Procter & Gamble, the long-time world leader in consumer products and the leading global advertiser, is ready to embark on another new strategy. It has tried many tactics in recent years to try to stimulate company growth and profits.
P&G’s latest approach may seem counter-intuitive — to grow by shrinking its brand portfolio. However, this idea does seem on target and reflects the essence of the Pareto 80/20 Principle that relatively few products account for a disproportionate amount of sales and profits.
As reported by Rachel Abrams for the New York Times:
“After years of expansion into areas like pet food and beauty products, Procter & Gamble announced that it would cut as many as 100 brands from its arsenal to focus on others, like Tide, that made the company a powerhouse over the decades. The move is part of a strategy to improve the company’s financial performance by doubling down on about 80 brands that generate 95 percent of the profits and 90 percent of sales, according to A. G. Lafley, the firm’s chief executive. The company, and the industry at large, have faced pressure as consumers continue to spend less than they did before the financial crisis.”
[According to Lafley,] “‘This new streamlined P&G should continue to grow faster and more sustainably, and reliably create more value. Importantly, this will be a much simpler, much less complex company of leading brands that’s easier to manage and operate.'”
Click the image to read more of Abrams’ story.
Photo by Mario Anzuoni/Reuters
Is your resume too long? Is it unfocused? Does it include unnecessary material? If you answer yes to any of these questions, it’s time to act.
- Say more with less — “Cut out words that aren’t needed and delete words that are repeated.”
- Leverage action verbs — “It may be accurate to say you wrote the company’s five-year plan, for example, but it’s more powerful to say that you strategized, authored, and executed the company’s first-ever five-year plan.”
- Eliminate passive language — “The sentence, ‘I was exposed to different cultures, people, and challenges’ is weaker than, ‘Gained cross-functional and cross-cultural exposure to 5 ethnicities in 12 countries,’ for example.”
- Use numbers when possible — “Numbers talk, so it’s imperative to use them in resumes to quantify key achievements and context information.”
- Be specific — Use “specific details that add value and meaning to the text.”
- Format your resume more effectively — “Maximize readability and use of space and minimize document length.”
- Categorize material –“Some content can be categorized or sub-categorized to convey information in more powerful ways.”
- Place your material in context — “Give your readers the right quality and type of detail to help them understand the full scope of your impact.”
- Focus on results — “In real-estate, it’s location, location, location that is critical; in resumes, it’s achievements, achievements, achievements.”
- Do not include extraneous details — “Choose carefully which details you include and how you do so.”
To read more, click the image.
Starting a new job can be a stress-filled time. So, what can you do to reduce your anxiety and optimize your relationship with your boss?
According to Careerealism:
“Building a relationship with your new manager isn’t complicated. It must be intentional, genuine, and built on a foundation of respect. As a new employee, ideally you should be spending some time with your manager every day for the first couple of weeks, even if only for a brief check-in. These meetings are ideal opportunities to jump-start the dialogue. Here are five simple conversations you need to have with your boss when you start a new role.”
In the slideshow presented below, learn about many of the opportunities and challenges facing those interested in a field of business.
The latest data from the U.S. Bureau of Labor Statistics are included.
We’ve written a lot about the rapidly changing world of marketing — with the advances in social media, technology, big data, etc. So, sometimes, we need to pause and reflect on things that are the constants in marketing.
In 1966, McKinsey published an article by John D. Louth on “The Changing Face of Marketing”: “This article from the McKinsey Quarterly archive analyzes six major changes that promised to transform future marketing efforts. These forces have largely proved to be as influential as predicted and continue to shape today’s challenges.”
The six major changes — which are really marketing constants — are as relevant today as they were nearly 50 years ago:
- The dominance of the customer — “It is nearly a truism that the needs and wants of the consumer are the critical issues today in creating new products and services, and developing the accompanying plans to merchandise them at a profit.”
- The spread of marketing research — “The second trend is the increased use of marketing research — in terms of both quantity and scope. To an important degree, of course, this trend is a response to the first. If knowledge about future customers is essential, and if the quality of the marketing output is materially affected by the caliber of the informational input, then marketing research is bound to increase in use and contribution as the interest in more scientific marketing grows.”
- The rise of the computer — “The third major trend marketing must consider is the emergence of electronic data-processing equipment as a major tool of scientific marketing not only for reporting data but also, more importantly, for planning and control by management.”
- Expanded use of test marketing — “A fourth important trend, in my opinion, will be toward more controlled experimentation to narrow the odds of an error in making marketing changes. Two major influences emphasize the need for further expansion of test marketing. The first is the rising cost of marketing changes: the costs, for example, of introducing new products and packaging, of developing new advertising and promotional programs, and of retraining salespeople. The second influence is the mounting investment in product research and development. About half of all corporate research-and-development activity in the United States today is concerned with the creation of new commercial products.”
- Metamorphosis of field selling — “The fifth trend I foresee is a shift in the nature of the field-selling job toward a more integrated, profit-oriented marketing effort. Key-account selling is becoming an increasingly crucial feature of the field-sales job—a trend with important implications. In many companies, a key-account selling program may entail special analysis of present and potential customers, and the establishment of related control reports to measure profit results with particular accounts.”
- Global market planning — “An ever-broadening application of the marketing concept to worldwide markets is the last of the six broad trends that I believe will change the face of marketing in the next few years. Over the past decade, the marketing concept has become widely accepted in the United States—perhaps, in some situations, too enthusiastically accepted and too indiscriminately applied. Nevertheless, I believe the concept of a completely integrated marketing effort is valid and will be increasingly adopted. In many companies operating worldwide, it will stimulate the development of global market planning.”
Click the image to read the full classic article.
Diane Von Furstenberg has been a prominent, trend-setting fashion designer for decades. Take a look at the Web site of her company to see what she’s doing now.
Here’s a brief bio of Von Furstenberg by Liz Welch of Inc.:
“Designer Diane von Furstenberg was 27 when she made the first wrap dress in 1974. The iconic design landed her on the cover of Newsweek — and millions of women snapped up her dresses. But when demand faded, von Furstenberg ended up selling most of her licenses to avoid bankruptcy. In 1997, von Furstenberg relaunched her company, which now has annual sales of more than $200 million. The wrap dress, too, made a comeback, and recently celebrated its 40th anniversary with ‘The Journey of the Dress’ exhibition, which traveled the globe. And, as the 68-year-old designer recently shared with Inc. contributing editor Liz Welch, she is focused on building a company to outlast any fad.”
Click Von Furstenberg’s photo to read her recent interview with Liz Welch for Inc.
Although these observations by the National Women’s Business Council refer specifically to female business owners, they are equally applicable to minority business owners:
“Like all entrepreneurs, women business owners face many challenges in making their entrepreneurship dreams a reality. Some of the challenges faced by women may be specific to women, due to the historical and cultural context within which they do their work. Women have the challenge of confronting and overcoming the historical barriers of being kept out of business and capital markets until the late 1980s. Even today, women’s access to information (or lack thereof) about financing strategies and opportunities may be limited due to a lack of access to the social networks where many key decision makers and capital players make deals. A lack of information about financing a business may result in more women raising lower levels of capital or pursuing only debt financing, which can limit their growth potential. ”
Click the image to read more from the NWBC.
With the above in mind, Tom Shaw (a Visible Systems Specialist for Magnatag) has published an excellent series of links to resources for women and minority business owners. Shaw provides links to 45 resources!! Click here to access Shaw’s “Women and Minority-Owned Business Resources.”
Research giant Nielsen annually examines thousands of new product introductions.
As part of its analysis, Nielsen has identified its 2014 U.S. Breakthrough Innovation Winners: “These diverse new products carry the common thread of finding and filling unmet consumer needs while demonstrating that with significant effort, game-changing innovation is possible in any category and by all types of companies.” The products are all commonly found in the supermarket.
The winning products were all introduced in 2012. We have inserted direct links to these products:
- Angry Orchard Hard Cider, The Boston Beer Co.
- Barcel Takis, Barcel USA
- Bud Light Lime Ritas, Anheuser-Busch
- Depend Silhouette Briefs for Women and Depend Real Fit Briefs for Men, Kimberly-Clark
- Febreze Car Vent Clip, Procter & Gamble
- Gevalia Kaffe Retail Coffee, Kraft Foods
- International Delight Iced Coffee, The WhiteWave Foods Co.
- Meow Mix Tender Centers, Big Heart Pet Brands
- Mucinex Fast-Max, Reckitt Benckiser
- Nabisco belVita Breakfast Biscuits, Mondelez Global LLC
- Nature Valley Protein Bars, General Mills
- Sargento Ultra Thin Slices, Sargento Foods
- Tide Pods, Procter & Gamble
- ZzzQuil, Procter & Gamble