By Michelle Howe
The economic recession has made all of us rethink our marketing
plans. What used to work without fail is now either working
poorly or not at all. Companies need to go back to the drawing
board and start again with the basic truths of marketing.
One of the most consistent and true basics of marketing is the
80/20 rule, also known as the Pareto principle. According to
Wikipedia, “The principle was suggested by management thinker
Joseph M. Juran. It was named after the Italian economist
Vilfredo Pareto, who observed that 80% of income in Italy was
received by 20% of the Italian population. The assumption is
that most of the results in any situation are determined by a
small number of causes.”
