22 immutable laws of marketing a perspective

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Parameshwar Hegde Alliance School of Business 24 th EPGDM batch

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Page 1: 22 immutable laws of marketing a perspective

Parameshwar Hegde

Alliance School of Business

24th EPGDM batch

Page 2: 22 immutable laws of marketing a perspective

1) The Law of LeadershipIt is better to be first than be better

My opinion

Example

Disagree

For a sustainable business, it

is always better to be “better”

in the business, rather than

first in the business MCI Mail was the first (1983)

commercial electronic mail

service provider, officially it

closed its operations in 2003.

Now Apple Iphone and Gmail

are leading in the market

because of their service.

Page 3: 22 immutable laws of marketing a perspective

2) The Law of the CategoryIf you can’t be the first in a category, set up a new category that you can be first in

Example

My Opinion

Kingfisher Airlines aimed at premium service to Indian fliers. But after a decade, it collapsed, because Indian consumers are aimed travelling from one destination to another not the value added service.

Disagree

The law may not hold well in

today’s business world unless

one has expertise and the

product has market demand

Page 4: 22 immutable laws of marketing a perspective

3) The Law of the MindIt’s better to be first in the mind than to be first in the marketplace

Example

My Opinion

In many parts of India, ‘Godrej’ means an almirah / cupboard. Even though ‘Godrej’ is a brand, mind determines it as a product.

I agree.

The brand should get printed

in the consumers’ mind.

Then the market will decide

the product’s place in the

market.

Page 5: 22 immutable laws of marketing a perspective

4) The Law of PerceptionMarketing is not a battle of products; it’s a battle of perceptions

When VRL travel says “The name you can trust”, I am sure lakhs of customers believe it. I can trust that this bus is safe to women, has safe driving habits, and can arrange an alternate vehicle in the shortest possible time in case emergency.

I strongly agree.

Perception about a product in the consumers’ mind makes a lot of difference when it comes to choices of similar product.

Example

My Opinion

Page 6: 22 immutable laws of marketing a perspective

5) The Law of FocusThe most powerful concept in marketing is owning a word in the prospect’s mind

Whenever I listen ‘Tata’ word, whatever the product it is, I start believing that the product has high standard and the product is manufactured with high degree of social responsibility and environmental care.

I agree

The name of a product should be associated with a kind of perception in the customer’s mind.

Example

My Opinion

Page 7: 22 immutable laws of marketing a perspective

6) The Law of ExclusivityTwo companies cannot own the same word in the prospect’s mind

When Hutch was introduced to India, it had the ‘Pug’ dog in it. Whenever one sees a ‘Pug’ outside, immediately he/she relates it to Hutch. Now, Vodafone continue the tradition with new kind of images / videos in their ads.

Partially agree

One can snatch the word from other provided the second one has a better product and consumers are inclined to it more than the first product

Nowadays, it is all about pictures / videos. These things own the consumers’ mind

Example

My Opinion

Page 8: 22 immutable laws of marketing a perspective

7) The Law of the LadderThe strategy to use depends on which rung you occupy on the ladder

For me, few years ago, ‘Meru cab’ was in first rung of the ladder. Slowly this was occupied by ‘Ola cab’. Now whenever I have to travel locally, the first name comes to mind is ‘Ola’

Agree with slight

modification

Comparison should happen

among same category and

used by same segment of

consumers

Example

My Opinion

Page 9: 22 immutable laws of marketing a perspective

8) The Law of DualityIn the long run, every market becomes a two horse race

Telecom industry in India has many players like Airtel, Vodafone, Idea, Aircel, Reliance, BSNL, Tata Docomo, MTS

In Retail industry we can see Future group, Reliance, Birla (More), Spencers, Bharti, others

Partially disagree

It is important to set a timeframe. In the initial stages of market growth there will be many players. Subsequently, only few will remain. It is difficult to say whether 2/3/4 will remain in the race.

Example

My Opinion

Page 10: 22 immutable laws of marketing a perspective

9) The Law of the OppositeIf you’re shooting for second place, your strategy is determined by the leader

Low Cost Carriers (filght business) in India have very well understood that it is the cost that matters most after the safety parameter. So focus on safety and low cost. They are not competing with AirIndia or Jet Airways based on any other parameter but on the price.

Three major airlines in India operate as LCCs (Spicejet, Indigo and GoAir)

Disagree

It is not necessary to be opposite to beat the other product. One should exemplify the features of the product in a way that is well understood by the consumers and it should meet the consumers’ requirementExample

My Opinion

Page 11: 22 immutable laws of marketing a perspective

10) The Law of DivisionOver time, a category will divide and become two or more categories

Television is one category of entertainment product. But, there are many types of televisions such as Plasma, LED, LCD, Curved, Ultra HD. Each product caters to different tastes of different segment of consumers.

Partially agree

There will be a segmentation

of the original product

category based on the

consumer preferences and

geography.

Example

My Opinion

Page 12: 22 immutable laws of marketing a perspective

11) The Law of PerspectiveMarketing effects take place over an extended period of time

Presently, few tier-3 real estate companies are trying to gain a huge profit by lowering the prices of the assets by conducting exhibitions / giving discounts. Later, it fails to give proper services to the customer. Such businesses are not going to last for long.

Agree

When price is the sole criteria

apart from market share, then

we use sales tactics which

results in short term gain. But

if it is not backed up by the

proper service mechanism /

after sale services, the “sale”

will have a huge negative

impact in the long run for the

business operations.

Example

My Opinion

Page 13: 22 immutable laws of marketing a perspective

12) The Law of Line ExtensionThere’s an irresistible pressure to extend the equity of the brand

Sony is competent in music players. But, it failed in mobile phone business

Tata is one brand, has more than hundreds of products in its brand name. over the years, it has developed the competency in all these products

Partially agree

This depends on the Law of focus also. If there is a core competency, one can venture into new product line with the same brand name.

If the core competency is present in the new product, there is a chance of losing the brand credibility itself which harm the original product as well

Example

My Opinion

Page 14: 22 immutable laws of marketing a perspective

13) The Law of SacrificeYou have to give up something in order to get something

Some reputed builders (Mantri, Prestige) focus entirely on one customer segment (Upmarket). They won’t build houses for lower middle class families.

I agree

It is advisable to focus on one category / one geography / one customer segment at one time. If we try and too many at one time under one brand, there is a chance of collision and all may fail.

Example

My Opinion

Page 15: 22 immutable laws of marketing a perspective

14) The Law of AttributesFor every attribute there is an opposite, effective attribute

There are many laptop brands in the market, each is explaining about its feature but not trying to imitate the competitor or trying to oppose them

Disagree

It is not necessary to be

opposite. It is essential to be

fair enough to explain about

the feature of the product.

Example

My Opinion

Page 16: 22 immutable laws of marketing a perspective

15) The Law of CandorWhen you admit a negative, the prospect will give you a positive

Many companies call back their products to correct the defects. Especially, automobile companies follow this a lot. If there is a genuine problem and rectification has happened, the consumer will tend to keep the brand on top of his/her mind.

Agree

Consumer is the king. At the

same time consumer is a

human being. He/she

appreciates openness. It is

not only important to accept

the failure but also to be

important to attend the

failure and make sure that the

consumer is satisfied.

Example

My Opinion

Page 17: 22 immutable laws of marketing a perspective

16) The Law of SingularityIn each situation, only one move will produce substantial results

One single move of globalization by Government of India has opened the market for foreign players and consumers started experiencing global brands and quality at an affordable price.

Agree

‘Pareto Effect’. 80% results are caused by 20% actions.

Example

My Opinion

Page 18: 22 immutable laws of marketing a perspective

17) The Law of UnpredictabilityUnless you write your competitor’s plans, you can’t predict the future

When a discount sale is announced by a garment manufacturer, other (equal brand image in the market) has to follow the race. Otherwise its future will be in dark.

Agree

The market has many producers

and many consumers. They are all

dependent. None of them are

independent. Any action of

competitor can have a huge

impact on the other. Future not

only depends on the competitor’s

plan but also on several other

parameters such as regulations,

climate, taste and preference.

Example

My Opinion

Page 19: 22 immutable laws of marketing a perspective

18) The Law of SuccessSuccess often leads to arrogance, and arrogance to failure

Kodak has reached its peak during 20th century. But, it could underestimated the digital camera potential and now its almost extinct.

Agree

It’s a thin line that differentiates self respect and ego. “Success-Ego-Failure” is a kind of cyclic reaction.

Example

My Opinion

Page 20: 22 immutable laws of marketing a perspective

19) The Law of FailureFailure is to be expected and accepted

2008 financial crisis was expected much earlier. But it was accepted only when nothing can be done and personal gains were maximized. In the process millions of people lost hard earned savings and assets.

Agree

Failures are bound to happen. It

should be accepted and

corrective actions need to be

taken.

If one tries to procrastinate the

failure to save from public, later

the failure will attack like a

monster and haunt in the future.

Example

My Opinion

Page 21: 22 immutable laws of marketing a perspective

20) The Law of HypeThe situation is often the opposite of the way it appears in the press

‘Mouthshut.com’ is a forum in the media which can give all kinds of reviews regarding a product. So hype in a television media can be masked by such internet forums.

Disagree

Today, the same press gives the failures as well. So whatever the gimmick played by the manufacturer, it can’t stand for a shorter period as well in the market. Consumers do a lot of research before buying a product.

Example

My Opinion

Page 22: 22 immutable laws of marketing a perspective

21) The Law of AccelerationSuccessful programs are not built on fads, they are built on trends

Monsanto produced

biotechnological agri products

based on long term trends

Few of e-marketing companies are

in the business to make money with

short term focus. They will try to

establish the brand image and sell

the companies to somebody else.

Partially true

If one knows when to cash out from the business.

One cannot tell whether one phenomenon is a fad or a trend.

Example

My Opinion

Page 23: 22 immutable laws of marketing a perspective

22) The Law of ResourcesWithout adequate funding an idea won’t get off the ground

‘Whatsapp’ is an idea, that had hardly any investment in it compared to the earning it made when it was sold to facebook for $19 billion.

Disagree

Today, idea itself is sufficient to establish an organization. Majority of the service sectors (65% of India’s GDP) have the high idea and low capital

Example

My Opinion