Published by MBA Skool Team, Last Updated: December 23, 2016
Marketing Strategy of Panasonic analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Panasonic marketing mix, help the brand succeed in the market.
Panasonic marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Panasonic Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Panasonic marketing strategy can be explained as follows:
Panasonic started off with the manufacturing of wiring Instrument and then moved on to double-cluster socket, bullet-shaped bicycle lamps, electrical appliances and components like light fixtures and electric irons. Post world war, Panasonic started its dealings in radio and in 1961, started producing television sets. At present, Panasonic has a variety of services and products in its portfolio related to electronic goods, semi-conductors, home appliances and non-electronic services like the home-renovation services. Product portfolio of the Panasonic brand is broadly classified into following Business Units:
1. Appliances Company: Televisions, Air Conditioners, Refrigerators, Home and Kitchen Appliances, Personal Care items etc.
2. Eco Solutions Company: Industrial Lighting and wiring, Energy Solutions, Housing Development etc.
3. AVC Networks Company: Professional Cameras and Broadcasting recording devices, IT Solutions etc.
4. Automotive & Industrial Systems Company: Automotive Spares, Infotainment Systems etc.
5. Other Businesses: Real Estate Development
This covers the products in the Panasonic marketing mix
Panasonic Price/Pricing Strategy:
Below is the pricing strategy in Panasonic marketing strategy:
Panasonic aims to cater to the global audience with its qualitative products and thus keeps very simple pricing policies.
The company ensures the availability of products to each and every section of the society through its affordable and reasonable pricing policy. Thus, fair Price Policy and various cost-cutting strategies are practiced to penetrate the market. Panasonic keeps minimum profit margin to have higher sales and also offers discounts at special occasions which helps in lowering the product price and creates a new consumer base. The pricing strategy in the marketing mix of Panasonic is hence dependent on competitors, product category and the geographies being served.
Following is the distribution strategy in the Panasonic marketing mix:
Panasonic started its journey from Japan and during the times of World War II started operating in Asia. In 1961, it started the production of televisions for US market and later expanded to Europe. In India, Panasonic started its operations in 1972. Presently, Panasonic has approximately 580 subsidiary companies around the globe.
The company’s operations are organized broadly into 3 business fields - Consumer, Solutions and Components & Devices with the help of its 9 Domain Companies like Eco Solutions, AVC Networks, Systems & Communications, Energy, Industrial devices, Automotive systems, Appliances, Healthcare and Manufacturing Solutions. The Automotive Systems acts as a subcontractor by supplying the audio equipment to various auto manufacturers.
Panasonic operates through a chain of outlets in Ireland and United Kingdom which sell products exclusively belonging to the brand.
Panasonic Products can be purchased from official outlets, shopping malls, franchised outlets, retailers and through online shopping sites which has become the major selling outlet for the company.
Panasonic Promotion & Advertising Strategy:
The promotional and advertising strategy in the Panasonic marketing strategy is as follows:
Panasonic has always believed in large-scale campaigns to promote its various products & services and has appointed several celebrities as its brand ambassador to step-up its advertising promotion and increase brand visibility. The company has also participated in “Greener Electronics”, a movement for manufacturing eco-friendly products. The promotional strategy in the Panasonic marketing mix focuses on 360 branding using all media for advertising.
Panasonic has made various sponsorship deals to maintain its visibility in the international market like sports events, football teams, events & forums etc. This concludes the entire Panasonic marketing mix.
In 1918 Konosuke Matsushita founded Matsushita Electric Industrial Co. Limited later came to known as Panasonic Corporation. Panasonic is a Japanese company that deals in electronics, home appliances and home renovation services with net sales of US$75 billion and employs 200,000+.
It is among the 20 largest semiconductor dealers and is the 5th largest manufacturer of television. The major competitors of Panasonic are Canon, Toshiba, Hitachi and Sony.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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