Recession Puts P&G Chief On Warpath Against Competition
Among the premium brands P&G has been discounting in recent months are Tide detergent, Charmin toilet paper and Bounty paper towels. In the 12 weeks ended July 10, promotions by P&G and its retailers also knocked down the prices of hair conditioners by 7%, fabric softeners by 6% and liquid laundry detergents by 5%, according to Sanford Bernstein's analysis of U.S. data gathered by market research firm Nielsen Co.
CEO Robert McDonald says P&G will introduce more "significant innovation" this year than any other time in his 30 years at the company. That includes items like Gillette razors with a less irritating shave, Crest toothpaste with a "sensitive shield" and Downy fabric softener that promises to keep sheets smelling fresh for a week.