Letter from Peter F. Drucker to Morton L. Mandel reviewing a meeting at the Harmonie Club. Drucker indicates that he is struck by how much ground he covered with Mandel. In review of the meeting, Drucker reiterates what Mandel's real strengths are at PIC, how he needs to focus on "intermediates" of production and distribution, and how these intermediates need to be organized in such a way that guarantees performance, thus increasing both profit margins and market opportunities beyond what a product-focused approach could ever achieve. In light of this, Drucker identifies PIC's strengths in the ability to see a system - especially an end-user system - where others see a product. Drucker then state that PIC's fastest peak growth rate becomes the average growth rate for the entire business. Drucker then proceeds to highlight three structural choices that PIC can make and suggests meeting with second and third level people in various businesses and asking them what those in top level management at PIC can learn from their operations. Final topics include the style of organization at PIC and acquisition analysis. Drucker closes the letter indicating that he looks forward to their next meeting with Bob Warren.
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