1. The Law of Purpose: The purpose of a business is to create and keep a customer.
2. The Law of Organization: A business organization is a group of people brought together for the common purpose of creating and keeping customers.
3. The Law of Customer Satisfaction: The customer is always right.
4. The Law of the Customer: The customer always acts to satisfy his or her interests by seeking the very most and best at the very lowest possible price.
5. The Law of Quality: The customer demands the very highest quality for the very lowest price.
6. The Law of Obsolescence: Whatever is, is already becoming obsolete.
7. The Law of Innovation: All breakthroughs in business come from innovation, from offering something better, cheaper, faster, newer or more efficient in the current marketplace.
8. The Law of Critical Success Factors: Every business has a number of critical success factors, which measure and determine the success or failure of the organization.
9. The Law of the Market: The market is where buyers and sellers of products and services meet to set prices and determine the allocation of money, labor, materials and all factors of production.
10. The Law of Specialization: To succeed in a competitive marketplace, a product or service must be specialized to perform a specific function and be excellent at satisfying a clearly defined need of the customer.
11. The Law of Differentiation: A product or service must have a competitive advantage or an area of excellence that enables it to stand out from its competitors in some way if it is to succeed in a competitive marketplace.
12. The Law of Segmentation: Companies must target specific customer groups or market segments if they are to achieve significant sales.
13. The Law of Concentration: Market success comes from concentrating single-mindedly on selling to those customers you have segmented as being the ones who can most benefit immediately from the unique product or service features you offer in your area of specialization. 14. The Law of Excellence: The market pays excellent returns and rewards for excellent performance, excellent products and excellent services.
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