Open Innovation Model and Its Impact on Procter and Gamble: Challenges and Solutions

ESSAY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Open innovation model................................................................................................................3
Open innovation in Procter and Gamble.....................................................................................4
Challenges faced by P&Gin adopting open innovation model....................................................5
Case study of P&Gfacing challenges in integrating the open innovation model and the...........6
solution to meet the challenges....................................................................................................6
Lessons learned from the case study...........................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
Open innovation is the gaining the knowledge and ideas from internal and external sources
for innovation or for finding some solutions (Jugend, 2020). This involves innovative ideas and
techniques and thoughts about the products and the services. Procter and gamble is a big
manufacturing industry of United Kingdom dealing products and services worldwide. This report
includes the meaning of open innovation model with theoretical summary and the story of open
innovation in P and G. Furthermore, it will include the working of open innovation model with
success factors and its impact on company’s performances. Moreover, this report will also
include the challenges faced by P&G by adopting open innovation model. Lastly, it will include
conducting case studies to exploring the challenges and P&G in integrating the open innovation
model in its innovation system and the solutions by the company and the lessons learned from
the case study.
MAIN BODY
Open innovation model
Open innovation model by the businesses is finding and researching new ideas and
solutions for finding more innovative solutions from mass market research (Silviana, 2018).
With the growing open innovations in the companies for innovative products and services to earn
more with less cost the need for the development of this model increasing some innovations are
from inside the firms and some are from outside the firms for proper conducting of research.
This model helps the company to take all the advantages prevailing in the market like all sources
of information or creative ideas in the market for better decisions. In past years this model was
not in so much of practice as compare to the present world due diversity in the products and
services and the taste or preferences of the customers.
Furthermore, all the developed markets and developing markets are using this model for
researching the market and demands. Open innovation is all about theoretical frameworks and
the existing deficit in the theoretical leads to focus on innovation of theoretical frameworks
(Roszkowska, 2018). In new theories or concept the firm can use integral and external ideas and
both the paths to the market for more technological advancement. With the help of this theory