StudentShare solutions
Triangle menu
  • Home
  • Subjects
  • Marketing
  • 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

Not dowloaded yet

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

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. 469) include the differentiation strategy where a product or service has a unique character which is valued by the customer, which must be established with research and marketing. The second type is the focus strategy within a specific market segment, while the firm utilizes high level of loyalty from its customers, which could create hindrance for competition (SlideShare Inc. 2012). Lastly, the undifferentiated strategy assumes a mass-market principle, wherein a firm uses a single marketing mix for an entire market, and that customer needs are similar, which could be addressed in one marketing mix (Lamb, Hair, & McDaniel, 2012, p. 274). Analysis The traditional view of business mission mainly dwells on the mission and the philosophy of the company towards the unsegmented consumers. It mainly focuses on consumers and why they exist in the market. The consumers’ satisfaction is the core of the tradition business mission and is the benchmark to gauge the success of the company. Other external and internal factors of the business are not considered in the traditional business mission. On the other hand, the new approach of the business mission is composed of three parts, the customers, the function and the technology. It does not only aim in satisfying the customers, but also it involves other factors that involve the integration of the product and the customers. Unlike the traditional mission, which considers the customers as one group, the new approach segments the customers into three groups with different purchasing power, strategy used and principles. The first strategy is the focus strategy which is exemplified in the Pepsico, where it has gained a competitive advantage in the food and beverages industry (SlideShare Inc. 2012). The second customers’ strategy is the differentiated strategy, which is manifested in McDonald’s, where it has all types of customers from all ages whose purchasing decision is mostly based on price, which is just right for the customer (SlideShare Inc. 2012). The last customer strategy is the undifferentiated strategy which is used by Coca-Cola in their single product and size of its bottle, and also some marketers of commodity products like flour and sugar are most ...Show more

Summary

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…
Author : casperduncan
How does the traditional view of the business mission differ from the new approach essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the book report/review on your topic
"How does the traditional view of the business mission differ from the new approach"
with a personal 20% discount.
Grab the best paper

Related Essays

Analysis of Roland Joffe's The Mission
Father Gabriel and Mendoza have a choice to make when their tribal group is forced to move. However, both of them have differing opinions on how to prevent it from occurring. The major dilemma of the movie is whether it is right to fight injustice with violence or not.
3 pages (750 words) Book Report/Review
Evaluate a Philosophical Approach
Moreover, a deteriorating economy with the rising cost of livings have forced people to take more that one job in order to meet all their daily needs. Women are greatly affected by this because unlike traditionally when they mainly stayed at home, they now take formal jobs and still carry out their duties back at home.
7 pages (1750 words) Book Report/Review
Systems approach
A food outlet has three core areas that ought to function well to attain its potential for success, namely: production and procurement systems that encompass all those functions that are pertinent to prepare and serve products to the clients. The financial function deals with safeguarding cash, cash control, cash management, as well as operational and financial reporting.
6 pages (1500 words) Book Report/Review
Traditional Chinese Medicine Article Critique

The article chosen for critique is called the “Treatment of patients with chronic headaches in a hospital for traditional Chinese medicine in Germany -A randomised, waiting list controlled trial” and is a joint effort by a few German and Swiss writers.The Critique will adjoin to a TCM practitioner’s perspective (Traditional Chinese Medicine (TCM).

 

7 pages (2000 words) Book Report/Review
How does exposure to alcohol affect the brain
Drowsiness after alcohol consumption is the result of slowing down of signal transmission inside the brain. Continued exposure to alcohol causes the brain to change the balance between neurotransmitters so that the brain can function
1 pages (250 words) Book Report/Review
Evaluate a Philosophical Approach
Women are greatly affected by this because unlike traditionally when they mainly stayed at home, they now take formal jobs and still carry out their duties back at home.
7 pages (1750 words) Book Report/Review
Mission Control (Apollo)
The book is designed for young readers and, for this reason, the author has used simple and understandable English is making the reader flow easily. The book was not boring at all; I enjoyed every bit of the book.
2 pages (500 words) Book Report/Review
How does the book relate to health community nursing
This report contextualizes community health nursing by relating the characters in a novel to community health nursing (Holzemer, 2012). The report investigates the various challenges that a number of characters
5 pages (1250 words) Book Report/Review
How do Lolita and Humbert differ in their abilities to deal with the past What do these differences reveal about their characters
The matter is that Lolita’s and Humbert’s past experiences have a huge and significant influence on their behavior and tastes. This personalities have to deal with the subconscious responses from their
2 pages (500 words) Book Report/Review
How and why do Hansen, Siegel, and Epstein differ in their approach to trauma
Happiness accommodates happy feelings among people and helps them to distinguish between good and evil. Happiness includes the pleasant feelings, and it motivates people to maintain their personal and social
6 pages (1500 words) Book Report/Review
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation