22- Immutable Laws Of Marketing

22 IMMUTABLE LAWS OF MARKETING : 

22 IMMUTABLE LAWS OF MARKETING

ABOUT THE AUTHOR: 

AL RIES marketing professional and author. Owner of consulting firm trout &ries. Worked along with jack trout in GE JACK TROUT Marketing consultant. Co founder of trout and ries. Both coined the term “POSITIONING”. Co –authored book marketing warfare theory, bottom up marketing and positioning. ABOUT THE AUTHOR

THE LAW OF LEADERSHIP: 

THE LAW OF LEADERSHIP “It is better to be first than it is to be better” The company which comes enters into the mind of the consumer first dominate the market. It requires less marketing effort for product promotion. Changing the mind of the customer is not only difficult but impossible. The company/product name becomes generic term. Examples: google,xerox,airtel, dish TV

Leaders in their field: 

Leaders in their field

2. THE LAW OF THE CATEGORY: 

“If you can’t be first in a category ,set up a new category you can be first in” Every product have a different category. For example cars-luxury segment, small, mid size ,utility . Rarely a company is leader in all the segment. It prevents direct competition . Create a different space in the mind of the customer. 2. THE LAW OF THE CATEGORY

The social network: 

FACEBOOK Launched in 2004. Social networking site for youth. Used for personal communication The social network LINKED IN Launched in 2003. Social networking site targeted for professional. Used for business communication, job search etc.

3. THE LAW OF PERCEPTION: 

“Marketing is not a battle of products, it’s a battle of mind” Every product has a image(perception) on the mind of the customer. Perception help a company create its own identity in the mind of the customer. Perceptions are difficult to change. The aim should be to improve/create a positive market image rather than product improvement. 3. THE LAW OF PERCEPTION

Product perceptions: 

Product perceptions

4. THE LAW OF FOCUS: 

“The most powerful concept in marketing is owing the word in the prospect mind” A single word which defines the company or products identity. The company own the word thus get leadership in the market. Owning a word is difficult to change once it enters into customer mind. 4. THE LAW OF FOCUS

Focused organizations: 

Focused organizations

5.THE LAW OF DIVISION: 

“Over time a category will divide and become 2 or more category” Every category start of as a single entity but later divides into many. Every division has its own features /characters. No company or organization can be expert in all the divisions. Different category can be addressed with different brand name so that customer perception remain different. 5.THE LAW OF DIVISION

Divide and rule: 

Divide and rule

6. THE LAW OF ATTRIBUTES: 

“For every attribute ,there is an opposite and effective attribute” Every product/category has its own attributes. Attributes are character of a product (physical, mental). No single product can represent all the attributes. It is difficult to promote a product with similar attribute In the market . The opposite attribute must be promoted along with the product. 6. THE LAW OF ATTRIBUTES

What is the attribute?: 

What is the attribute?

7.THE LAW OF THE OPPOSITE: 

“if you are shooting for second place ,your strategy is determined by the leader” Every market leader has strength and weakness in its product. Need proper understanding of the product. Don’t try to be better but try to be different i.e. present the prospect the customer a alternative . There are no.2 favorite in the market . . 7.THE LAW OF THE OPPOSITE

2 sides: 

2 sides

8.THE LAW OF LINE EXTENSION: 

“There’s an irresistible pressure to extend the equity of the brand” Extending the popular brand to different product. The company leverages the brand name /reputation to sell customer other product which are characteristically different. Company violates the law of focus and perception. Line extension can be a short term gain but a long term loss. 8.THE LAW OF LINE EXTENSION