22 Immutable Laws of Marketing (Asia)
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The document discusses 22 laws of marketing that should be used to evaluate marketing plans and ensure all perspectives have been considered. The laws cover topics like the importance of being first, defining categories, focusing on owning words to represent concepts, how categories will divide over time, line extensions of brands, and accepting that failure is inevitable. Marketing effects take place over a long period of time and adequate funding is needed to implement ideas.
22 Immutable Laws of Marketing (Asia)
- 2. The 22 Laws should be used as a 'diagnostic check' of a company's market plan for a given product or service; it is probably a useful exercise to cross-check your own plans against the 'laws, if only to ensure that all possible perspectives and issues have been considered. The second use is a reminder of the importance of the perception of your service or product in the mind of your customer (and the consequent need to undertake qualitative research such as focus groups and depth interviews to better understand and define this perception).
- 3. THE LAWOFLEADERSHIP#1Its better to be first, than it is to be better
- 4. Who is the market leader in essence of chicken?THE LAWOFLEADERSHIP#1Source: Reader's Digest Gold Consumer Survey
- 6. If you cant be first in a category. Set up a new category to be first in.THE LAWOFCATEGORY#2
- 8. THE LAWOF MINDIf better to be first In the mind, than to be first in the marketplace#3
- 9. Marketing is not a battle of products. Its a battle of perception.THE LAWOFPERCEPTION#4
- 12. THE LAWOF FOCUS#3The most powerful concept in marketing is owning a WORD.
- 13. = Safety = Fast Food = ???THE LAWOF FOCUS#3
- 14. THE LAWOF Its not just owning wordsFOCUS#3
- 15. THE LAWOFEXCLUSIVITY#6Two companies cannot own the same word in the prospects mind.
- 16. THE LAWOF The strategy to use depends of which rung of the ladder your on.LADDER#7
- 17. THE LAWOF LADDER#7
- 18. In the end, every market becomes a two horse race.THE LAWOFDUALITY #8
- 19. THE LAWOFIf youre shooting for 2ndplace,then your strategy is determined by the leader.OPPOSITE #9
- 20. Over time, a category will divide into two or more categories.THE LAWOFDIVISION#10
- 22. Other Laws still applyTHE LAWOFDIVISION#10
- 23. Marketing effects takes place over a long period of time.THE LAWOFPERSPECTIVE#11
- 24. There is pressure to extend the equity of the brand.THE LAWOF LINE EXTENSION#12
- 25. THE LAWOF LINE EXTENSION#12
- 26. The Top Ten Best Selling Sodas of 20071. Coke Classic 17.2%2. Pepsi Cola 10.7%3. Diet Coke 10%4. Mountain Dew 6.6.%5. Diet Pepsi 6%6. Dr. Pepper 5.9%7. Sprite 5.6%8. Fanta 1.8%9. Diet Mountain Dew 1.6%10. Diet Dr. Pepper 1.6%THE LAWOF LINE EXTENSION#12
- 27. You have to give up something in order to gain something.THE LAWOFSACRIFICE #13
- 28. THE LAWOFATTRIBUTES #14For every attribute, there is an opposite effective attribute.
- 29. THE LAWOFWhen you admit a negative, the prospect gives you a positive.CANDOR #15
- 30. THE LAWOFSINGULARITY #16In each situation, only one move will produce a significant results.
- 33. THE LAWOFUNPREDICABILITY Unless you an write your competitors plans, you cant predict the future.#17
- 34. Success often leads to arrogance, and arrogance leads to failure.THE LAWOFSUCCESS #18
- 35. Failure is to be expected and accepted.THE LAWOFFAILURE #19
- 36. THE LAWOFHYPE #20The situation is often the opposite than the way it appears.
- 37. Successful programs are not built of fads, theyre built on trends.THE LAWOFACCELERATION #21
- 38. THE LAWOFRESOURCES #22Without adequate funding, an idea wont get off the ground.
Editor's Notes
- Name the #1 business email server...Exchange...although many would say Outlook, but it is a client and not a server.Name the #2 business email server...Notes would be namedName the #3 business email server...most readers of my blog will say GroupWise but there are a lot of people who have never heard of GroupWise.
- A secret to the Law of the Opposite is that you must study the company above you. And once you study it, you must find the weakness and then exploit that weakness.Another secret to the Law of the Opposite is to not attempt to be like the leader, instead attempt to be different.SouthWest Airlines is a perfect example. Everyone reading this blog has flown them at least once. Before 9/11, SouthWests strategy was determined by what the Airline Industry Leaders did.If they served meals and had first class seating, then SW didnt serve any meals and didnt have any first class seating...they were the opposite and they pushed that difference, making a perceived weakness into a strength.
- This is why marketing effort is so difficult to track. A dollar on advertising spent today usually results in a sale next year.
- The debilitating nature of Line Extensions is that in the short term they seem like a good idea. It boosts your strong brand by putting it in front of new customers.The darker side is that it dilutes the meaning of your brand and what your brand stands for. It confuses your customers in the long run about why customers should buy your product. It actually weakens your strong brand and confuses the new brand that it has been placed on.