The German giants remain a dominant force domestically and a serious challenger on the European scene, but they do not boast the financial muscle of fellow continental heavyweights.
Bayern have seen the likes of City and PSG splash the cash under billionaire owners, with the latter smashing the world transfer record to land Neymar for €222 million over the summer.
Rummenigge concedes that his side must avoid seeking to emulate such investment and become more “creative and sensible” with their recruitment.
"As in the last 20 or 30 years, we have to follow our own philosophy,” the Bayern CEO told texterstexte.com.
“We can't copy Real Madrid, Manchester City or PSG.
“We have to be more aggressive in our scouting, we have to discover talents even earlier than we do now.
“We have to bring up our own youth players more systematically, which is possible in our new FC Bayern Campus.
“We have to be creative and sensible in the transfer market and continue to focus on Financial Fair Play.”
Rummenigge has previously expressed concerns as to the direction in which the European transfer market is heading, with calls made for a salary cap to be introduced following Neymar’s stunning switch to PSG.
He said at the time: “It is a good idea that football should also have a special status for the introduction of salary caps. I believe that after the Neymar case, the readiness to do so in the EU could be greater.”
For now, though, Bayern need to continue with their efforts to mix hidden gems with proven international performers, and hope that they are not beaten to the punch by those with deeper pockets.