LAWS OF BUSINESS
LAW OF PURPOSE:
The purpose of a business is to create and keep a customer. This takes precedence over making a profit. Profits will follow when customers are created and kept.
LAW OF ORGANIZATION:
A business organization is a group of people brought together for the sole purpose of creating and keeping customers. Again, the main purpose overrides all else.
LAW OF CUSTOMER SATISFACTION:
The customer is always right. Successful businesses actually have an obsession over customer satisfaction.
LAW OF THE CUSTOMER:
Customers always seek the very most at the lowest possible price. Proper business planning demands that you focus on the self-interest of the customer.
LAW OF QUALITY:
Customers demand the very highest quality for the very lowest price. Quality is whatever the customer thinks it is. And the customer decides how much it's worth.
LAW OF OBSOLESCENCE:
Whatever is, is already becoming obsolete. Change prevails --- it's unavoidable. A successful business adapts quickly; even better, it helps create change.
LAW OF INNOVATION:
Breakthroughs come from innovation --- offering something better, cheaper, faster, newer or more efficient. All you need to break through is one good idea.
LAW OF CRITICAL SUCCESS FACTORS:
Every business has five to seven critical success factors that determine its success. Usually they are based on personal performance of employees.
LAW OF THE MARKET:
The "market" is where buyers and sellers meet and set prices. A prosperous economy needs this market to function freely, with no outside control or interference.
LAW OF SPECIALIZATION:
To succeed, you must specialize and be excellent or cost-efficient at satisfying a specific customer need. Not doing either sets the stage for failure.
LAW OF DIFFERENTIATION:
A product or service must be different in some unique way to be successful. This difference should be perceivable and promotable.
LAW OF SEGMENTATION:
Companies must target specific customer groups or market segments to succeed. The days of one product for everybody are gone forever.
LAW OF CONCENTRATION:
Market success comes from aiming at customers who most value your uniqueness. Marketing beyond this core group is inefficient and wasteful.
LAW OF EXCELLENCE:
The market pays excellent rewards for excellent performance, excellent products or excellent service. This applies across the board to both employees and companies.
The purpose of a business is to create and keep a customer. This takes precedence over making a profit. Profits will follow when customers are created and kept.
LAW OF ORGANIZATION:
A business organization is a group of people brought together for the sole purpose of creating and keeping customers. Again, the main purpose overrides all else.
LAW OF CUSTOMER SATISFACTION:
The customer is always right. Successful businesses actually have an obsession over customer satisfaction.
LAW OF THE CUSTOMER:
Customers always seek the very most at the lowest possible price. Proper business planning demands that you focus on the self-interest of the customer.
LAW OF QUALITY:
Customers demand the very highest quality for the very lowest price. Quality is whatever the customer thinks it is. And the customer decides how much it's worth.
LAW OF OBSOLESCENCE:
Whatever is, is already becoming obsolete. Change prevails --- it's unavoidable. A successful business adapts quickly; even better, it helps create change.
LAW OF INNOVATION:
Breakthroughs come from innovation --- offering something better, cheaper, faster, newer or more efficient. All you need to break through is one good idea.
LAW OF CRITICAL SUCCESS FACTORS:
Every business has five to seven critical success factors that determine its success. Usually they are based on personal performance of employees.
LAW OF THE MARKET:
The "market" is where buyers and sellers meet and set prices. A prosperous economy needs this market to function freely, with no outside control or interference.
LAW OF SPECIALIZATION:
To succeed, you must specialize and be excellent or cost-efficient at satisfying a specific customer need. Not doing either sets the stage for failure.
LAW OF DIFFERENTIATION:
A product or service must be different in some unique way to be successful. This difference should be perceivable and promotable.
LAW OF SEGMENTATION:
Companies must target specific customer groups or market segments to succeed. The days of one product for everybody are gone forever.
LAW OF CONCENTRATION:
Market success comes from aiming at customers who most value your uniqueness. Marketing beyond this core group is inefficient and wasteful.
LAW OF EXCELLENCE:
The market pays excellent rewards for excellent performance, excellent products or excellent service. This applies across the board to both employees and companies.