Final answer:
The missing term to complete the organizational approaches listed is (b) functional team, which is essential for executing specific functions within the company and responds to changes in the rapid workplace dynamics.
Step-by-step explanation:
The question pertains to organizational approaches that are incorporated within companies to accomplish tasks required for the development and management of products. The three key approaches often utilized are: market manager approach, product manager approach, and the missing term that completes the sequence. The options provided are: a) brand manager, b) functional team, c) multiproduct manager, d) special projects, e) venture team.
In this context, referring to the various types of teams and their functions in an organizational setting, the correct answer to fill in the blank is (b) functional team. Functional teams bring together the diverse skills, experience, and expertise necessary to perform a broad set of tasks, which is critical for product development and management. Unlike brand managers, multiproduct managers, special projects, or venture teams, functional teams are fundamental to the basic organizational structure and are dedicated to executing a specific set of functions within the company. They are instrumental in responding to the rapidly changing workplace affected by technology, economics, and globalization