Peter Drucker defined "The purpose of a business is to create a customer." I also added in my book The Strategic Drucker (2010) and Drucker courses that I developed and taught in China that it is also to "retain a customer" since marketing research has suggested that it is five times more expensive to gain a customer than to retain existing customers. Drucker also went on to say that "the two most important functions of a business are Innovation and Marketing" as they are the only two functions that contribute to profit while all others are costs.
This article is primarily devoted to Drucker's early views on Marketing.
The basic definition of the business must be translated into objectives, said Peter F. Drucker, otherwise they remain insights, and good intentions that never become achievement. Here's how to create effective objectives.
This article is Part Two of your management team’s meeting with Peter Drucker.
Strategic thinking, according to Drucker, is knowing the right questions to ask. In this week's Drucker Files, Dr. Robert Swaim looks at the three critical questions you and your management team need to ask yourselves to make sure you're on the right track.
What's the best way of managing the "Change Equation"? In the final of this special four-part series on change management, Dr. Robert Swaim, looks at a "diagnostic tool" that can be used to systematically analyze and plan change efforts.
"The definition of a leader is someone who has followers. Without followers, there can be no leaders," management theorist Peter Drucker once rather simplistically said. In the latest Drucker Files, Dr. Robert Swaim looks at Drucker's reflection on leadership.
Knowledge is now the main product of advanced economies and the livelihood of the largest group of the population in developed countries. But how do you measure and improve the productivity of knowledge workers, asks columnist Dr. Robert Swaim, when you cannot readily observe what they are doing?
Understand Drucker’s approach to motivation, and you can forget the countless other books on employee motivation. In this month's Drucker Files, Dr. Robert Swaim - student, colleague and friend of Peter Drucker for thirty years - summarizes Drucker's Seven Keys to inspiring performance in your people.
"Failure is our most important product.," once said R. W. Johnson, Jr., the Former CEO of Johnson & Johnson. In the second of his series of articles on Peter Drucker's approach to innovation, Dr. Robert Swaim - student, colleague, and frie...
Too many organizations, management theorist Peter Drucker observed, devote resources to "preserving the past" when they should be allocated to "creating tomorrow." Dr. Robert Swaim - student, colleague, and friend of Drucker’s for almost thirty years – looks at Drucker’s Principles of Innovation and why companies must leave yesterday behind to better shape tomorrow.
Reach Process Excellence professionals through cost-effective marketing opportunities to deliver your message, position yourself as a thought leader, and introduce new products, techniques and strategies to the market.
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