Goetzl reports the importance of this global product design of the company in his article P&G To Boost Market Spend, Product Innovation In 2010 published on October 29, 2009, on Businessweek website. The article states the product design of ‘refashioned brands’ of the company under the parameters of global economic slowdown. Thus, it emphasizes innovation in global product design and the importance related to it.
There are several important facts that the author uses to support the main idea. Once such important fact is directly related to the global product design of P&G when he quotes, “The world’s largest advertiser said it plans to increase product “innovations” by 30% this year — with the bulk coming in the back half.” (Goetzl, 2009) He also reports that “P&G spent $911.5 million in measured media last year in the October-December quarter, down 8% versus the year before”. (Goetzl, 2009)
Furthermore, to understand the inbuilt potential and the value of global product design of P&G, the author makes it clear by mentioning, “P&G continues to invest more in marketing, but is also capitalizing on a more-for-the-same dynamic.” (Goetzl, 2009) The rationale, justification, and importance of the material presented are beyond the realm of any miscommunication or misinterpretation because all this information about global product design and innovation came directly from the new CEO Bob McDonald and the CFO Jon Moeller. Thus, it is obvious that the author provided enough data to support his intention of justification involved with global product design.
There are, however, no specific examples of bias or faulty reasoning found in the article. Nevertheless, on one occasion it is reported that the morale of the workers was very high, even though it was reported in this context that “Revenues in the third quarter were down 6% to $19.8 billion.” (Goetzl, 2009) This makes the article a little biased towards the success rate of the company though it is not very profound and it cannot be stated as faulty reasoning. This weakness towards simplification of reasoning can easily be overlooked keeping in mind that the strongest aspects of the articles lie in the mode of gathering information from the most reliable sources of the company, like the CEO or the CFO.
A very interesting new concept or definition was found in the article. By the term ‘refashioned brands’, the author meant the re-designing of global products that would suit the altered market under global recession. It indicates that Innovative contemporary technology has brought about a remarkable transformation in the mold of modern-day society. The spectacular and radical transformations that have occurred in the past few decades are indicative of the consequences of human endeavor to embark on countless new inventions and incessant search and quest for new things.
With regards to such development courses, the economic arena and business scenario have dynamically engaged in taking on a variety of inventive enhancement systems to proactively take part in the trend of globalization aligned with the constraints set by time. The concept of ‘refashioned brands’ is such a mode of action where the existing brands would be redesigned and made more cost-effective to suit the global recession.
The business operation of any company is heavily influenced by some crucial factors that are consequential of key aspects of global business environments such as technical, legislative, competitive, economic, socio-cultural, and political issues. Among such critical factors, the technical aspects of business product designs are typified by a dynamic character on account of the increasingly changing nature of product innovation to enhance customer satisfaction. Amongst the various companies marked with creative and competitive product design, innovative techniques in product design, and several new products based on excellent product design is Procter & Gamble.
It is obvious that all these data presented indicate the value of global product design in the global business parameters of Procter & Gamble. It is a well-known fact that Product/service design is the consequence of anthropomorphizing a new-fangled approach to address the consumer’s difficulties by means of a new product or service enhancement that serves the interests of both the purchaser as well as the manufacturing/providing company. As per field experts, a product is an item that can be put up for sale in the market for grabbing the attention, achievement, utilization, or consumption and would be capable of meeting the needs and demands of the purchaser. (Trelease, 2008)
As an entrepreneur or future small business owner, the specific examples, concepts, or tools from the article that would help me to lead my organization in the future is the fact that it is extremely important to put enough emphasis on product design to make it sellable. The article shows quite clearly that much emphasis a huge multinational as P&G provides for global product design. If it is applicable for such a huge name, it should be applicable for all businesses. As mentioned earlier, this creative product design drive comes as a result of the stiff competition the market presently offers. Thus the company intends to cut into the market share of its competitors and draw customers from them rather than primarily targeting its faithful buyers. This makes a great learning process in terms of global product design and it is the most important aspect of the article.
The most likely element that would remain there to remember about the article three to five years from now is the emphasis that the P&G management puts on the parameters of global product designing. It is true that product designing and development of any product entail the use of a number of technological innovations. The multiplicity achieved in the technological domain allows efficient development of new products successfully. In order to develop the newly designed product, the company can rely on the aid of numerous mature technological firms which are competent enough to provide support with certain desired technical aspects. The prospective innovation of such companies with regards to technology boosts the effectiveness of the value addition process in new products. This renders the prospective market potential of the company very highly.
Goetzl, D. (2009). P&G To Boost Market Spend, Product Innovation In 2010. Web.
Trelease, R. (2008). Diffusion of product design and innovations: anatomy learning resources. Anatomical Sciences Education, 1(6) 233-239.