Panasonic expects strong growth in African and Middle East business
Panasonic has announced it is expecting strong year on year growth for the foreseeable future in its African and Middle East Business (MEA).
“We achieved our business plan in the first quarter of this fiscal year and our business grew around 5 per cent,” said Hiroki Soejima, Managing Director of Panasonic Marketing for the MEA branch, speaking to Gulf News.
“We expect a growth of between 10-15 per cent for the fiscal year which ends in March 2018.”
In line with this, the company has outlined its goals for diversification of Panasonic MEA, with a view of moving more readily into the business-to-business (B2B) sector. This includes professional audio, visual, broadcast and security cameras, a key driver in the B2B market for the company.
“We are expanding our product portfolio. Now, Panasonic will come with its full product line-up, from small to major appliances,” Soejima continued.
In addition to a focus on the B2B sector, the company has increased its marketing budget by 1000% in the aim of expanding its presence in the Middle East and Africa in the way of consumer electronics.
“By improving the shop display, we are aiming to strengthen consumer touch point which will contribute to increasing sales, especially for premium products. We have increased our marketing budget for this fiscal year by more than 1,000 per cent,” Soejima said.
It is understood that the company expects an annual growth rate of 122% throughout the period 2017-2020, with the B2C market providing the majority of this.