‘If you’re second into the prospect’s mind, are you doomed to languish forever with Buzz Aldrin, John Landy, John Adams, some unknown English muffin, and some unknown sports drink? Not necessarily. Benchmarking is an essential process in the Total Quality Management (TQM). Benchmarking is the process of comparing and evaluating the company’s product with those of the competitor’s best products. Jack trout says – “If the secret of success is getting into the prospect’s mind first, what strategy are most companies committed to? The better-product strategy.” Benchmarking, also called as ‘ultimate competitive strategy’, can be used. That’s why Otobi sells more than the other companies in home improvement category business. People will stand in front of a Ricoh or a Sharp or a Kodak machine and say, “How do I make a Xerox copy?”īecoming first in the category ensures increased sales of the product than the competitors. Xerox, the first plain-paper copier, became the name for all plain-paper copiers. One reason the first brand tends to maintain its leadership is that the name often becomes generic. So, what makes the first mover the leader in the product category? For example, a consumer will always prefer Lux than a ‘better’ product introduced a few years back. People prefer to have a product that is introduced first than to have a better product. Look around, the first company to introduce mainframe computer was IBM, the first company to introduce cola is Coca-Cola, the first rent a car service introduced by Hertz – all of these companies are leaders in their product category. Jack Trout says ‘It’s better to be first than it is to be better. People will remember a product or service that is introduced first. The Daily Star is the most circulated English newspaper in Bangladesh, which one is the second?
Institute of Business Administration (IBA), DU first introduced MBA in Bangladesh, which one is the second?
Here are the first 4 laws from 22 Immutable Laws of Marketing by Jack Trout.ĭhaka University is the first university in Bangladesh, which one is the second? The marketers would be able to find the laws of marketing only if they believe in their mind that there are laws of marketing that can help a company to offset the competition. Most marketers believe that anything is possible with determination, energy, and creativity. In the book "The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk" authors, Al Ries & Jack Trout, argued that almost no one is willing to admit that there are any laws of marketing-certainly none that are immutable.
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