Procter & Gamble outlines growth strategy
Consumer products company Procter & Gamble has told shareholders overnight that their growth will be driven by reaching out to more consumers with new innovations and strong brands.
President and Chief Executive Officer, Bob McDonald, said the company today served about four billion of the world’s seven billion consumers but aimed to reach five billion over the next five years.
“Our choices are a natural evolution of the strategies that have been working for nearly a decade,” he informed shareholders at their annual meeting. “We will grow leading, global brands and core categories. We will build our business with under-served and un-served consumers and we will continue to develop faster growing, structurally attractive businesses with global leadership potential.”
“More than at any time in our company’s 170-plus year history, we have the brands, capabilities, strategies and financial flexibility necessary to expand our product portfolio into more parts of the world.”
Geographic and portfolio expansion coupled with a focus on simplifying business structure and processes and leveraging scale will all be elements of P&G’s long term growth strategy, he added.
The maker of Pringles reported net sales for the fiscal year ended June 30, 2009 of US$79 billion, with organic sales up two per cent.