IB Dream Company PROJECT – P&G March 1, 2012
A Humble Beginning . . . roctor & Gamble was born in 1837 by the collaboration or William Proctor, a candle maker and James Gamble, a soap maker. They started this partnership at the suggestion of their common father-in-law Alexander Norris. After 175 years, P&G is one of the consumer goods company in the world. It features in the Fortune 500 list and recorded sales of $82.6 billion dollars in 2011.
The year 1837 was quite a difficult time to start any business. Although Cincinnati was a busy market-place, the United States of America was gripped by financial panic. Scores and scores of banks were closing down across the nation. There was widespread concern of national bankruptcy in the United States. Despite the prevailing instability, William and James launched their new enterprise. Rather than the financial panic shaking their country they were more concerned about how to compete, with the 14 other soap and candle makers in their city. Their calmness amidst the economic storm reflected their resilient and forward-looking approach towards business – an approach that became the hallmark of Procter & Gamble. For example, in the 1850s, despite rumours of an impending U.S. civil war, they built up a new plant to sustain their growing business. Later on, they pioneered one of the nation’s maiden profit-sharing programs and were among the first in the American industry to invest in a research laboratory. The fledgling partnership between Procter and Gamble, by 1890, had grown into a multi-million dollar corporation. Nevertheless, P&G had its eyes set on the future.
A Company Built on Innovation . . . y 1890, P&G was selling around 30 different types of soap, including Ivory. Fuelled by full-colour print ads in national magazines, growth in consumer demand for P&G soaps continued. In order to meet this increasing demand, the Company decided to expand
References: http://www.fundinguniverse.com/company-histories/The-Procter-amp;-Gamble-Company-Company-History.html http://www.alacrastore.com/mergers-acquisitions/The_Procter_Gamble_Company-1013597 http://www.pmfarma.es/noticias/2905-procter-gambl