Question
A startup can leverage deep consumer understanding by investing in market research to identify and meet new needs before customers themselves or competitors can spot them. This could involve surveys, interviews, or data analysis. For innovation, a startup can focus on developing unique products or business methods that meet previously unserved customer needs, or improve existing products in a novel way. This requires a culture of creativity and risk-taking, as well as processes for idea generation and development. Both deep consumer understanding and innovation should be integrated into the startup's strategy to ensure they are effectively leveraged.
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Deep consumer understanding – P&G has a unique ability to know customers so well that they can reliably identify and meet new needs before customers themselves or competitors can spot them. Innovation – P&G's primary goal with their innovation capability is to develop never-before-seen products or ways of doing business that meet previously unserved customer needs, or to improve existing products in the same way. Brand building – P&G has a strong focus on not only creating and building strong brands but on training future leaders in the ability to do so themselves. This ensures their distinctive brand building capability will only continue. Go-to-market ability – P&G recognizes the importance of not just reaching customers but reaching them at the "right time" and in the "right way." Perfecting this intersection leads to increased sales, which includes added benefits for retail partners. Global scale – At P&G, global scale is leveraged for the benefit of all units. Consumer and geograp...
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