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Non-Market Strategy for Sucessful Business Performance

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I need some help answering this topic question, I choose Pharmaceutical Industries:
"An effective market strategy is necessary for successful performance, but is not always sufficient. An effective non-market strategy is rarely sufficient, but for most firms it is necessary for successful performance." Explain this statement using either the biotechnology or pharmaceutical industries as your primary focus.

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Solution Summary

The solution emphasizes that a successful business is a product of both market and non-market strategies, it compares and contrasts between the two and focuses on pharmaceutical industries. All references used are included.

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Companies need to focus on both the market and nonmarket environments. Market environment are those that deals with the relationship of the company with the buyers. Dealing with the market environment involves applying marketing strategies that include strategies on the product, the price, the place, and promotion. To successfully win the market, a marketer must have to design a marketing strategy - a mix of the four Ps that is appropriate to the target market. However, since the buyers are not in a vacuum which means that they live amidst social, political, and environmental forces, the company must consider the nonmarket environment - these are all other factors outside the market environment.

What is nonmarket strategy?
An online source noted that nonmarket strategy recognizes that businesses are ...

Solution provided by:
Elisa Valdez, PhD
Education
  • Bachelor of Science in Business Administration, University of the Philippines
  • Master in Business Administration, Saint Mary's University
  • Doctor of Philosophy in Education, University of the Philippines
  • Doctor in Business Adminstration (IP), Polytechnic University of the Philippines
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