BUSINESS
22immutablelaws_nitinsoni

22immutablelaws_nitinsoni - MM-2 ASSIGNMENT TOPIC 22...

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MM-2 ASSIGNMENT TOPIC : 22 IMMUTABLE LAWS OF MARKETING BY : NITIN SONI, ROLL NO. 15FPM004, SECTION B RULE 1 The Law of leadership : It's better to be first than it is to be better According to this law central issue of marketing for any firm or is to create a category and be the first firm in that category. This is contrary to common perception that basic issue in marketing is to create a better product or service than your competition. The reason is behind this law is that it is much easier for any firm to get into the mind of the consumer first than to try to convince the someone that their product is better than the one that was launched first. For example IIT Kharagpur was the first IIT to be set up in India. Although many IITs were set up by Govt of India, IIT Kharagpur remains numero uno in the minds of Indians for its academic rigour. No two products are any similar than twins are. Yet twins often complain that the first of the two whom a person meets always remains their favourite, even though the person also gets to know the other one. People tend to stick with what they’ve got. If you meet someone a little better than your wife or husband, it's really not worth making the switch, what with attorneys' fees and dividing up the house and kids. The success Organized coaching Industry in India is an excellent example of this law. Coaching Industry in India was highly fragmented in 1980s till Mr V.K.Bansal started his coaching institute in 1981. Today size of coaching industry in India is about Rs 300 crore with the turnover of Bansal Classes alone being Rs 100 crore. The law of leadership applies to any product, any brand, any category. Although not every first firm in a category is successful. Timing, bad ideas are some of the issues which every firm has to contend with. If the secret of success is getting into the prospect's mind first, what strategy are most companies committed to? The better-product strategy. The latest and hottest subject in the business management field is benchmarking. Touted as the "ultimate competitive strategy," benchmarking is the process of comparing and evaluating your company's products against the best in the industry. It's an essential element in a process often called "total quality management." Unfortunately, benchmarking doesn't work. Regardless of reality, people perceive the first product into the mind as superior. Marketing is a battle the of perceptions, not products . 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 This law states that If you didn't get into the prospect's mind first don't give up hope. Find a new category you can be first in. When you launch a new products, the first question to ask yourself is not
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"How is this new products better than the competition?" but "First what?" In other words, what category is this new product first in?
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