Lessons on innovation from the owner of Marico, the Indian consumer-goods company.
Marico, the Indian consumer-goods company I founded and still lead as chairman, was conceived around product innovation. I was a young man working at Bombay Oil Industries, the family firm that my father and grandfather had incorporated in 1948, which made and sold edible oils, oleo chemicals, and spice extracts in bulk.
This ethos helped me transform a small family-firm division with early annual sales of about $61,000 into an independent, professionally run, and publicly traded entity with dozens of leading brands and a market capitalization of more than $8 billion. More important, I believe I’ve created an organization where innovation will carry on long after I’ve retired.
That led to our next packaging innovation. Our tin containers weren’t very attractive or easy to use: You had to puncture the tin or cut open foil to get the oil out. I realized that plastic receptacles with spouts would be more aesthetically pleasing and make pouring easier. They would also cost less, allowing us to lower our prices while accruing extra profits to further invest in the brand.
I was also clear about the organization I wanted: one with decentralized decision-making and competent professionals filling the ranks from the top team to the front lines. I knew that my first Marico hire had to be an HR leader who would add credibility and value to our hiring strategy.
All the while, our product and packaging innovation continued apace. We launched Marico’s Hair & Care, a premium, lightly perfumed hair oil, and Revive, a cold-water-soluble instant fabric starch. To thwart Parachute counterfeiters, we introduced a pilfer-proof cap. For the Saffola brand we created a heart-shaped, easy-pour container; new blends; low-sodium table salt; and a high-fiber wheat flour mix.
Another relatively recent triumph came from innovation in our business model: selling services as well as products. Hair-removal clinics had become hugely popular in the United States and the UK, and we thought Indian consumers would flock to them. But we didn’t want to get into a business that could easily be copied and commoditized. So we began researching and prototyping an upscale, high-tech clinic that would offer an array of skin-care treatments.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Innovating in Uncertain Times: Lessons from 2022Too many leaders succumb to fear of missing out (FOMO) when new tech trends emerge and demand that something — anything — using the new tech be implemented immediately. This leads to wasted investment, missed opportunity and disillusionment about the new landscape. Emerging technologies are critical and demand attention and investment, but managers must exercise patience and avoid falling victim to the hype. Responsible exploration is key. Here are five lessons that the tech world has learned this year about disruption, innovation and constant change, and the takeaways for managers to drive growth through transformation in the year ahead.
Leer más »
Herbert Diess to become chairman of chip maker Infineon - AutoblogEX-VW Group boss Herbert Diess is expected to take over as chairman of chip maker Infineon's supervisory board in February.
Leer más »
Incoming House chairman wants regulators to form offices of innovationThe incoming leader of the House Financial Services Committee has re-introduced legislation to make financial regulators more fintech friendly.
Leer más »
Boris Johnson's Brother Stepped Down From Binance’s Global Advisory Board (Report)Jo Johnson has supposedly left Binance's subsidiary - Bifinity - to become an Executive Chairman of FutureLearn.
Leer más »
House votes to release report on Trump's tax returnsCommittee Chairman Richard Neal, D-Mass., said supporting materials will be released along with the report
Leer más »
Thomas Meagher, transportation executive who led Chicago tourism efforts under first Mayor Daley, diesThomas F. Meagher was a Chicago transportation executive and civic figure who was the onetime chairman of chairman of Trans World Airlines.
Leer más »