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Procter & Gamble Relies On Innovation To Drive Value And Push Growth

October 10, 2013: 12:00 AM EST
Procter & Gamble UK and Ireland vice president and managing director Irwin Lee said his company used innovation to drive growth in household products in his address at the 2013 IGD Convention. He said innovation can drive value in the grocery industry and help recover the value given away by the industry on promotions. Lee also said the amount of value given away on promotions has increased from 23 percent five years ago to 33 percent at present. Examples of how P&G innovated to drive value include the Febreze brand's role in the 25 percent growth in penetration and 50 percent increase in sales in the air freshener segment and the sale of 13 million Ariel 3-in-1 pods since July 2013, according to Lee.
Fiona Briggs, "Innovation can drive meaningful value, P&G vice president tells 2013 IGD Convention", Retail Times, October 10, 2013, © Retail Times
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