Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.

quote by Peter Drucker
Added by Lucian Velea
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Leadership is not magnetic personality--that can just as well be a glib tongue. It is not 'making friends and influencing people'--that is flattery. Leadership is lifting a person's vision to higher sights, the raising of a person's performance to a higher standard, the building of a personality beyond its normal limitations.

quote by Peter Drucker
Added by Lucian Velea
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Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money, as manufacturers typically believe. This is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality.

quote by Peter Drucker
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Management means, in the last analysis, the substitution of thought for brawn and muscle, of knowledge for folkways and superstition, and of cooperation for force. It means the substitution of responsibility for obedience to rank, and of authority of performance for the authority of rank. Whenever you see a successful business, someone once made a courageous decision.

quote by Peter Drucker
Added by Lucian Velea
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