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A.G. Lafley, chairman and chief executive officer of Procter & Gamble Co., on Thursday sent shivers down the spines of every media buyer, ad director and publisher in the world when he told analysts,
"This media environment is a big 'O' opportunity for us, because we're the biggest advertiser in a lot of these countries, and we can just walk in and tear up the contract."
P&G spent $8.7 billion on advertising in fiscal 2008, filling the television airwaves, magazine pages and, increasingly, Web sites, as P&G is among the leaders in online advertising. What was clear from Lafley's statement was that P&G -- where advertising spending in the first nine months of the current fiscal year declined 5.9 percent to $2.2 billion -- plans to flex its muscles more than ever.
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"This media environment is a big 'O' opportunity for us, because we're the biggest advertiser in a lot of these countries, and we can just walk in and tear up the contract."
P&G spent $8.7 billion on advertising in fiscal 2008, filling the television airwaves, magazine pages and, increasingly, Web sites, as P&G is among the leaders in online advertising. What was clear from Lafley's statement was that P&G -- where advertising spending in the first nine months of the current fiscal year declined 5.9 percent to $2.2 billion -- plans to flex its muscles more than ever.
>> What do you think?
Continue the discussion by commenting below.
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