POWER PLAY: It doesn't get much better than this for a 167-year-old marketer. Sales soared 19% in the fiscal year ended June 30 to $51.4 billion globally, up 8% even without acquisitions and currency effects. In the U.S., sales rose 8.4% to $23.7 billion. Efforts by Mr. Stengel, 49, to hammer home consistency through his "marketing framework" have paid off, with all regions and businesses reporting growth. He even convinced Chairman-CEO A.G. Lafley to join the P&G delegation at the Cannes festival this year.
DOWNSIDE: Efforts to improve creativity of its ads aside, P&G came away from the International Advertising Festival this year with no more creative Lions than in 2003. It faced murmurs of discontent that the marketer invasion it helped spawn was spoiling the fun. Beauty care has been the key strategic priority for P&G in the U.S. But it's losing share in its haircare businesses and faces a flat to declining overall U.S. mass beauty market. P&G has two straight years of solid growth, but faces tough comparisons with no blockbusters a la Prilosec OTC in pipeline for '05.