Being branded as just another run-of-the-mill technological brand isn’t bad! It’s a blessing in disguise!
Innovation
sure comes easy to this brand! Repositioning itself as a lifestyle & healthcare brand, the consumer electronics giant Philips showed off its brighter side by acquiring Lifeline Systems Inc., a leading provider of emergency call services in US & Canada in 2006. From being a technology-driven company, Philips now delivers the promise of easy access to technology through its ‘Sense & Simplicity’ campaign which was a hit & hiked the brand value to a dazzling $6.7 billion! The brand also benefited from promotions as an official partner of the FIFA World Cup 2006. As a measure of its brand performance, its earnings increased by a stupendous 14% to touch a brilliant $7.4 billion during 2006. India too saw Philips getting generous with promotions & gifts on purchase of a CTV. The ‘Official Global Philips FIFA World Cup Preparation Centre’ was also run during the World Cup season. Commenting on its tactics, Tushar Bhattacharya, Sr. Economist, FICCI said, “The brand has rightly tapped the market dynamics of India. Philips’ strategies and techniques are highly innovative.” During 2007, Philips ventured into the water-purifying business, launched its “Entertainment on the go” promotion & showcased its ‘Go Gear’ MP3 players. Sure, moves which’ve worked wonders for the brand as it climbed 15 spots to rank 67. Real repositiioning as you could call it!For more articles, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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