Weaknesses of P&G
P&G invest twice as much in R&D than there closest competitor to identify opportunities for innovation and better serve and communicate with our consumers.
There average annual reach is
-Interacting with more than five million consumers in nearly 100 countries.
-conducting over 20,000 research studies
- invest more than $400 million.
Customer base changes Customer preferences and behaviours all effect P&G because the company is based around customers needs as house hold items.
P&G must keep track of consumer needs and wants in many disparate markets, Reuben Gregg Brewer, 2012.
P&G's R&D enhanced by its global relationship with over 2 million technology based researchers. Frank.J. Paul, Pg 33, 2009
Additionally, P&G multiply there innovation capability through there global network of innovation partners. Over half of P&G's total product innovation has one or more major component from an external partner, Procter & Gamble, 2012.
Highly competitive market There is fierce competition to offer the best-product at the lowest price in P&G's industry, competitors include; - Colgate-Palmolive, competes with P&G in the toothpaste market, the personal care market and pet food market. - Church & Dwight is a much smaller company than the other two, but is a major player in the personal care and household goods markets. Ryan Guenetteﾧ, The Motley Fool Blog Network, 2012.
Most of P&G's growth is from new brands and new or improved product innovation. By investing two times more, on average, than there major competitors, P&G is the innovation leader in our industry.
SymphonyIRI recognized P&G as 'the most innovative manufacturer in the consumer packaged goods industry for the last decade—presenting the Company with its “Outstanding Achievement in Innovation” award.'