22 immutable laws - part 2 of the series
Post on 19-Oct-2014
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Past 2 of the series in the Indian context.TRANSCRIPT
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Part 2 of the 3 part series
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THE LAW OF LEADERSHIPIt’s better to be first than it is to be betterTHE LAW OF THE CATEGORYIf you can’t be first in a category, set up a new category you can be first inTHE LAW OF THE MINDIt’s better to be first in the mind than it is to be first in the marketplace
THE LAW OF FOCUSThe most powerful concept in marketing is owning a word in the prospect’s mindTHE LAW OF EXCLUSIVITYTwo companies cannot own the same word in the prospect’s mind.THE LAW OF THE LADDERThe strategy to use depends on which rung you occupy on the ladder.
THE LAW OF PERCEPTIONMarketing is not a battle of products, it’s a battle of perception
Recap
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LAW OF DUALITYIn the long run, every market becomes a two-horse race.
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Tell me
Bikes
Mobile phones
Printers
Cars
Third place is a difficult position to be in.
When you’re a weak No. 3, you aren’t going tomake much progress by going out and attacking the two strong leaders. Carve out a profitable niche for themselves
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THE LAW OF THE OPPOSITEIf you’re shooting for second place,your strategy is determined by the leader.
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If you want to establish a firm foothold on the second rung of the ladder, study the firm above you.
Where is it strong? And how do you turn that strength into a weakness?
By positioning yourself against the leader, you take business away from all the other alternatives to No. 1
You must present yourself as the alternative.
When you give up focusing on No. 1, you make yourself vulnerable not only to the leader but to the rest of the pack
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THE LAW OF DIVISIONOver time, a category will divide and become two or more categories.
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Each segment is a separate, distinct entity. Each segment has its own reason for existence
The way for the leader to maintain its dominance is to address each emerging category with a different brand name
Timing is also important. You can be too early to exploit a new category.
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THE LAW OF PERSPECTIVEMarketing effects take placeover an extended period of time.
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Many marketing moves exhibit the same phenomenon. The long-term effects are often the exact opposite of the short-term effects.
What if a company never started couponing in the first place?
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THE LAW OF LINE EXTENSIONThere’s and irresistible pressure to extendthe equity of a brand.
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The most violated law in the book
In order to optimize the power of the overall brand, line extensions have to make sense, be part of a long-term plan and reflect the core images and message of the brand.
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END OF PART 2