Final answer:
Vince at Colonial Bread has suggested to the CEO the need for innovation and updating business practices to stay competitive, exemplifying the importance of corporate management innovations, consistent quality, and strategic market positioning as historically demonstrated by successful companies.
Step-by-step explanation:
As a new manager at Colonial Bread, Vince suggested to the current CEO that innovation and updating business practices were needed to meet the competition and win back customers. Vince observed that the original methods, which were over fifty years old, may not be as effective in the modern market - where rapid changes in technology, consumer preferences, and competitive strategies necessitate agility and adaptation.
Historical context indicates that after the colonial era, businesses had to adapt and sometimes overhaul their practices to stay competitive. Corporate management innovations, the development of national brands, and building national reputations were crucial advancements for business growth and stability. This historical evolution in business practices illustrates the need for Colonial Bread to modernize its operations. In contrast to the artisanal approach marked by capturing wild yeasts with a high rate of discarded batches,
companies must strive for consistency and quality in their products. Vince's observation points towards a pressing need for organizational change to align Colonial Bread with contemporary market demands and consumer expectations, drawing a parallel to the historical business strategies that ensured company survival and growth during technological and economic shifts.
Furthermore, the legacy of Rockefeller's Standard Oil Company demonstrates how ruthless ingenuity in corporate strategy can lead to market dominance. Similar strategic thinking could help Colonial Bread to capture a larger market share and establish itself as a leader in the industry.