For decades, Procter & Gamble has spent more than any of its competitors on the development of new products.
Procter has even demonstrated its own innovative prowess in fighter brands, that is, marketing a budget-priced brand to fend off competition from store brands and at the same time selling a premium brand in the same category. (HBR.org)
Spending on the development of new products has dropped to the level of competitors, and competitor Henkel of North America outspends P & G on innovation. See graph and story at BloombergBusinessweek.