Hrm 552

Topics: Procter & Gamble, U.S. Securities and Exchange Commission, Strategy Pages: 4 (1344 words) Published: August 27, 2013
Innovation Strategy

Innovation Strategy
Proctor and Gamble (P&G) is an innovative organization that is a household name recognized by millions of families worldwide. The company is a purpose driven organization that creates products of quality and value to help improve the lives of its current consumers and future generations (Proctor & Gamble, 2013). The firm markets its products in numerous countries and its reputation is based on the company’s purpose and its social and ethical responsibilities as a corporate citizen. P&G’s innovation strategies include creating new products and improving current products that embody the firm’s purpose and mission as an organization. The innovation strategies help the organization to remain competitive and successful. The following report will provide a description and evaluation of P&G’s innovation strategy. Company Background

P&G was founded in Queen City of the West, Cincinnati by candle maker William Proctor and soap maker James Gamble. The relationship between these two businesses men was formed by a partnership agreement formalizing “The Proctor and Gamble Company” in 1837 (Proctor & Gamble, 2013). Today the iconic brand services approximately 4.6 billion people around the world. The company operates in 75 countries across the globe and their products are currently sold in more than 180 countries (Proctor & Gamble, 2012). The portfolio of integrated brands includes Pampers, Gillette, Tide, Ariel, Downy, Pantene, Head and Shoulders, Olay, Oral-B, Crest, Dawn, Fairy, and Always (Proctor & Gamble, 2012). Through innovation, strategic planning, research and development (R&D), and collaborative efforts P&G doubled its annual revenue from $12 billion to $24 billion with the iconic brand named Tide (Brown & Anthony, 2011). Using rebranding methods such as creating new logos, new packaging ideas, and new sub-products resulted in a comeback for the 50 year old laundry...

References: Brown, B. & Anthony, S. (2011). How P&G Tripled its Innovation Success Rate. Harvard Business Review Magazine. Retrieved From: http://hbr.org/2011/06/how-pg-tripled-its-innovation-success-rate/ar/1
Proctor and Gamble, (2012) Heritage
Proctor and Gamble. (2013) Proctor Meets Gamble. Retrieved From: http://news.pg.com/blog/procter-meets-gamble
Proctor and Gamble
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