectives based on an assessment of resources and the market environment. However, there are many actors considered ‘outside’ the firm that inevitably shape the dynamics within the market. Nonmarket strategies entail social, political, and legal arrangements that reinforce or enable market strategies, providing a comprehensive approach to improving performance and gaining a competitive advantage.
This book introduces nonmarket strategic management within these contexts. Divided into two parts, the first part offers theories and managerial support for coping with the complex business realities surrounded by social, political and legal spheres; the second part presents examples of the challenges firms in the nonmarket environment. These examples show how firms can strategically manage and work with social, political and regulatory stakeholders to achieve their goals.
Written by two leading scholars in the area, this book is essential reading for business students, managers and leaders.
'This book is an excellent blend of theory and practice, with many connections between them. Executives that read this book will be repaid many times over with lots of useful and practical ideas.' - R. Edward Freeman, The Darden School, University of Virginia, USA
‘This is the best book I have read on the role of ‘non-market strategies’ in business: it is up-to-date, authoritative, and clearly argued, with many examples from managerial practice. A must-read for strategy scholars.’ - Alain Verbeke, Editor-in-Chief, Journal of International Business Studies
Part I: Nonmarket Strategic Management through Theoretical Lenses
1. Genesis of the Nonmarket Field
2. Advancing the Nonmarket Environment: Expanding Institutions, Issues, Interests, and Information
3. Institutions: Nature, Context, and Pressures
4. Types of Nonmarket Institutions
5. Stakeholder Approach to Nonmarket Concept
6. Nonmarket Strategies: Why, When, and How?
7. Nonmarket Resources and Outcomes
Part II How it is done: Nonmarket Strategic Management in Practice
8. Let Them Eat Bugs: Legitimacy and Legislative Priority in the Dutch Edible Insect Sector
9. Merger and Acquisition Investigations in the European Airline Industry
10. Nonmarket Actions from the Chemical Industry: The Case of Merck & Co.
11. Nonmarket Actions from the Oil Industry: The Case of Royal Dutch Shell