Seeking To Revive Growth, Procter & Gamble Aims To Recover Strength In Innovation

To revive its business growth, Procter & Gamble plans to expand its innovation and speed up product development. As part of these efforts, P&G created the LEAP team of research and development managers, technology experts, marketing professionals, industrial designers, and consumerists. P&G said it expects new products to deliver $3 billion to the company's annual sales growth. About 40 percent of P&G's new products are forecast to create new markets, while 60 percent will meet the requirements of consumers in existing markets, according to Jorge Mesquita, group president of the company's new business creation and innovation. A look at P&G's history reveals that innovation has played a leading role in the company's growth and expansion into a global consumer goods giant.