Proctor and Gamble 2012 Annual Report Download - page 8

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disruptive innovations), but some of our fastest periods of
growth
—
and some of our largest and most profi table present-
day businesses
—
were driven by discontinuous innovation:
disposable diapers, liquid laundry detergents, home care
items like Swiffer and Febreze. We need to get back to this
level of innovation in a meaningful way.
We have an increasingly promising
pipeline of category- and brand-creating
innovations. It will take some time to
get these innovations ready for launch,
but I am confi dent they will make a
meaningful and sustainable difference
as they enter the market.
Improving Productivity
The third change is the $ billion productivity program
we announced in February. This is critical because
productivity is the great enabler. It enables us to fund top-
line growth, to ensure our consumer value propositions are
superior, to overcome macro headwinds, and to deliver
better bottom-line growth.
Time-Tested
Business Model
P&G’S LONG TRACK RECORD OF SUCCESS is
based on a time-tested business model:
• We discover meaningful
insights into what consumers
need and want.
• We translate those insights into
noticeably superior products.
• We communicate product
superiority through advertising
that includes compelling claims,
performance demonstrations
and superior benefi t visuals.
• We price our products so that
consumers experience superior
overall value.
This drives leadership market shares, higher
sales and lower costs, enabling us to reinvest
in our business.
The model is simple and clear
—
and when
we execute it consistently, we win.
6 The Procter & Gamble Company