Business -- Annotated Bibliography
Drucker, P.E. (1994,). The theory of business. Harvard Business Review, September-October. Retrieved from http://www.mindz.com/images/Ronaldvandenhoff/file/the_theory_of_business_drucker.pdf
Credibility: Author Analysis
Peter Drucker was the Clarke Professor of Social Science and management at the Claremont Graduate School in Claremont, California. The university has named the Drucker Management Center in his honor. This article was the thirty-first article for Harvard Business Review. Business students across the globe know Drucker's seminal work in business theory as it plays a prominent role in business school curricula.
Credibility: Intended Audience
The intended audience for this article is executives in the C-suite -- particularly chief executive officers (CEOs). This article is a call to action pointed at business executive and directors who are equipped to influence business thought leadership.
Credibility: Findings
Drucker cites many actual businesses in his argument for addressing the obsolescence of business theories.
Content Summary
Drucker presents four specifications for a valid theory of business: 1) "The assumptions about environment, mission, and core competencies must fit reality;" 2) "The assumptions in all three areas have to fit one another;: 3) "The theory of all business must be known and understood throughout the organization;" and 4) "The theory of the business has to be tested constantly" (Drucker, 1994). From this, Drucker articulates his theory that business theories are "human artifacts" that don't last long, eventually become "obsolete and then invalid" (Drucker, 1994). Just as Kubler-Ross identified the stages of grief, Drucker claims that organizations caught up in the current of obsolescence go through definitive, recognizable stages. First, assuming a defensive position, they pretend nothing is happening, then they attempt to patch things up....
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