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9. Procter & Gamble
Procter & Gamble
Industry rank: 1

Consumer products giant P&G sells 23 different brands -- like Tide and Pampers -- that generate more than $1 billion in sales. But if you think the company rests on its laurels when it comes to product innovation, consider this: In 2009, in the teeth of the recession, the company introduced its most expensive Olay skin-care line ever, the Olay Professional Pro-X line, with prices that start at $45.

The gambit worked: The price may have been higher than what Olay's drugstore customers were used to, but after it won high praise from the influential beauty press, it generated new business from shoppers who traded down from pricier department store moisturizers. Says CEO Bob McDonald: "Innovation is oftentimes the antidote to macroeconomic recession."

NEXT: Philip Morris International

Last updated March 04 2010: 7:58 AM ET
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