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| Business, Management and Efficiency：Valuable Contribution of Classical Management Theory |
| LIU Zhen, CHEN Chun-Hua, XU Mei-Xin |
| 1. South China University of Technology, Guangzhou, China；
2. University of Colorado, Denver, USA; 3. New Huadu Business School, Fuzhou, China |
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Abstract The following essence business and management can be learned from the classic theories and practice of Taylor, Drucker, Ford and GM: i) results exists only on the outside, which is the foremost knowledge for business; ii) there is only one valid definition of business, which is to create customers; iii) the core of management is to improve efficiency and the importance of the management depends on its contribution to efficiency.
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Received: 13 March 2012
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2012, Vol. 9 
