PHILIPS BRAND COMPANY OVERVIEW DETAILS .PPTX

PHILIPS BRAND COMPANY OVERVIEW DETAILS .PPTX

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  A CASE STUDYON SUBMITTED TO Dr. Salma Akter Assistant Professor Department of Business Administration Assistant Proctor
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  GROUP-1 MEMBERS Name: ShariarMitul Darji ID: 2022-1-10-195 Name: Mahfuz Imtiaz Alvi ID: 2022-3-10-040 Name: Edon Sharif Neha ID: 2022-1-10-206 Name: Shahariar Ahmed ID: 2022-2-10-235 Name: Ashhab Shahriyar Chowdhury ID: 2022-2-10-206 GROUP LEADER MEMBERS
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  COMPANY OVERVIEW QUESTIONS & SOLUTIONS CONCLUSION MISSION& VISION RECOMMENDATION S REFERENCES TABLE OF CONTENTS 1 2 3 4 5 6
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  FOUNDERS Frederik Philips andGerard Philips FOUNDED 1891 HEADQUARTER Amsterdam, Netherlands KEY PRODUCTS Electronics goods & Medical equipment OPERATES 100+ countries EMPLOYEES Approximately 69,656 COMPANY OVERVIEW INDUSTRY Technology
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  Improving people's livesthrough meaningful innovation in health technology and solutions. To make the world healthier and more sustainable through innovation, with the goal of improving the lives of 2.5 billion people per year by 2030. MISSION VISION MISSION & VISION
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  Evaluate Philips’ “Senseand Simplicity” strategy. What are the risks the company faces in using this tagline? QUESTION 1
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  Tagline should bememorable, inclusive, and flexible across diverse markets. Marketing idea originated from market research emphasizing simplicity and user experience. Modern consumers prioritize ease of use and pleasant experiences. Preference for products that enhance life without complexity. Target audience primarily aged 35 to 55. Global presence requires adaptable marketing approach. SOLUTION
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  LIMITING APPEAL Focusing onsimplicity might detach younger, tech-savvy consumers who might value advanced features over ease of use. SOLUTION
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  COMPETITIVE PRESSURE If competitorsdevelop products that offer both simplicity and advanced features, Philips may struggle to maintain its competitive edge solely based on simplicity. SOLUTION
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  AMBIGUITY "Sense and Simplicity"could be interpreted in different ways. "Sense" could refer to either user-friendliness or advanced features. Lead to,  Confusion about Philips' actual offerings.  Damage the brand image. SOLUTION
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  What strategies canPhilips follow to ward off competition from Japanese manufacturers of consumer electronics? QUESTION 2
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  When compared toPhilips, Japanese producers have a substantial pricing edge. Cheap production costs in Japan enable them to maintain low pricing. SOLUTION
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  VALUE FOR MONEY Intheir marketing, Philips will emphasize how affordable their products are without compromising quality (Kanagal, 2015). Customers will expect,  Long-lasting quality  Reliability  Value for money performance GLOBAL USER MANUALS To better serve its diverse consumers, Philips will make its user manuals available in other languages. SOLUTION
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  CLEAR COMMUNICATION INMARKETING Ensuring the advertisements are not as vague as the company's "Sense and Simplicity" tagline and market its products in a way that clearly defines consumer expectations (Wrigley and Straker, 2019). SIMPLISTIC DESIGNS AND EASE OF USE Philips will prioritize creating devices that are both,  Visually appealing  Simple to use SOLUTION
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  TAGLINE Develop a newtagline that is clear, concise, and universally understood. It should focus on the value proposition of user-friendly technology that enhances lives. SEGMENTATION Philips aims to refine its marketing approach by segmenting its audience further, catering to the distinct preferences of tech-savvy youth and simplicity-oriented consumers. HIGHLIGHTING ADVANCED FEATURES By clearly communicating the presence of advanced features alongside the core value of user-friendliness, Philips ensures that it does not detach younger demographics who seek innovative technology. MULTILINGUAL MARKETING MATERIALS Philips invests in multilingual marketing for global accessibility, providing materials in various languages for inclusive user experience and engagement with products. 1 3 2 4 RECOMMENDATIONS
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  Philips' "Sense andSimplicity" strategy has broad appeal but carries risks like limiting market segments and facing competition from Japanese manufacturers.  To counter this, Philips must emphasize value, simplicity, and clear communication in marketing. CONCLUSION  Philips can compete with Japanese rivals by improving its tagline, segmentation, advanced features, and multilingual marketing.
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   GlobalData Plc(2021). Koninklijke Philips NV Company Profile - Koninklijke Philips NV Overview. [online] Globaldata.com. Available at: https://www.globaldata.com/company-profile/koninklijke-philips-nv/#:~:text=Koninklijke%20Philips%20NV%20(Phili ps)%20is .  Philips. (n.d.). About us. [online] Available at: https://www.philips.com/a-w/about.html#:~:text=We%20are%20a%20diverse%20team.  Kanagal, N.B. (2015). Innovation and product innovation in marketing strategy. Journal of Management and marketing research, 18(2015), pp.1-25.  Wrigley, C. and Straker, K. (2019). Affected: Emotionally engaging customers in the digital age. John Wiley & Sons. REFERENCES