Management Challenges for the 21st Century - Peter F. Drucker

"Drucker 's ideas continue to display a force and resonance that leave him pretty much in a class by himself . It is impossible to read the man without learning a lot

- Fortune Magazine

Advent of globalization has reformatted the business principles and this book is a perfect guide to show the way to conquer new world which is more dynamic , confident and aggressive . Before Peter Drucker , most people thought about their businesses with a manufacturing mindset defining a business based on what it produced . Today , the marketing mindset prevails . It was

Drucker 's critical insight that instead of buying a "product " the customer buys the satisfaction of a need . Drucker has reinvented the management principles to make them fit into the present world and can be proved more suitable in the current management framework . Drucker identifies new assumptions for the social discipline of management . He has claimed that Management is NOT only for profit-making businesses but Management is the specific and distinguishing organ of any and all organizations . This revolutionary concept can bow the seed of future methods of business and can turn around the whole institutive scenario to create a completely different set of business leaders . Gone are the days when companies were making big profits and hence were focusing the management principles only towards profit earnings . Today 's world is flat and the competitions are monopolistic , in fact tends to perfect competition . In this scenario adhering to old management principles are like suicide . Second assumption is that never think that there is only one right organization which is again very relevant in present context . He has made a significant point over management of people . In Drucker 's view , One does not "manage " people . The task is to lead people . And the goal is to make productive the specific strengths and knowledge of each individual . Next assumption he made is that technologies and End-Users are NOT fixed and given . Increasingly , neither technology nor end-use is a foundation of management policy . They are limitations . The foundations have to be customer values and customer decisions on the distribution of their disposable income . It is with those that management policy and management strategy increasingly will have to start . Drucker 's book critically emphasizes the role of customer in today 's market scenario He focuses on the point that now customer are the central point and business has to start and end at customer . Three things are important to run an effective business set up in present marketplace and that is customer , customer and only customer . Business has to be woven around the needs of the customer and ultimate goal should be customer satisfaction . He has quoted next assumption saying that Management 's scope is NOT only legally defined . The new assumption on which management , both as a discipline and as a practice , will increasingly have to base itself is that the scope of management is not legal . It has to be operational . It has to embrace the entire process . It has...