Category: Harvard Business School

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    Innovation in consumer packaged goods has been around since the 1800s, when soap was first introduced as a household product. However, it wasn’t until the 1960s when the first consumer packaged goods (CPG) company to focus exclusively on innovation emerged: Procter & Gamble, the giant of the CPG industry. Procter & Gamble has made a point of focusing on innovation since its inception, consistently releasing new and exciting products that challenge traditional packaging and marketing

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    Innovation is a fundamental driver of competitive advantage. It brings about radical changes in the product’s design, packaging, marketing, distribution, pricing, and brand image that increase the value of the product, thereby improving customer experience and loyalty, and growing the share of wallet for the company. Innovation should not be a one-time activity but a continuous process that results in incremental improvements that drive continuous growth. However, the challenges of innovation and execution are numerous, and the path to success is complex and interdependent. The