宝洁战略转型怎么转？

    放弃“目的激发型增长”战略，执行“有所取舍”的决策战略。5月23日，宝洁公司（P&G）CEO兼总裁雷富礼在接替麦睿博之后的首次盈利电话会议上就传达出这样的信息。

    首先，从数字上来看，宝洁公司2013年的年净销售额增长了1%，达到了842亿美元，核心每股收益上涨了5%，超出了分析师调低之后的预期。这家公司的股票上涨了1%，至截稿前，每股价格为81.40美元。很明显，麦睿博任职期间所采取的提高生产效率的措施，以及涉及约7,000人的裁员，产生了一定的效果。

    然而，这家大型消费品公司在近几年所经历的低迷一方面源自创新问题，另一方面也与成本削减有关。由于它在新兴市场的增速低于竞争对手联合利华（Unilever ），导致公司士气受挫。此外，公司在北美和美容行业的表现也非常糟糕。雷富礼任职期间，公司在这两个领域曾经经历过爆发式的增长，之后逐渐趋于平稳。公司前任高管们所谈及的公司文化也毫无生气，使公司丧失了一直以来为其不断吸引人才的那种自豪感。

    虽然公司内部的情绪有所好转，但从雷富礼的话中，我们很难听出他到底打算采取哪些措施，来恢复公司昔日的荣光。雷富礼提到了将“生产效率变成公司的核心优势，与创新一样”。他还提到自己上一次担任公司CEO时对宝洁实施的非凡改革。上一次，雷富礼接替了任职仅一年的杜克•贾格尔。雷富礼以非常微妙的方式对他前任的表现进行了评价——受邀出面接管宝洁权杖之前，他一直隐居幕后。他说：“过去两个月，我们进行了深入研究。我们努力去了解客户和市场，我们希望看到事务的本质，而不是我们希望的样子。”

    雷富礼表示，未来他将引导公司向他所谓的“价值创造”转变，执行“有所取舍”的决策策略。他说：“不论在哪个市场领域，价值都是关键因素。所以，不论人们是以145美元买一瓶（高端护肤霜）SK-II，还是花一两美元买Charmin Basic，其中都有各自的价值等式。我们永远不会单纯靠价格进行竞争。”

    这些都很有道理，但如果投资者想知道公司关于新产品、生产效率措施或竞争措施的具体信息，或许会大失所望。当然，宝洁称未来将只提供年度业绩指导，不再提供季度业绩指导，但每个季度都会对年度指导进行更新——此举与竞争对手联合利华的做法类似，联合利华根本不提供任何指导。短期内，这种做法或将缓解公司的压力。但鉴于以往的事实，我们不禁会猜测，雷富礼是否认为宝洁需要采取更激进的措施，比如对公司的内部组织结构进行调整。他说：“我们认为，今年是一个过渡的年份。今年公司将会拿出什么样的表现，我们会拭目以待。”

    希望未来的宝洁不用经历太多的过渡年份。（财富中文网）

    译者：刘进龙/汪皓  

    "Purpose-inspired growth" is out. "Choiceful" decisions and "value creation" are in. That was the message of P&G (PG) CEO and Chairman A.G. Lafley's first earnings call since replacing Bob McDonald in the corner office on May 23.

    First, the numbers, which beat analysts' already lowered expectations, with fiscal 2013 annual net sales up 1%, to $84.2 billion and core earnings per share up 5%. The stock rose 1%, to $81.40 on the news. It is clear that the productivity improvements put into place under McDonald, which have included some 7,000 job cuts to date, are delivering some results.

    But the malaise that the massive consumer goods company has suffered from in recent years is as much about innovation as it has been about cost-cutting. Morale suffered under McDonald as the company failed to grow at the pace of rivals like Unilever (UL) in emerging markets. It has also stumbled badly in North America and in the beauty business -- both of which had exploded under Lafley's tenure before leveling off. Former executives spoke of a corporate culture that had stagnated and a loss of the P&G pride that made the company a talent magnet for so long.

    While the mood is said to be improving at the company, it was difficult to tell from Lafley's remarks what exactly he intends to do to restore the company to greatness. Lafley spoke of making "productivity a core strength, just like innovation," and alluded to his remarkable transformation of P&G the last time he was CEO, when he was brought in to replace Durk Jager after just over a year. In a very subtle dig at the previous regime -- which he stood behind until being asked to take over -- Lafley said, "We have spent the past two months doing a deep dive. We are seeking to understand our consumers and our markets, and we are trying to see things as they are, not as we want them to be."

    Going forward, Lafley said he would orient the company around what he called "value creation" and making "choiceful" decisions. "Regardless of what segment you're in," he said, " value is a factor. So if you're buying [high end skin cream] SK-II at 145 bucks, there's still a value equation. If you're buying Charmin Basic at a buck or two, there' s a value equation. We are never going to compete purely on price. "

    All of this makes sense, but those looking for specifics on new products, productivity initiatives, or competition were surely disappointed. Also, P&G said it would provide only annual earnings guidance going forward rather than quarterly guidance, though annual guidance would be updated quarterly -- a move that's more in line with rival Unilever, which doesn't issue guidance at all. That may ease some pressure in the short term, but it's hard not to wonder, based on past history, if Lafley will conclude that something a bit more radical is needed, such as, perhaps, a reorganization of the company's internal organizational structure. "We view this as a transition year," he said. "And we'll see how it goes."

    Hopefully, there aren't too many more transition years on the horizon.