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China is the top priority for the Matsushita Electric Industrial Co. (TSE:6752) unit's home electronics business. The company is working to increase sales there by developing products that suit local customs and culture.
For example, its Panasonic brand electric shaver lineup is made up of three distinct categories in China.
High-end shavers are targeted at not only high-income individuals but also the gift market, taking advantage of the local custom of gift giving. Midrange shavers offer high functions at more reasonable prices. And mass-market shavers mostly consist of card-type compact products because many Chinese men carry electric shavers with them.
Matsushita Electric Works also plans to develop a range of hair dryers, steam skin-care devices and other products that closely reflect local needs.
In Russia, the company plans to go after wealthy consumers by releasing shavers, epilators, massage chairs and other products. With that goal in mind , it has been promoting Panasonic products at trade shows targeting upper-income earners, in addition to appointing a special sales team for its beauty- and health-related products.
At the Eldorado chain of consumer electronics stores in Russia, Panasonic shavers have fiercely competed against products from Royal Philips Electronics NV and Braun GmbH for the top sales share since late 2007, reaching the high-20 per cent level for many months in a row.
Matsushita Electric Works has set a goal of increasing sales from its consumer electronics businesses in Brazil, Russia, India, China and Vietnam by roughly 20 per cent between fiscal 2007 and fiscal 2010.
For India, Vietnam and Latin America, the firm has additional targets of lifting sales by 63 per cent, 33 per cent and 19 per cent, respectively, between fiscal 2007 and fiscal 2009.
(Nikkei)
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