The 22 immutable Law of Marketing and Global Financial Crisis

"The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk! " – Book Review.

During recession and global financial crisis it is even more interesting to discuss this book.
The global financial crisis of 2008–2009 began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks.

Al Ries and Jack Trout refer to these principles as "laws". Their book, entitled "The 22 Immutable Laws of Marketing" is one of my favorites.

What do you think about "22 immutable Law of Marketing"?
Are there more marketing laws?
Why these marketing laws are immutable?

(sorry for pure quality of video)

1 The Leadership It’s better to be the first than it is to be better. Executive Summary Being first in any category is going to give you the edge -being the leader comes from being first. It’s much easier to get into the mind of consumers first that try to convince people you have a better product or service than the one that did get there first. Improvements are always made to product/service inventions and innovations but the first in has a head start. Once you are the leader, a position mostly gained by being first, it is pretty hard for competitors to dislodge you, as long as you keep your products up to date and of comparable quality. Further, the first in to the market has the opportunity to have its brand name adopted as the generic category name. Once you are first and get the consumers to buy your brand, often they won’t bother to switch. People tend to stick with what they’ve got.
2 The Category If you can’t be first in a category, change the nature of the category or set up a new category you can be first in.
3 The Ladder The strategy to use depends on which rung you occupy on the ladder.
4 Duality In the long run, every market becomes a two-horse race.
5 The Mind and Perception Marketing is not a battle of products, it’s a battle of perceptions; and sometimes it’s better to be first in the mind than to be first in the marketplace.
6 Focus The :lost powerful concept in marketing is owning a word in the prospect’s mind. "
7 Extension There’s an irresistible pressure to extend the equity of the brand.
8 Exclusivity and Superiority Owning a superior position in the customer’s mind is vital; marketing is a continuous search for exclusivity.
9 Division Over time, a category will divide and become two or more categories.
10 The Heart (Emotion) Marketing strategies without emotion will not work.
11 Attributes When you have to focus on attributes, for every one of them, there is an opposite and effective attribute.
12 Candor When you admit a negative, the prospect will give you a positive.
13 Sacrifice You have to give something up in order to get something.
14 Success Success often leads to arrogance, and arrogance to failure.
15 Failure Failure is to be expected and accepted.
16 Unpredictability Unless you write your competitors’ plans, you can’t predict the future.
17 Hype The situation is often the opposite of the way it appears in the press.
18 Acceleration Successful programs are not built on fads, they’re built on trends.
19 Perspective Marketing effects take place over an extended period of time.
20 The Opposite If you are shooting for second place, your strategy is determined by the leader.
21 Origin Where brands come from is often more important than how good they are.
22 Resources Without adequate funding and expertise an idea won’t get off the ground, and a brand cannot be built.

Expert’s Advise:

Donald Trump and Robert Kiyosaki
Follow theses principles and apply them to whatever you need. If you continue to confuse pride with confidence you will never learn to learn.

During recession and global financial crisis it is even more interesting to discuss this book.

What do you think about "22 immutable Law of Marketing"?
Are there more marketing laws?
Why these marketing laws are immutable?

Please leave your comments below.


Learn from others how to prevent financial losses

In economics, a financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient-market hypothesis.

Financial markets have evolved significantly over several hundred years and are undergoing constant innovation to improve liquidity.

Both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded) exist. Markets work by placing many interested buyers and sellers in one “place”, thus making it easier for them to find each other. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

The financial crisis is not over. Neither tax rebates nor low interest rates nor higher or lower exchange rates can do the job of reviving an economy that is burdened by debt loads that are too high. On the contrary: the policy measures that the US authorities have been applying will prolong the agony. Be prepared for the challenges of extended financial turmoil and economic stagnation.

How to prevent financial losses?

Presented by WCNY’s Financial Fitness
Cayuga Fund – Make Money for Education.

Markets are interrelated, and a problem in one market can have its source in a different market. This finding is a starting point for macroeconomics. To limit the number of markets they must explore, economists conventionally lump together or aggregate the vast number of markets in a modern economy into only four: markets for goods and services, financial assets, money balances, and resources.