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Strategies of Market & Non-Market Business Environments

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  • 0:02 Market & Non-Market…
  • 0:54 Market Strategies
  • 3:04 Non-Market Strategies
  • 4:26 Lesson Summary
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Lesson Transcript
Instructor: Jennifer Lombardo
Companies must employ market and non-market business strategies in order to satisfy stakeholders and be profitable in the workplace environment. In this lesson, you will learn the specific strategies that lead to profits and stakeholders' support.

Market and Non-Market Environments

Ultimately, businesses face a dilemma. They need to make a profit to survive and prosper, but they also have to ensure the satisfaction of their stakeholders. In this lesson, you will learn the difference between market and non-market environments of business. In addition, you will understand the strategies used by each of the different environments.

A Big Thrill is a corporation that owns amusement thrill parks across the nation. The company is constantly trying to balance the strategies of their market and non-market business environments. A Big Thrill's market environment consists of their employees, suppliers, customers, owners and competitors. Their non-market environment is made up of society and government, such as social media and government regulatory agencies. Let's take a thrill ride to see how they accomplish this task.

Market Strategies

A Big Thrill depends upon market strategies, or directions to attain customers and increase profits. There are four specific types of market strategies that the amusement corporation utilizes to increase their sales and customer bases:

  • Corporate-level strategies, which focus on growth potential for A Big Thrill, such as buying small parks, building new ones or divesting outdated rides. The main way A Big Thrill builds customer interest is through the unveiling of new park rides or locations every year. This year the company is opening a new Zombie Apocalypse-themed park in Illinois. The new park alone should increase their customer base and profits.

  • Business-level strategies are also instrumental to A Big Thrill's overall business success. These types of strategies consist of analyzing opportunities, threats and problems in order to protect the company's overall health. Two years ago, A Big Thrill was debating what type of new park they should open in Illinois and conducted consumer research to determine what theme would be the most popular with consumers. They initially chose the Zombie Apocalypse, Psychic World and Carnivorous Creatures as possible ideas.

  • Competitive-level strategies give A Big Thrill a way of monitoring their customers from spending their money elsewhere. The company tries to find ways to differentiate their amusement parks from the competition through unique offerings, such as 4-D rides, celebrity horror movie visits and themed food (Zombie Eye Balls and Guts, also known as spaghetti and meatballs).

  • Functional-level strategies are the last specific type of market strategies that A Big Thrill uses to attain customer acquisition and are based on developing skilled employees and human resource, marketing and operation departments. A Big Thrill prides itself on hiring the best employees who have advanced education and experience with delivering amazing customer experiences in theme park rides.

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