Market Segmentation of Panasonic
Panasonic is a Japanese public limited business headquartered in Kadoma. This Japanese multinational firm, founded in 1918, is involved in the electronics and home appliance industries. Panasonic caters to the international market and is one of the world’s leading electronic products manufacturers. By identifying itself with the “Go Green” movement, it has established a brand identity for itself. In this blog, we will look at the marketing segmentation of Panasonic and try to produce a thorough analysis of it.
Let’s start by figuring out the target audience of Panasonic.
We will now watch a Panasonic commercial to see what characteristics the company wants to see of their customers.
In the commercial, the audience sees a typical nuclear family. The commercial doesn’t concentrate on advertising one product from Panasonic. The message that they are trying to communicate is for people who know the value of money and thus are ready to spend money to purchase products from Panasonic.
Since Panasonic offers only good quality tech products that are beneficial for the family home, washing machines refrigerators — are some essential tech equipment that all families need. In this short commercial, Panasonic even managed to ‘show’ the high quality work of their products. For instance, we saw the mother getting a freshly washed shirt, and the audience could see how clean it was.
Actualizers care a lot about families and their selves. They are ready to spend money on things that are urgent for them to have or things they know are worth spending money on. Panasonic loves to work with these customers.
Hence, the highlighted segment is Actualizers.
Values and way of life:
This part, as you may have guessed, is complete of perfectionists. They genuinely want the end product of whatever they’re working on to be one-of-a-kind. They are folks who are all or nothing. Actualizers establish a long-term aim. And they do so by breaking it down into manageable chunks.
They must strive to reach the pinnacle in their profession. Actualizers, on the other hand, are not interested in pursuing a job just for financial gain. Money is, of course, an important consideration. Still, the importance of being devoted to a profession and loving it comes first.
Actualizers want to stay at home since it is their secure haven. They like being surrounded by their loved ones. What better location than home to spend quality time with family and friends?
This group of people lives a healthy lifestyle. They belong to the group of people who eat well and exercise regularly. They are willing to spend more money on this part of their lives.
Actualizers are less concerned with their style. They want to dress casually but comfortably. Putting together a fashionable ensemble takes much too much time, effort, and money.
Shopping attitude:
Actualizers are usually quite astute in their financial decisions. They are less likely to squander money on things they do not require because this group knows the value of money to a tee.
They will buy anything crucial for themselves whenever this sector requires it. It might be a costly but long-lasting object, so it’s all a matter of importance.
Actualizers have a short attention span. They will not wait for an item to lose its excitement if they wait for it to drop. In this instance, it is OK to spend a little more money.
Actualizers are very hard-working people, and that’s a fact. Moreover, this holds in all facets of their life, including shopping. As a result, they will organize their shopping ahead of time to ensure that they do not waste their valuable time. They may, for example, opt to shop at a store that carries all of the items they require.
Now, we will dig deeper into figuring out the positioning plan of Panasonic.
It was founded in 1918 and has since grown to become a significant participant in various industries. It now operates four business segments: electronic appliances, eco-solutions for white goods, AVC networks for mobiles, digital and security cameras, and more, as well as automotive and industrial businesses backed by over 400 consolidated firms worldwide.
It employs more than 2,50,000 individuals globally who are always trying to improve people’s lives.
Being involved in various industries has allowed the organization to transfer its skills from one to the next. It addresses expanding possibilities in the different markets using a combination of demographic, geographic, and psychographic segmentation characteristics.
Panasonic employs a differentiating targeting strategy to make a specific product available to customers based on their needs.
It has a value-based positioning approach, which indicates that its company philosophy is to provide clients with good value for money items.
The brand slogan expresses the brand promise succinctly. It’s a brief word that encapsulates our vision and strategy as we expand from BtoC to BtoB and BtoBtoC, all while gearing up to celebrate Panasonic’s 100th anniversary in 2018. It serves as a reminder of what is essential and how we must change.
“Life” and “World” are used in the Brand Slogan.
Panasonic’s DNA includes the word “life.” Since its inception, we have primarily focused on developing household products that help clients live better lives. However, we now live in a time when this is no longer adequate to meet the needs of individuals and society.
It is now vital for us to expand our company to the entire “World,” that is, living places found everywhere, such as at home, in communities, businesses, travel, and automobiles. “Life” refers to our B2C projects for homes and personal care, whereas “World” refers to our B2B initiatives such as non-residential and mobile places.
Panasonic uses “Better” twice to change the meaning of “Life” and “World.”
The term “better” reminds us of the significance of constantly pushing for improvement in our business activities, seeking to produce more excellent value based on changing demands. “A Better Life” implies precisely that: making every customer’s life better. “A Better World” refers to the world we want to live in, the world our B2B clients want to live in.
In “A Better Life, A Better World,” the letter “A” is used.
The use of two A’s in the tagline emphasizes carefully considering specific clients.
Last but not least, we will look at the Marketing Mix of Panasonic.
Place:
Panasonic began its voyage in Osaka, Japan, but it expanded to operate plants throughout Japan and other Asian nations after World War II. The brand started producing televisions for the American market in 1961, and the firm eventually extended to Europe. Panasonic now has over 580 subsidiary firms under its umbrella, with activities in many different world regions.
The company began operations in India in 1972. The company’s founder redesigned the company’s sales method and distribution structure. After thoroughly reforming the sales procedures, he established a sales network in 1965.
He found a direct division for transactions, bypassing the sales offices, and a new sales credit system. Hence, they expanded their supply shops, and management received full autonomy. He also implemented a five-day workweek program that resulted in new ideas, better control, and improved overall performance by assisting in the organization’s smooth operation and laying the groundwork for all future policies.
Eco Solutions, AVC Networks, Energy, Automotive Systems, and Appliances are just a few of the nine “Domain Companies” that help manage the company’s operations.
Panasonic Automotive Systems is a company that makes audio equipment. It works as a subcontractor, supplying parts to numerous automakers and also Panasonic Corporation maintains a chain of stores in Ireland and the United Kingdom in Europe. These Panasonic Stores specialize in selling Panasonic items.
Panasonic has built a new firm in Serbia, Panasonic Electrical Works, to manufacture electronic equipment. Panasonic products are accessible in Panasonic stores, shopping malls, and other outlets with which the business has partnerships.
Online shopping sites are also available for purchase; in fact, the internet has become a key selling platform for the company.
Price:
Panasonic is a worldwide brand that believes in producing high-quality goods for a global audience. It has always had relatively straightforward pricing practices. Because the firm made its products for the typical family, it kept low pricing. Because of its reasonable price methods, the corporation ensures that its products are accessible to people from all walks of life.
As a result, the brand has adopted a fair Price Policy, with reasonable prices rather than fixed. The corporation has explored a variety of cost-cutting measures to access as much of the market as feasible.
The brand has maintained a low-profit margin, which has resulted in better sales and profits for the corporation. Various special occasion discounts have also aided in cutting product prices and increasing revenues while attracting new customers.
Promotions:
Panasonic is a firm believer in large-scale marketing initiatives to promote its brand and its different services and products. It has increased its advertising promotions to raise brand awareness among consumers. “Neymar Jr,” a well-known Brazilian player, has been named the brand’s spokesperson.
The firm has been a part of the “Greener Electronics” movement, which focuses on producing environmentally friendly goods. “A Better Life, A Better World” is the organization’s current slogan.
Panasonic has settled on several sponsorship partnerships to retain its international prominence. “Marco Reus,” a German footballer who plays for the “Borussia Dortmund club,” has been a sponsor of the brand. The corporation also owns “Gamba Osaka,” a Japanese football team in the “J.League.” “Major League Soccer” and “AFC ChampionsLeague” both have Panasonic sponsors and official partners.
The business also operated as the jersey sponsoring firm for “Nottingham Forest F.C,” an English football team, from 1981 to 1983. Panasonic secured a three-year contract to be the “Indian National Football Team” shirt sponsor in January of 2010.
“Toyota’s Formula One” is also sponsored by the corporation. The band signed a partnership with “Hendrick Motorsports” in 2007 to become its technology partner. It has also pledged to fund the No. 24 vehicle. Together with “Jeff Gordo,” for two races in 2014 and the rest of 2016.
The company has been one of the “Olympic Games” sponsors since the 1988 “Seoul Olympics.” Apart from sports, Panasonic has aided professional filmmakers by giving them camera equipment for other projects. The Swedish horror film “Marianne” was shot using a “Panasonic Lumix DMC-GH1” camera.
Finally, this blog helped us comprehend all of Panasonic’s hoopla. Yes, it is a high-end brand, and the items it produces are pricey. The organization pays close attention to every detail to provide the best possible customer experience. As a result, contemplating it justifies the cost.
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