Frameworks and Approaches Differences
Respond to two of your colleagues’ submissions. For each of your responses, you should contribute something to the original post. Simply agreeing with your classmate is not sufficient.
1.1. From your readings on framework and approach, explain in your own words the difference between a framework and an approach. Illustrate your description using an example.
Functional strategies include both frameworks and approaches (Abouzeid, 2019). While frameworks and approaches are closely intertwined, there are some key distinctions between the two. A framework establishes guidelines, boundaries, and constraints in which a specific operation shall adhere to (Abouzeid, 2019). On the other hand, an approach is more specific in nature, defining the specific actions that need to take place in order to achieve a desired result (Abouzeid, 2019).
In the cybersecurity domain, Zero Trust is an example of framework. Zero Trust is a framework by which all connections are considered untrusted at all times (IBM, 2020). Said another way, every single connection needs to re-establish trust, every time, under the right circumstances (IBM, 2020). An organization wishing to transition to a Zero Trust framework may opt to use a gap analysis approach to reach their desired state. Gap analysis is the process of determining the current baseline, defining the desired outcome, and determining what specific actions need to occur to reach the defined goal (Hanna, 2021).
1.2. Hello Class,
From your readings on framework and approach, explain in your own words the difference between a framework and an approach. Illustrate your description using an example.
The difference between framework and approach is the framework can be described as a system or a collection of resources that offer a defined framework for addressing particular problems or tasks. On the other hand, an approach describes an operational strategy or method that directs how an organization handles decisions and issues.
In the context of the article and video “30 years ago today, Coca-Cola made its worst mistake”, Coca-Cola already had a long-standing structure for the company’s signature beverage, Coca-Cola Classic.” The framework of Coca Cola is the secret formula, which has been locked away since 1925. The company’s original formula called “Merchandise 7X” was so secret, it was locked inside a bank vault in Atlanta (CBS Evening News, 2015). Additionally, the company’s production strategy, sales channels, and brand positioning which had been effective for decades contributed to the framework which led to product success.
I remember when Coca-Cola rolled out this new recipe and like others, I was very disappointed. Now looking back, I believe that the company’s approach was based on innovation to create a new taste through nostalgia. Their strategy may have entailed bringing out fresh iterations of their original recipe while keeping a strong bond with their history and the original recipe. That strategy also directed their future decisions regarding product changes.
CBS Evening News. (2015, April 23). New Coke: Coca-Cola’s 77-day product disaster [Video]. YouTube.
Module 2: Discussion Assignment 2/2
2.1.Describe the limitations of market research in predicting disruptors, especially when faced with a fast-changing environment.
The purpose of market research is to gain a better understanding of the current state of a given market (CB Insights, 2020). Market research is conducted for a variety of reasons, whether that be to improve brand awareness, assess the actions of one’s competition, increase advertising effectiveness, or to help guide product development (CB Insights, 2020). History is filled with examples of major blunders that were made despite vast amounts of market research. One of the most notable examples is Coca-Cola. About 35 years ago, Coca-Cola – the number one soft beverage company by market share at the time – attempted to modify their highly popular recipe, much to the chagrin of their loyal customers (Haoues, 2015). The announcement sparked widespread outcry and public scrutiny, resulting in Coca-Cola reversing the decision shortly after the product launch (Haoues, 2015). Prior to rolling out the failed product, Coca-Cola dedicated many resources towards market research, but they were unable to foresee the negative reaction (Haoues, 2015). In this example, Coca-Cola seemingly dedicated vast resources towards market research, but overlooked the importance of customer loyalty (Haoues, 2015). According to Nate Silver, the majority of market research models were fundamentally flawed throughout the 2016 U.S. presidential election (Silver, 2017). These flaws can be categorized as follows: recency bias, too slow, media impact, biased interpretations of data, and overlooking key variables (Silver, 2017). Organizations conducting market research today must ensure their models are accurate, adaptive, and dynamic enough to ingest and analyze real-time data (structured, unstructured, and semi-structured) in an unbiased manner (CB Insights, 2020).
2.2. Hello Class,
In your own words, describe the limitations of market research in predicting disruptors, especially when faced with a fast-changing environment.
After reading up on many disruptors in industry markets, I think I can clearly describe the limitations of market research in predicting disruptors in a fast-changing environment as difficulties and constraints of traditional research techniques when attempting to foresee revolutionary developments or sudden changes. Limitations of market research may not accurately represent the state of the market in the present day or the future. These limitations can be in the form of Historical data, standard surveys, and recognized market analyses that frequently fail to spot emerging disruptors in such dynamic environments. According to Williams (2018), “To ensure that your research stays relevant, you need to constantly monitor changing market conditions and update your data accordingly. If you fail to update your data, the survey might not give a true reflection of the reality on the ground.”
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
