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.
More Quotes from Peter Drucker:
Company cultures are like country cultures. Never try to change one. Try, instead, to work with what you've got.Peter Drucker
There is nothing so useless as doing efficiently that which should not be done at all.
Peter Drucker
Executives owe it to the organization and to their fellow workers not to tolerate nonperforming individuals in important jobs.
Peter Drucker
Concentration is the key to economic results. No other principles of effectiveness is violated as constantly today as the basic principle of concentration.
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Business, that's easily defined - it's other people's money.
Peter Drucker
One cannot buy, rent or hire more time. The supply of time is totally inelastic. No matter how high the demand, the supply will not go up. There is no price for it. Time is totally perishable and cannot be stored. Yesterday's time is gone forever, and will never come back. Time is always in short supply. There is no substitute for time. Everything requires time. All work takes place in, and uses up time. Yet most people take for granted this unique, irreplaceable and necessary resource.
Peter Drucker
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