Book Summary 1 - Lateral Marketing

1. Vertical Marketing

1.1. Helps us find increasingly smaller subgroups for which a product might be developed.

2. Lateral Marketing Process - Page 5

2.1. Select a focus

2.2. Make a lateral displacement for generating a stimulus.

2.3. Make a connection

3. Lateral Marketing Ideas - Page 6

3.1. Substitute it

3.2. Invert it

3.3. Combine it

3.4. Exaggerate it

3.5. Eliminate it

3.6. Recorder it

4. What Is Lateral Marketing?

4.1. Lateral M: Complements traditional marketing by providing an alternative route to generating fresh new products.

4.2. Why Marketing today is more difficult ?

4.2.1. Distribution of goods is now in the hands of agent corporations and multi-national.

4.2.2. There are more brands but fewer producers.

4.2.3. Product life cycle have been dramatically short.

4.2.4. It's cheaper to replace than repair.

4.2.5. Digital Tech has lead to a new range of products

4.2.6. Trademark and patent registration are increasing.

4.2.7. Number of varieties of products has increased

4.2.8. Markets are hyper-fragmented.

4.2.9. Advertising saturation is increasing

4.2.10. Claiming consumer mind space is harder.

4.3. What is the objective of Lateral Marketing ?

4.3.1. The new priority must be to find ways to create and launch more successful products

4.4. The first two in the category typically capture 75% of the market, leaving just 25% for later arrivals,

5. Implementing Lateral Marketing

5.1. Companies need to innovate

5.2. An excessively high percentage of new products fail in spite of careful market because of traditional innovation process.

5.3. Marketers need a complementary way of thinking up new products or service that will lead to new category or market.

5.4. Lateral marketing thinking might occur spontaneously or consciously.