Guardiola secured the Bundesliga and the DFB-Pokal in his first season at the club but saw their UEFA Champions League defence ended comprehensively by eventual winners Real Madrid in the semi-finals.
April's 5-0 aggregate defeat came at the end of a difficult month for the champions as they also surrendered their unbeaten league record.
Despite failing to maintain their phenomenal early-season pace until the end of the campaign, Bayern were able to add the Pokal to their trophy cabinet for the second time in as many years.
Rummenigge feels the playing staff have learned from the campaign and believes the exit to Real was particularly painful for Guardiola.
"It's not forgotten, particularly as far as Pep is concerned," he told the club's official website.
"We paid the price that night for taking our foot off the gas in the league. But the defeat taught us a lesson or two.
"I think we can look back on an excellent rather than just satisfactory season. You’d expect the season following a treble to be very difficult. You're slightly short in terms of motivation, commitment and determination.
"But it was quite the opposite for us last term as there was no dip in performance levels."
Rummenigge also paid tribute to winger Arjen Robben, captain Philipp Lahm and goalkeeper Manuel Neuer for their impressive campaigns, but stated others needed to improve next term.
"The whole squad has done brilliantly. Several players have been outstanding. Arjen has had a sensational season, simply world-class," he added.
"Philipp was impressive again, Manu an absolute safe pair of hands in goal. But there are a couple of players who need to up their performances a bit next season."
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