What have been the key success factors for the organization?
Procter and Gamble is the leading player in the consumer goods industry and has a brand extension in almost every desired product category a household could need.
The key success factors for P&G are mainly:-
Conducting extensive marketing research for existing brands. It has to in house research groups, one responsible overall company advertising research and the group responsible for market testing.
Emphasize heavily on market testing. It spent two years on no-calorie fat substitute, Olestra.
Research teams consist of marketing research managers, survey designers, behavioral scientists and statisticians who conduct the extensive research about each and every facet concerning the product.
Employing the Data mining. Each year P&G calls or visits over 1 million people in connection with research projects.
The resultant of these activities is a Quality product targeting the segment it is designed for.
Heavy marketing budget that is one of the largest in the industry.
Effective pricing.
Targeting customer with personal subject matter like in the case of “Pampers Parenting Institute”.
Restaging of the unsuccessful brands competing in the strong market. As was the case of hand cream “Wondra”.
Product differentiation is another aspect at which the company excels a lot. It offers different kinds of laundry detergent with separate brand identity.
Event creation is another things