P&G attach great importance to Consumer Understanding. We can testify it through the quotation in its website: No company in the world has invested more in consumer and market research than P&G. We interact with more than five million consumers each year in nearly 60 countries around the world. We conduct over 15,000 research studies every year. We invest more than $350 million a year in consumer understanding. This results in insights that tell us where the innovation opportunities are and how to serve and communicate with consumers.
Nowadays, the competition in the fast-moving consuming product market is quite serious. Founded in 1837, Procter & Gamble is one of the largest consumer products companies in the world. In fiscal year 2007, it had annual revenue of US$ 68. 2 billion, and ranked 74th on Fortune 500 list of the world’s largest corporations. P&G Greater China business includes Mainland China, Hong Kong and Taiwan, which were established in 1988, 1987 and 1985 respectively.
In order to compete with its biggest rival Unilevel, it’s necessary for P&G to trace the consumer’s behavior and habit in order to keep its leading brand and further expand its market share. P&G has a long history of success – a direct result of finding out what consumers want and developing superior-quality products to best meet their needs. P&G was among the first companies to establish in 1924 a special department for market research to identify consumer preferences and buying habits. This research is carried out in China mainland and nearly all the statistics and information are found on the internet.
Our aim is provide branded products and services of superior quality and value that improve the lives of the word’s consumers, now and for generations to come. As a result, consumers will reward us with leadership sales, profit and value creation, allowing our people, our shareholders and the communities in which we live and work to prosper. An to achieve this goal, we must know what kind of products and what kind of benefit our consumers are pursuing, and only by these kind of market research we can get the information we want and cater to the majority of consumers.
Market potential – China is a very large market because of the large opportunities and growing economy. P&G offer the Chinese consumer affordable goods and changed the deep-rooted concept that foreign products are quite expensive. Now Chinese citizens are getting much richer and they are willing to spend more money on fast-moving consumer goods. And the advertisements’ commercials and the copies have changed consumers’ concept a lot.
It means that now in China, a kind of consuming concept of such kind of fast-moving consumer products has been established. The result brought by it is that people will use this kind of products frequently than before and care more about their hair and skin. Growing business – In 1988, P&G has only one manufacturing base, Guangzhou. Now we have several plants or branch offices locating in 7 cities, while our product selling covers more than 500 cities.
Courtney from Study Moose
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