Summary: The 22 Immutable Laws of Marketing - BusinessNews Publishing - ebook

Summary: The 22 Immutable Laws of Marketing ebook

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The must-read summary of Al Ries and Jack Trout's book: "The 22 Immutable Laws of Marketing".This complete summary of the ideas from Al Ries and Jack Trout's book "The 22 Immuable Laws of Marketing" shows that there is a widely-held assumption that marketing is a field in which anyone can succeed, with enough enthusiasm. This summary shows that marketing has rules of success, just like any other profession. It highlights the 22 laws of marketing and explains why failure will ensue, should you break them. Added-value of this summary: • Save time• Understand the key concepts • Expand your knowledge of marketingTo learn more, read "The 22 Immuable Laws of Marketing" and discover the truth about marketing!

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Book Presentation: The 22 Immutable Laws Of Marketing by Al Ries & Jack Trout

Summary of The 22 Immutable Laws Of Marketing (Al Ries & Jack Trout)

Book Presentation: The 22 Immutable Laws Of Marketing by Al Ries & Jack Trout

Book Abstract

MAIN IDEA

It’s basic human nature to assume that anything is possible. In a field like marketing, for example, most people would readily agree with the idea you can achieve any marketing objective that can be named if you’re energetic enough, creative enough and if you have enough time and money.

Yet in the real world if you attempt to construct a new building ignoring the laws of nature (like sound engineering), you’re going to fail no matter how good your intentions. The same applies to building a marketing program. If you violate the 22 Laws of Marketing (either intentionally or inadvertently), your marketing program is doomed to fail, irrespective of everything that may be done or every resource that may be thrown at it.

In essence, the 22 Laws specify what will work in marketing and what doesn’t. As such, the laws govern marketplace success of failure. Marketers and business managers can either learn these laws and work within their framework, or the laws will automatically be working against them.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of The 22 Immutable Laws Of Marketing (Al Ries & Jack Trout)

Law # 1 – Leadership

It’s always better to be first to market rather than waiting to get to market with a better product.

There is always a significant first mover advantage in business, but this is particularly true in marketing. Getting into the mind first is always easier to achieve than convincing a prospect you have a better product than the one that did get there first.

The reasons for this are:

There is a natural human tendency for people to stick with what they’ve got.The first brand to market generally has an opportunity to become a generic term for that product category - and making it even harder for competitors to gain a foothold.

Despite that, most companies tend to pursue a “better product” style business strategy -- watching for evidence a market is there and then trying to develop something better than their competitors are presently offering.

A far more productive approach would be to spend more time trying to develop an entirely new category altogether.

“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 of ten 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 of perceptions.”

– Al Ries and Jack Trout

“The basic issue in marketing is creating a category you can be first in -- not in convincing people you have a better product.”

– Al Ries and Jack Trout

Law # 2 - The Category

If it’s impossible to be first in a category, invent a new category in which you can be first to the market in.

It’s not as difficult to find a new category - in which you can be first to market - as it might appear at first glance. There are a number of different ways to be first, because prospects have an open mind when it comes to new categories.