Exploring Innovation and Entrepreneurship at Procter and Gamble

Running Head: EXPLORING INNOVATION AND ENTREPRENEURSHIP 0
Procter and Gamble
EXPLORING INNOVATION AND ENTREPRENEURSHIP
(student name)
11-11-2018

EXPLORING INNOVATION AND ENTREPRENEURSHIP 1
Contents
Answer one......................................................................................................................................2
Answer two......................................................................................................................................3
Answer three....................................................................................................................................5
Answer Four....................................................................................................................................7
Answer five......................................................................................................................................8
Answer six.....................................................................................................................................11
References......................................................................................................................................12

EXPLORING INNOVATION AND ENTREPRENEURSHIP 2
Answer one
Innovation has due relevance for the organization. Innovation is introducing any new idea
related to product, service, or process in an organization, which is helpful in developing unique
concepts while providing the innovator a confident attitude, a proactive towards risk-taking and
getting things done (Okpara, 2017). Procter and Gamble is an international corporation, serving
around five billion customers worldwide, operating in more than fifty countries, and selling its
products and services in 140 nations. The relevance of innovation at this enterprise is very much,
as outlined by the chief executive and the president of the company.
The major motive of the company includes the development of the organization, where
“big ideas attract the capital and talent they need,’ which leads to the equation of innovation. For
such objective, innovation in products is necessary, the idea generation is key to success for an
enterprise, especially when the company is serving a range of diverse brands such as snacks,
shampoos, juice drinks, laundry detergents, which contributes in making this brand “world’s
largest consumer goods company.” Through innovation, a company can gain a competitive
advantage, by introducing new product development, or product differentiation. Through an
innovative process, the operating cost can be reduced and gain a competitive advantage for
product’s price. Therefore, to increase the company’s market share and net profits, innovation is
important in the workplace (Hafenbrack, Lu, & Wang, 2017).

EXPLORING INNOVATION AND ENTREPRENEURSHIP 3
Answer two
Clear objectives and goals of an organization affect its innovation capability, if the goals
of a company are not clear, the creativity and innovation cannot be promoted in an organization.
There must be a clear direction for the employees of a firm to generate new ideas and bring
creativity to their work. Procter and Gamble's goal are to “embrace its future” for which
explosion of technology and globalization it relevant. Recently, the goal has been restructured as
enhancing the creation of new products, set goals, quick decision making speed, and stretching
targets for business development (Coulson-Thomas, 2017).
The goals are responsible for the stimulation of innovation in an organization, as it is
helpful in keeping creative people active and challenged, and guiding them on the correct path.
Moreover, it provides a purpose, and all together leads to innovation. This can be done by setting
deadlines, hard goals, to keep employees challenged, and make the employees committed to
innovation in the organization. Setting goals for creativity can also be helpful while evaluating
employee’s performance, to check whether the performance of an employee or its innovative
idea is compatible with the set goals of the organization. Setting goals will be helpful to build
and inspire employee confidence. Goals help in provide attention to what requires to be done and
affect several cognitive activities required for creativity (Gilson, Lim, & Gilson, 2015).
The reflection of innovation through clear objectives and goals are done through various
principles provided to employees to help them in setting a base for the activities performed. The
goals include:
 Respect for all individuals