2 Procter & Gamble Case Study Contributors: Kyla Porter, Gladys Moreno, Jennifer Peters, Jessica M. Hernandez. California State University San Marcos 2 TABLE OF CONTENTS Company Summary Business Description Company Timeline Company Analysis Business Developments- A Review Discussion of Business Strategies 1. Expanding Their Portfolio 2. Developing Adjacencies 3. Entering New Categories With Disruptive Innovation 4. Growing Share 5. Growing Markets SWOT Analysis Strengths Weaknesses Opportunities Threats Financial Performance Competition Synopsis Human Resource Practices and Initiatives Conclusion 3 3 4 5 5 6 7 7 7 7 8 8 8 10 11 12 12 12 16 18 Company Summary Business Description Procter & Gamble Company is a global manufacturer and marketer of dozens of consumer products. Above the many products it markets are more than 300 brands that can be found in more than 180 countries across the globe. These countries include the Americas, Europe, the Middle East, Africa, and Asia. Procter & Gamble (P&G) is primarily entrenched in three areas of consumer goods that includes: Beauty and Grooming, Health and Wellness, and Household Care Products. These are referred to as the companies Global Business Units(GBUs).
The Beauty and Grooming GBU ranges from primary products such as razors and toothbrushes to supporting products like toothpaste and shaving cream. The Health and Wellness GBU encompasses both human and animal care as well as snack products. The final GBU, Household Care, includes fabric, home, baby, and family care products. P&G also has global operations that are run by the Market Development Organization (MDO) of the company. The MDO develops market plans at the local level which are specific to the geographic location and demographic. In order for the
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MDO and GBU’s to operate together efficiently and effectively, the Global Business Service (GBS) provides the technological support to initiate processes and provide access to data tools that improve communication between departments in the company (Datamonitor Report, 2010). Company Timeline 1837- William Procter and James Gamble established The Procter & Gamble Company as a soap and candle company in Cincinnati, Ohio. There was no such thing as a “brand” at this time 2 (Procter & Gamble, 2006) . 1887- P&G Institutes a pioneering profit-sharing program that gives employees an ownership stake in the Company.
This significant innovation helps employees connect their vital roles with the Company’s success (Procter & Gamble, 2006). 1924- P&G becomes the first company to conduct deliberate, data-based market research with consumers. this forward-thinking approach enables the company to improve consumer understanding, anticipate consumer needs and respond with products that improve their everyday life (Procter & Gamble, 2006). 1941- P&G becomes one of the first companies to formally respond to consumer correspondence by establishing the Consumer Relations Department.
The addition of a tollfree phone numbers came in 1973 and the use of e-mail in the 1980’s furthered the companies connection with the consumer and realized their central philosophy of keeping the consumer at the heart of the business(Procter & Gamble, 2006). 1955- Crest is co-developed with Indiana University. This collaboration delivers a product that is breakthrough in the use of fluoride to protect against tooth decay, the second-most prevalent disease at the time (Procter & Gamble, 2006). 2002- P&G develops and introduces the Nuaturella feminine pad for the high number of lowincome level women specifically in Latin America.
This product utilized the unique ingredient chamomile to provide a freshness that women seek in a feminine care product (Procter & Gamble, 2006). 2005- High Frequency Stores(HFS) begin to sprout in developing markets and become the largest medium of delivering products to consumers. These stores are an opportunity to penetrate low-income, fast growing markets and meet their needs (Procter & Gamble, 2006). 2 Company Analysis Aside from its headquarters in Cincinnati, Procter and Gamble operates in about 180 countries around the world. They have been able to capitalize on emerging markets that may not have previously been viable.
This includes Thailand, which is now seen as one of the most beauty conscious countries in the world (“P&G Upbeat”, 2010). With this new market, P&G has been able to launch their hair care line in parts of the world that previously were not industrialized and did not have a demand for these types of products. As more countries especially in Asia, Africa, and Latin America begin to industrialize, P&G can continue to expand their geographic segments. Not only have they penetrated the countries themselves, but they have penetrated different segments in the consumer market.
With 300 brands in 3 very distinct divisions, P&G has been able to diversify and capture a larger market share. As for business segments, the company has 3 divisions which are Beauty and Grooming, Health and Wellness, and Household Care Products. All of these divisions are operated by a centralized business structure that works to make the business the most efficient it can be (“Core Strengths,” 2011). In addition to this centralization of the product divisions, the company also has a Market Development Organization (MDO) to tailor marketing strategies in each geographic area.
This ability to target a specific market has allowed P&G to continue to gain the market share in emerging markets. Business Developments- A Review ? In May of 2010, Pampers, part of the Household Care division of Procter & Gamble, was subject to allegations that their new line of diapers, known as Dry Max, was causing chemical burns on infants. In lieu of the allegations, Pampers released the findings of the research that debunked the accusations. (Procter and Gamble, 2010b). Pampers took a proactive stance in defending their brand and after releasing the findings to the Consumer Product Safety Commission, succeeded in ending rumors that could have negatively impacted sales or brand equity. 2 ? The International Olympic Committee (IOC) announced in July of 2010 that Procter & Gamble, with a commitment over the next ten years, was now their 11th sponsor (William, 2010). The IOC hopes to gain by utilizing Procter & Gamble’s advanced marketing skills, while Procter and Gamble views this as an opportunity to venture into new markets around the world (William, 2010).
This co-branding venture allows Procter & Gamble to introduce their products to areas of the world where they previously had no market share as well as market segments that were previously unpenetrated. ? In December of 2010, Procter & Gamble proudly announced achieving zero landfill output from its manufacturing plant in Auburn, Maine. The manner in which the waste was recycled saved millions of dollars in energy and supported the ongoing struggle to protect the natural environment (Procter and Gamble, 2010a).
Although this manufacturing plant is the first to achieve zero percent landfill waste in North America, it is merely one out of a previous 9 that have reached this feat across the globe under the direction of P&G. Procter & Gamble hopes to reduce its waste-to-landfill output to only 0. 5 percent by 2020, which is a part of the company’s environmental vision (Procter and Gamble, 2010a). With a vision of being eco-friendly, P&G is not just thinking about profits, but demonstrates an understanding that the environment it works in plays a bigger part in the company’s long-term sustainability.
Discussion of Business Strategies Even though Procter and Gamble has a varying number of products, the strategies to sustain and maintain them are generally the same. The success of the company rests on determining and targeting the broader needs of the market. The following five strategies can be used for all of the different sectors: 2 1. Expanding Their Portfolio The company wants to have an even larger range of products to offer to their customers. As of now, they function in 35 different categories in the United States alone (Prior, Molly, 2010).
These categories vary from pampers to detergents to hair products, and many others in between. By having more products, it gives the company more power over what customers choose. 2. Developing Adjacencies Procter & Gamble firmly believes that developing strong relationships and alliances with supporting companies is advantageous to their success. Practices that can be undertaken between companies include sharing ideas and promoting or cobranding. These practices create opportunities for reciprocal relationships that could become strategic alliances in the future. 3.
Entering New Categories With Disruptive Innovation This strategy helps achieve new market penetration. P&G is a mass producer of a wide variety of products, for which it is popularly known. This strategy helps them target stagnant markets where there may be low barriers to entry because of disruptive innovation. This would not only increase their market share but also maintain their brand recognition and maintain loyalty. 4. Growing Share As a publicly traded company, P&G is at the mercy of the shareholders. The number one goal of the company is to increase shareholder profitability.
If the share price were to increase, investors would see that the company is growing and be appeased by the dividend pay outs. Stock price on the NYSE is a measure to the public of a company’s well-being and notoriety. The greater your profitability the more investors 2 are willing to invest capital into the company. 5. Growing Markets The growing market strategy posits that a companies brand holds enough equity to be successful in new markets. Their product lines are new and innovative while also incorporating mature items that have gained consumer loyalty. (Prior, et. l, 2010). They plan that by expanding more it will allow them to be more successful in the selling of their products. These strategies are primary resources used in Procter & Gamble’s Grooming and Beauty GBU and are adapted to be relevant to other segments throughout the company. These strategies represent the goals and expectations for P&G over the next five to six years, which will make the company more successful. SWOT Analysis Strengths As a large global company, Procter & Gamble clearly has strengths which have helped them to acquire such a vast market share.
The company’s culture, strong product quality, the ability to understand customers, brand equity, and centralized management is at the core of their success. The culture of the organization is the most prominent strength. Procter & Gamble emphasizes having diverse employees that are included in all aspects of the company. Employees are encouraged to develop and present new perspectives to solve problems and increase the strengths of the company. The company motto is, “Everyone valued, everyone included, everyone performing at their peak” (“Fulfilling Our Potential,” 2011).
One way that Procter and Gamble does this is through the Clay Street Projects. This is a company-wide project where employees are encouraged to form groups to solve company problems (“Fulfilling 2 Our Potential,” 2011). Some great ideas have come out of the projects including the creation of Ariel Excel Gel (“Fulfilling Our Potential,” 2011). Procter & Gamble has inspired employees to be fully invested throughout the company. It is this type of organizational culture that boost employee retention and attracts applicants. A second strength is the quality of their products.
This can be seen through the success of many key brands. In total, 23 of the company’s top 50 brands each bring in over $1 billion in annual sales with the 50 top brands bringing in 90% of the company’s revenue (“Core Strengths,” 2011). With this strong quality and brand name recognition, Procter and Gamble can continue to have growth in the company. Many of the products they provide are essentials in today’s world, so even with a declining economy, the company can still have a tremendous amount of profit because people will buy their goods.
Understanding their customers is a third strength for Procter and Gamble. Annually, the company spends $400 million to find out what their customers want and what the future trends in the consumer market are (“Core Strengths,” 2011). A big portion of the money goes into research studies to better gauge what customers are looking for (“Core Strengths,” 2011). The company realizes that if it does not understand the customers, profits will begin to sink. Once the company knows what customers’ demands are, they can begin to develop products better suited for the market.
This in turn will help Procter and Gamble to not only maintain market share, but increase it through innovation of new products. A fourth strength is that Procter and Gamble has made an image for themselves. They actually define this strength on their website as the “Go-to-Market Capabilities” (“Core Strengths,” 2011). With this phrase the company means that businesses have ranked Procter and Gamble as their preferred supplier. Gaining this image has allowed Procter and Gamble to be successful in most of its divisions.
Without a strong image, the company would not have a large market share throughout the world. 2 Finally, another strength is that Procter and Gamble has decided to be centralized rather than a decentralized company (“Core Strengths,” 2011). Management believes that synergy is the best way to operate the company (“Core Strengths,” 2011). They feel that they can serve customers more effectively and efficiently by having the company work in unison and not as separate parts. With the company organized in a central location, management has better control over the company.
This has been a key strength to their success. Without this centralized organization, the company would have lost sight of their vision with divisions operating throughout the world. Weaknesses Procter & Gamble has weakness that could be fixed to make the company more profitable. In the current economy, prices of commodities are increasing due to salient components in the industry environment, namely, gas prices. Procter and Gamble has recently announced that they will raise prices on many of their products including top sellers like Pampers diapers and Bounty paper towels (Byron, 2011).
The rise in prices affects market share because some consumers are spendthrift and want low prices. The switching costs are low among the GBU’s of P&G and make them vulnerable to loss of market share quite easily. In addition, a product recall of Procter & Gamble’s widely used Scope mouthwash had the potential to set the company back in the last fiscal year. The American Academy of Pediatrics put out a health alert that child safety caps were not put onto these bottles of mouthwash that contained alcohol (Health Alerts: Mouthwash, 2010).
The alert stated that consumers could contact Procter & Gamble for a full refund or a coupon that could be redeemed at a future date when the product was safe from children (Health Alerts: Mouthwash, 2011). If the company continues to have recalls,it will lose brand equity and result in customers losing trust in the company. Consumers do not want to buy products that are unsafe. In 2 addition, the company is losing money by having to refund consumers that purchased the mouthwash. Procter and Gamble almost saw another recall with the accusations that their new line of Pampers diapers were causing chemical burns (Procter and Gamble, 2010b).
Even accusations like this can have a damaging effect on brand loyalty. With a slight chance that a product may be harmful, especially for a child, parents are responsive by switching brands, which means loss of market share for P&G. Opportunities Not only does the company have to look at the internal strengths and weaknesses to improve, but it also has to look at their external opportunities . The opportunities for the company are as big as the company itself. As the population grows, so does the household income in many places. This is a great opportunity for Procter & Gamble because people tend to spend more money.
The market is growing for the company, not necessarily here in the United States, but in foreign countries where they also operate, such as in China and Russia (Datamonitor, 2009). This growth will allow P&G to attract more market share in the networks they have with these countries. P&G has already established their brand in these countries, which makes the opportunity for further growth very simple. A part of being a successful company is being able to get organized. Trying to get organized involves planning, which is something Procter and Gamble is trying to do to improve their future success.
They began by putting its three headquarters in Asia into one main headquarters (Datamonitor, 2009). Something else they plan on doing for the company to be able to grow is to update their portfolio, and this will allow the company to run more efficiently. Things like these are what will make the company grow internally as well as externally because of its organizational skills. 2 Another opportunity for this company is the increasing demand of products in India. People are aiming for higher lifestyles in this country (Datamonitor, 2009). Because of the demand going up, there has also been an increase in sales.
The best part for Procter and Gamble is that they are now able to introduce more of their products to India, and have a good network with the majority of the stores out there. This is probably one of P&G’s best opportunities because of the fast growing country. Threats Regulatory environment issues can be a problem for some of Procter and Gamble’s products. There are groups who voice out against harmful ingredients in certain products, in this case, cosmetics (Datamonitor, 2009). This could end up being very costly for the company if they are forced to retract products from the store, making profits go down.
The current climate of the U. S. economy has shifted consumer spending to a more conservative standpoint. Because many customers have fallen victim to unemployment they are cutting costs and spending less. In other cases, prices are brought down because demand is declining, which is causing profits for those products to suffer. Generic brands and private labels are often more affordable than the name brands that P&G offers and are a high threat in the market. One of the biggest threats at this time are counterfeit goods and pass-offs (Datamonitor, 2009).
These are products that resemble the same product brand but where the brand name is slightly altered. Consumers are not always aware of the minute differences and may grab the pass-off product thinking it is the P&G brand they are loyal to. This could lead to loss of brand loyalty and equity if the product has a low performance and the consumer does not realize the mishap. Financial Performance 2 For the fiscal year ending June 30,2010, Procter & Gamble reports the following financial standing (USD): Net Income: Net Sales: Total Assets: Total Liabilities: EBITDA: 12,736,000,0001 78,938,000,0001 128,172,000,0001 67,057,000,0001 16,021,000,0001
The company’s previous 5 years of financial statements show a growth rate in sales of 4. 2 percent, 10 percent in net income, and 11. 5 percent in Earnings Per Share (EPS). The number of outstanding shares is over 2. 83billion with the Market Cap reaching over 179. 9 billion (Procter & Gamble co, 2011). The last sale of stock as of May 8, 2011, 1:45 EST was $65. 27 (USD) (NYSE). The company revised its earnings projections for the year, to between $3. 91 and $3. 96 per share from $4. 01. “Analysts expect $3. 96 on $82. 02 billion in revenue by the end of the fiscal year in June 2011.
It also narrowed its outlook for organic sales, a measure that excludes impacts of currency fluctuations and acquisitions or divestitures, to 4-5 percent for the year from 4-6 percent. For overall sales, P&G expects growth of 4-5 percent; analysts project about 3 percent for the year, to $82. 02 billion”(Procter & Gamble co, 2011). Looking at the current quarter that is ending in June, P&G projecting an increase of 80-85 cents per share, a revenue increase of 8 percent to 10 percent that will come as a result of higher prices and favorable foreign exchange (Procter & Gamble co, 2011).
In P&G Annual report to shareholders it reported its 120th consecutive dividend payout as well as its 54th consecuted divedend increase of 9. 5% The market share this year grew by 200 2 million consumers bringing the number to 4. 2, well on their way to reaching their projected goal of 5 million by 2015 (2010 Annual Report, 2011). Competition Synopsis Proctor & Gamble is in an extremely competitive market with billions of dollars at stake. The market segment of personal products contains products from detergents to razors and from shampoo to over-the-counter medicines.
According to Michael Porter (2007), creator of the Five Competitive Forces business model, “it is the proliferation of domestic rivals, coupled with heavy demand and a strong orientation toward market share, that creates a tinderbox of innovation. ” Proctor & Gamble’s position encompasses many customers, wide distribution, multiple corporate adversaries, and a very long product line with soaring demand. Major competitors of Proctor and Gamble’s personal products include: Johnson and Johnson (JNJ), Kimberly Clark (KMB), and Unilever. P&G Revenues 2009 (in billions) Net Income 2009 (in billions) Held $79. 7 $10. 95 Public JNJ $69. 5 $13. 33 Public KMB $19. 75 $1. 84 Public Unilever $57. 07 $5. 30 Private Source: Yahoo. com Finance Other major competitors on a narrower scale include: Colgate-Palmolive, The Dial Corporation, 2 and Georgia-Pacific. When it comes to rivalry, Porter (2007) explains that companies need to choose the competitive strategy that they are going to take and be firm with it. For broad markets, companies can either be a cost-leader or a product-differentiator. The goal of a cost-leadership role is keeping manufacturing and operating costs below that of its competitors.
This provides low prices for consumers and is used as their competitive edge, a low-price leader. The differentiation strategy competes by pushing brand loyalty and utilizing heavy advertising. This leads to high costs in research and development, however, it promotes the greatest results. In the last fiscal year, P&G “invested nearly $2 billion in Research & Development,” which is about 50% more than their closest competitor (2010 Annual Report, 2011). Proctor & Gamble uses the differentiation strategy. They invest heavily in market research and innovation to develop increasingly eco-friendly products.
Procter & Gamble’s purpose statement is, “We will provide branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come (“Our Purpose,” 2003). ” This illustrates their strategy of differentiation. Unlike Kimberly Clark, Proctor & Gamble has chosen not to penetrate the medical supply segment or expand into Unilever’s food brand market share. In fact, in April 2011, Proctor & Gamble sold the Pringles brand to the Diamond Corporation (Martin, April, 2011).
This falls in line with their sustainability strategy as they have no other food products in their portfolio. By simply studying P & G’s products, one can see the calculated jockeying for position in 2 the individual markets. The following chart shows the many product segments on which these three competitors compete and which brands they produce. Product Types Proctor and Gamble Johnson and Johnson Baby Oil and Desitin Carefree – Kimberly-Clark Unilever Baby Care Luvs and Pampers Huggies – Paper Products Puffs Charmin Bounty Kleenex Cottonelle Scott/Viva Kotex – – Axe Sunsilk Dove – Personal Care
Tampax/Always Old Spice/ Secret Pantene Clairol Gillette/Venus Zest Designer Fragrances Covergirl Ivory Olay Neutrogena Lubriderm Aveeno – Pond’s 2 Vidal Sassoon Wellness/Health Scope Vicks/Nyquil Pepto Bismol Prilosec OTC Cleaning Products Tide/Cheer Bounce/ Downy Swiffer Mr. Clean Comet Febreeze Food Products – Listerine Tylenol Imodium AD Rolaids/Mylanta Benadryl Zyrtec Nicorette Visine Neosporin Band-aids – — Vaseline Surf/All Lipton Slimfast Bertolli 2 Proctor and Gamble dominates in the personal care and cleaning product segments while still firmly maintaining a small but mighty position in the wellness sector.
They use celebrity promoters to stay current and relevant in marketing and advertising. Some well known celebrity faces are Jennifer Lopez at Venus, Taylor Swift at Covergirl, and John Madden for Prilosec OTC. Viral-style ads like the popular Old Spice commercials show P&G can revive even the most-aged of brands and make something new out of it. According to prweb. com (2011), sales for Old Spice body wash have increased 107% since February 2010 (Jenyns, 2010). Human Resource Practices and Initiatives After Proctor and Gamble decided which competitive strategy to implement, it needed to find the right people for the job.
This is the primary task of Human Resources. They need to recruit and choose employees that are capable and have a plan implemented to train and develop them in their positions. The objective is to create positive organizational support so the company can realize its goals and continue to grow. Already this year, Proctor and Gamble has received the following Awards: Employees’ Choice – 50 Best Places to Work, Glassdoor, (2011) World’s Most Admired Companies (#5), Fortune, (2011) America’s Most Reputable Company, Forbes, (2011) The website glassdoor. om reports hundreds of reviews from employees and former employees of Proctor & Gamble touting good benefits, good pay, excellent working conditions and mentoring supervisors. According to Herzberg’s model (Year of Citation or Publication), hygiene factors of its employees seem to be met. 2 Reviews on glassdoor. com overwhelmingly cited P as an honest corporation with excellent training and countless opportunities for advancement. Herzberg defines motivators as the factors that remain once an employee’s basic needs are met; the factors that keep employees happy and can increase productivity.
Specific motivating programs that Proctor & Gamble uses are: The Clay Street Project Save a Life Every Hour Numerous Earth Day agendas Take the “R” programs (responsibility) The Clay Street Project is a 3-month innovative think-tank and workshop for employees to help grow the company by introducing original ideas and technology. Altruistic programs like “Save a Life Every Hour” is a clean water initiative to bring over 2 billion liters to rural third world countries per day where employees are encouraged to participate is start-ups. There is heavy employee participation in Earth Day activities and other clubs.
In fact, P Asia turns out the lights in its building every day for the lunch hour. In addition, Take the “R” programs work with P & G’s employees and suppliers for ideas to work in an environmentally conscious facility (“Fulfilling Our,” 2011). These types of programs promote team-building and foster trust and unity in the company. They also encourage diversity and understanding in the workplace. The goal-setting theory of motivating employees is apparent in Proctor & Gamble’s organization by career-pathing workers and challenging them with extra responsibility and ownership of projects.
Other efforts used to motivate employees and elevate production from 2 hire to retirement are: Use of strict recruiting processes (e. g. assessments and evaluations that accept Encourage collaboration in tasks Internal opportunities for advancement Freedom and workshops to innovate Video conferences to promote employee engagement Motivation is a difficult and extensive are to study. The variety of circumstances translate into a variety of outcomes among individuals. It seems that Proctor & Gamble genuinely seeks to understand employee’s values, attitudes, and behaviors to help better meet their needs. less tha Conclusion
Procter & Gamble are guided by a purpose inspired growth strategy. The seek to reach more consumers’ lives by innovating and expanding along the value tiers of the industry, going above and beyond their competitors. The company is concerned with touching lives in different parts of the world that have yet to be penetrated by the industry. Lastly, the company is continuously innovating their products, creating or entering supporting categories of development, and continuously building their product portfolio. The overall health of the company is excellent. The company financials going back over 120 years has produced adequate revenue to pay ut dividends to share holders and in the last 54 years increased the share holder pay out. Outside of the financial health of the company the internal organizational structure is thriving. Employees are among the most important asset to a company and P&G is equally dedicated to their development as they are to their product line. Procter & Gamble are at the 2 cutting edge of business development and strategy, continuously out shinning the competition. The firms strategy is very clear and they have historically demonstrated they are capable of putting it into action. The industry and its related market growth are favorable.
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