ECO402 Microeconomics GDB 1 Solution Spring 2014

Proctor & Gamble (P&G) Limited is a large brand management company founded in 1837. With imagination, innovation and integrity, seven generations of P&G employees have worked to create products and build their founder’s dream of touching and improving lives every day. P&G’s history as a branding innovator began in 1850 with the company’s early candle crates. In 1879, it introduced a floating soap, Ivory. The company quickly recognized its customer’s insight and launched many products that improved people’s life. The one small family-owned business became a multimillion dollar company built on a foundation of quality and innovation in both products and business practices. Today, P&G operate in more than 180 countries and have more than 25 billion dollar brands including crest, pampers and head and shoulders. It has become one of the largest and most profitable consumers’ products company in the world with nearly $84 billion sales.

Requirement:

After reading the above scenario and consulting the topics given in announcement, find out which concept of Economics will apply in this case and why? Give reason.

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