What is the key factor of the big companies like P&G, Coca Cola and etc that makes them to be successful over decades? The key answer would be significant innovation. In today’s world the market competition is fierce and companies should have a unique aspect in order to survive. Consequently, investing in R&D would give any company a great edge to always provide customers products that they value.

Proctor & Gamble is a great instance of a company that values innovation in a massive extent. According to Ken Favaro “[P & G invests US$2 billion in R&D annually, 50 percent more than its largest peer [Johnson and Johnson]. The article can be accessed here.

This innovation strategy has translated into the company’s core values as well as its shareholders’ trust. In fact, this one of P & G’s mottoes on their website is “P&G’s clear priority is value creation for consumers and shareholders.” However, strategy innovation is not just limited in R & D, but in every aspect of the business. This includes, sales, distribution, business system and model. It is clear that all these aspects are translated in to marketing strategies of such companies that leads to the correlation of marketing and innovation, which is an undeniable fact.

Four Seasons is another company that values innovation in a luxurious way. In an interview, Allen Smith, the CEO of the Four Seasons Resorts and Hotels talks about the importance of innovation for their business in toady’s’ competitive market. One of FS’s campaigns in Macao was “Walk on Water” that provided a luxurious and innovative platform for meetings, incentives, conferences and events. As mentioned in this article,  Julius Santos, the director of marketing of Four Seasons Macao, says “Continuous innovation is the key to success, that is the thinking behind Walk on Water”. As a result, event though product consistency and stability can help a business maintain its existence in the market, product innovation strategy can open new doors to the business and give it an advantageous edge in the competition if it is managed with precision as done by great companies like Four Seasons and P & G.