Download - 22 Immutable Laws of Marketing
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GROUP MEMBERS
• PRAVIN
• PUNIT
• SWEETY
• PRIYA
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IMMUTABLE
OF MARKETING
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Al Ries Jack Trout
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LAW 1 – THE LAW OF LEADERSHIP
IT’S BETTER TO BE THE
FIRST THAN IT IS
TO BE BETTER
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• Its much easier to get into the mind of consumers 1st than to try to convince people.
Eg:
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• Once the company is 1st & gets the consumer to buy their brands, often they wont bother to switch
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• The 1st company into the market has the opportunity to have its brand name adopted as the GENERIC category name.
Eg:
Toothpaste
Photocopy
• So, the competitors will find it difficult to fight with the competitor as long as they keep their products up to date & of comparable quality
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LAW 2 – THE LAW OF THE CATEGORY
IF YOU CANNOT BE FIRST IN A
CATEGORY, CHANGE THE NATURE OF THE CATEGORY OR SET
UP A NEW CATEGORY YOU CAN BE FIRST IN
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Eg:
• “ How is this new product better than the competition? But First what?”
In early days,
Eg: Hertz sold rent – a – car service
Coca – Cola sold refreshment
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LAW 3 – THE LAW OF THE LADDER
THE STRATEGY TO USE
DEPENDS ON WHICH RUNG YOU OCCUPY
ON THE LADDER
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• In long run, generally three brands dominate the market.
• How many rungs are there in a ladder for a product depends on whether the product is a high – interest or a low – interest product.
• Products used everyday – tend to be high – interest products
toothpaste
cereals
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• Products purchased infrequently – few rungs
• Unpleasant experience – few rungs
furniture
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• Sometimes own product can be too small. It might be better to be a small fish in a big pond then to be a big fish in a small pond
• In other words, it’s sometimes better to be No. 3 on a big ladder than to be No.1 on a small ladder
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LAW 4 – THE LAW OF DUALITY
IN THE LONG RUN, EVERY
MARKET BECOMES A TWO-HORSE
RACE
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• 1 is old reliable & stable brand & another is new & upstart brand
Eg: Burgers-
(Philippines)
Jollibee-
(Filipinos)
Hamburgers, Crispy Fried chicken. 200 outlets with turnover of US$2.30
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LAW 5 – THE LAW OF THE MIND & PERCEPTION
MARKETING IS NOT A BATTLE OF PRODUCTS,
IT’S A BATTLE OF PERCEPTIONS; AND
SOMETIMES ITS BETTER TO BE FIRST IN THE MIND THAN TO BE FIRST IN THE MARKET
PLACE
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• No. 1 position in the mind.
• Great ideas are one thing & getting them into the minds of others is another.
• China & other Asian countries – Product-quality perception
• Having a strong position in consumer’s mind can work in a positive as well as negative way.
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• Only best products will not win the marketing battle.
• Attributes & figures do not make winners, perceptions do.
• You believe what you want to believe. All truth is relative to your mind.
• Therefore, the task of marketers is to establish or change consumer perceptions, because if they don’t they will not win the battle.
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LAW 6 – THE LAW OF FOCUS
THE MOST POWERFUL CONCEPT IN
MARKETING IS OWNING A
WORD IN THE PROSPECTS
MIND
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• Find a way to own a word in the mind of the prospect.
• The leader owns the word.
• Think ‘big bikes’, Think Harley-Davidson
• A word, the competitor’s can’t take..
• Narrow the focus & reduce the scope of your operations.
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• You can’t stand for something if you chase after everything.
• There are some words that are difficult to own but still companies chase after them.
• Eg.Quality.
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LAW 7 – THE LAW OF EXTENSION
THERE IS AN IRRESITABLE
PRESSURE TO EXTEND THE
EQUITY OF THE BRAND
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• Line extensions & brand extensions
• Sometimes extensions plants the seeds for future problems.
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• Its better to be strong in one area than work in many.
• Some companies resist the temptation to extend their line.
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LAW 8 – THE LAW OF EXCLUSIVITY & SUPERIORITY
OWNING A SUPERIOR
POSITION IN THE CONSUMER’S MIND
IS VITAL; MARKETING IS A
CONTINUOS SEARCH FOR EXCLUSIVITY
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• It concentrates on not just owning a word in the prospect’s mind, but owning words,
relationships & self – expressions.
• Desire & wealth – Asian culture.
• Exclusivity rules among the rich & the famous
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LAW 9 – THE LAW OF DIVISION
OVERTIME, A CATEGORY WILL DIVIDE
AND BECOME TWO OR MORE CATEGORIES
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• Ever – expanding ocean
• Each segment – reason for existence.
• Categories are dividing, not combining.
• To maintain dominance - different name
• Mistake done: well – known brand name used for another category
• Understand your market segment & when you create a division, don’t confuse prospects.
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LAW 10 – THE LAW OF THE HEART (EMOTION)
MARKETING STRATEGIES
WITHOUT HEART WILL NOT WORK
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• Emotion stimulates 3000 times faster than rational thought
• Rational Emotional
• Do I need it? I want it!
• What does it do? It looks cool!
• How does it compare I only want this one!
to brand X?
• Don’t chase “share of wallets” chase
“ Share of Heart”
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LAW 11 – THE LAW OF ATTRIBUTES
WHEN YOU HAVE TO FOCUS ON
ATTRIBUTES, FOR EVERY ONE OF
THEM, THERE IS A OPPOSITE & EFFECTIVE ATTRIBUTE
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• Companies to prove themselves or to demonstrate innovation.
• Opposite works – Similar wont do
• Smart companies turn their attributes into brand personality characteristics.
• Attributes are easily copied – best one - different route
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LAW 12 – THE LAW OF CANDOR
WHEN YOU ADMIT A
NEGATIVE, THE PROSPECT WILL
GIVE YOU A POSITIVE
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• Candor is disarming
• Admitting a problem is something that very few companies do.
• It must be used carefully & with great skill.
• “Honesty is the best Policy”
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LAW 13 – THE LAW OF SACRIFICE
YOU HAVE TO GIVE
SOMETHING UP IN ORDER TO
GET SOMETHING
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• 3 things to sacrifice:
• Product line,
• Target market,
• Constant change.
• Good things come to those who sacrifice.
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LAW 14 – THE LAW OF SUCCESS
SUCCESS OFTEN LEADS
TO ARROGANCE,
AND ARROGANCE TO
FAILURE
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• Ego is the enemy of successful marketing
• Objectivity.
• Ego is an effective driving force.
• Success leads to failure
• Small companies closer to front – not tainted by Law of Success.
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LAW 15 – THE LAW OF FAILURE
FAILURE IS TO BE EXPECTED
AND ACCEPTED
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• Admitting the mistake & not doing anything for it is bad for company’s future.
• If a company is going to operate in an ideal way, it will take teamwork, esprit de corps, & a self – sacrificing leader.
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LAW 16 – THE LAW OF UNPREDICTABILITY
UNLESS YOU WRITE YOUR
COMPETITORS’ PLANS, YOU
CAN’T PREDICT THE FUTURE
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• COMPLACENCY – “We’re doing okay now, so why change?”
• E.G. In Philippines – Colgate was outclassed by Hapee
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• One way to cope with an unpredictable world is to build an enormous amount of flexibility into the organization.
• E.G. Trend in Asia towards good health.
• Murphy’s law – The unexpected will always happen.
• Companies are trying to press the ‘HOT BUTTONS’ that turn the consumers on.
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LAW 17 – THE LAW OF HYPE
THE SITUATION IS OFTEN THE OPPOSITE OF THE WAY IT APPEARS IN THE PRESS
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• The only revolutions you can predict are the ones you have already started.
• Capturing the imagination of the public is not the same as revolutionizing a market.
• Real revolutions don’t arrive at noon.
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LAW 18 – THE LAW OF ACCELERATION
SUCCESSFUL PROGRAMS
ARE NOT BUILT ON FADS,
THEY’RE BUILT ON TRENDS
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• A fad is like a wave in the ocean.
• A trend is like a tide.
• Dampen the fad.
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• Quantum leap from fad to trend:-– Get into the mind of the consumer.– Allow the brand to grow.– Develop & mature with its target audience.
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LAW 19 – THE LAW OF PERSPECTIVE
MARKETING EFFECTS TAKE
PLACE OVER AN EXTENDED PERIOD OF
TIME
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• Is alcohol a stimulant or depressant ?
• Many marketing activities exhibit the same phenomenon.
• E.G. Coupon weapon
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• Building a brand takes time, Brands bring premium prices & short-term sales boosters dilute the brand image.
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LAW 20 – THE LAW OF THE OPPOSITE
IF YOU’RE SHOOTING FOR
THE SECOND PLACE, YOUR STRATEGY IS DETERMINED
BY THE LEADER
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• In strength there is weakness.
• Position yourself against the leader.
• E.G. Absolut vodka
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• The law of opposite is a two-edged sword.
• E.G. Beck’s beer – couldn’t be first imported beer (Heineken), nor the first German beer (Lowenbrau).
“You’ve tasted the German beer that’s the most popular in America & now taste the
German beer that is the most popular in Germany.”
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LAW 21 – THE LAW OF ORIGIN
WHERE BRANDS COME FROM IS OFTEN
MORE IMPORTANT THAN HOW GOOD THEY
ARE
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• Accepted in the market place, need to have credibility.
• Names are a perceptual influence & can turn people on or off.
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LAW 22 – THE LAW OF RESOURCES
WITHOUT ADEQUATE FUNDING &
EXPERTISE AN IDEA WON’T GET
OFF THE GROUND, AND A BRAND
CANNOT BE BUILT
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• Even the best idea in the world won’t go very far without money to get it off the ground.
• Marketing is a game fought in the mind of the prospect.
• Lack of support from the top management – Brands are assets.
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