Procter and Gamble

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Procter & Gamble Co is an American global consumer goods company. P&G have various products that range from personal hygiene products to household products.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

The environment of an individual including culture of the company, management style, level of stress at work, etc…are also very important factors.

People clearly are an organization’s most critical resource. Their knowledge and skills along with their commitment, creativity, and effort are the basis for competitive advantage. It is people that have creative ideas for new products or for process improvements that devise marketing strategy or take technologies to the next level.

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

The Procter & Gamble has vast differentiated products due to its innovation culture. This is not just the invention of new products and services, but the ability to systematically convert ideas into new offerings that alter the very context of the business (Charan, 2008). The product differentiation allows the P&G to charge premium price for its products and assists to capture market share from its rivals by increasing the product demand.

P&G is a large multinational corporation from United States which deals in consumer goods. It has its head quarter in Cincinnati, Ohio. William Procter and James Gamble are the founders of this multinational corporation. William Proctor was a candle-maker and James Gamble was soap-maker. They were married to two sisters and their father-in-law helped them establish this business. In 1837, P&G was born. During fiscal year 1858-59, company was able to achieve the milestone of $1 million with the help of just around 80 employees. Most of the success of the company was based on the innovative products. Currently, company has more than 180 brands but it is currently focusing on just 80 major brands which earn about 95% revenue for the company. In 2014, company reported $83.1 billion revenue in 2014 and it is recognized to be leading global company through consistent performance of most of its brands (Procter and Gamble, 2015).

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

Procter & Gamble is one of the most successful consumer goods companies in the world. There are many brand names found under the name of P&G INC . Scope, a mouth-wash brand, is a part of P&G. Scope was introduced as part of oral hygiene industry in the year 1967, in Canada. Scope had the highest market growth in Canada.

P & G is the quintessential American company, with more than 175 years of history. Coming from humble roots, it was established by a partnership of William Procter and his brother in law James Gamble. Over its extensive history, P&G has followed an aggressive “growth by acquisition” strategy which has transformed it into the global manufacturer of household & health items in the world. After P & G’s merger with Gillette in 2005, it controlled 22 individual brands, 8 of which would each be large enough to be included in the Fortune 100. Due to recent changes in market conditions and renewed competition, P & G started to change strategies and became

Procter & Gamble (P&G) is a world-leading producer of consumer goods. Today, it consists of over 20 million dollar brands (like Gillette) and operates in 42 countries

It is very important that staffs from different backgrounds are engaged in formulating innovative products. In general, the innovation project team should involve the below personnel: •

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.