How does the traditional view of the business mission differ from the new approach?

How does the traditional view of the business mission differ from the new approach? Book Report/Review example
Undergraduate
Book Report/Review
Marketing
Pages 3 (753 words)
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Business Mission: Traditional v. New Approach Introduction In any given business, defining a systematic and clear mission is crucial for the furtherance of a business or an organization. The business mission must include the social function of the business, which includes the economic performance and other key parts which are essential in creating strategic business plans (Drucker, 2011, pp…

Introduction

Traditional Approach According to Levit (1960, as cited in Drejer, 2002, p. 36), the traditional business mission approach is fundamentally anchored on defining what the business is and what is the future of the business. Therefore, the goal set in this type of mission is towards the product-market. Furthermore, Drucker (1973, as cited in Drejer, 2002, p. 37) cited that a business starts with a mission and a philosophy, which is similar with the traditional approach. It mainly focuses on the customers, and in meeting and satisfying their needs and wants. New Approach The new approach is characterized on three dimensions, and these include customer groups, customer functions and the technologies used. For example, a watch company wherein the customer groups may involve individual customers or industrial users; the customer functions could be utilized for determining or recording the time or as an accessory and the alternative technologies may come from mechanical, digital or analogue types (Kazmi, 2008, p. 42). On the other hand, the contemporary strategies, as developed by Porter (as cited in Dess & Davis, 1984, p. ...
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