Panasonic to expand market share in US$ 7 billion consumer electronics market in Middle East

Panasonic, one of the world’s largest manufacturers of consumer electronics, home appliances and telecommunication products recently announced that it has developed an aggressive marketing plan to expand its market share for electronic and electrical equipment in the Middle East and Africa.

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By  Massoud Derhally Published  April 14, 2002

Panasonic, one of the world’s largest manufacturers of consumer electronics, home appliances and telecommunication products recently announced that it has developed an aggressive marketing plan to expand its market share for electronic and electrical equipment in the Middle East and Africa.

The company says the region currently has a total market turnover of US$ 7 billion for consumer electronics, of which about 15 to 20 per cent is commanded by the UAE alone. With the development of this strategy, Panasonic aims to expand considerably upon its 22 per cent market share of the UAE market, in addition to making significant inroads into the regional markets of the Gulf, Middle East and Africa.

The company which markets products across the audio-visual communication networks, home appliances, industrial equipment and components and devices segments has recorded a turnover of US$ 1 billion by the end of its last financial year (ending March 2002) in the Middle East and Africa region. In addition, it has forecast an estimated 10 per cent growth during the current financial year (ending March 2003) across all segments in the region.

As part of its new focus, Panasonic, which is a subsidiary of the international Matsushita Electric Industrial Company Ltd, (MEI) has laid significant emphasis on localization in order to respond more quickly to market needs and generate faster time to market. In keeping with this strategy, it has established Panasonic Marketing Middle East FZE as the regional marketing headquarters of MEI for operations in the Middle East and African countries.

“We have had a long and fruitful relationship with our valued partners in the Middle East and Gulf region for over 40 years now, since we first established our retail and distribution network. However, with increasing market size and greater demands, we feel the necessity to be closer to our customers in order to understand their needs better and thereby offer them enhanced service,” said Masato Tomita, Managing Director Panasonic Marketing Middle East FZE. “The new regional headquarters at the Jebel Ali Free Zone will help us to control the product flow and availability in the region in addition to giving us better opportunities to work with our regional agents by providing them support functions like customer service, marketing and promotion collaboration, information systems and logistics.”

“Current market trends prove that the Middle East is one of the fastest growing regions in terms of electronic and telecommunication products. The extensive and rapid growth of the IT industry in the region has also encouraged us to reorganise our management strategies and product profiles to move towards greater integration and a digital future,” he added.

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