In an attempt to boost smartphone business ahead of the festive season, consumer electronics giant Panasonic has planned a marketing budget of ₹100 crore as it aims to achieve sales of 1.5 million devices in the current financial year.
The company, which on Thursday forayed into the mid-price segment with two smartphones, also plans to launch eight more devices by March 2019, Manish Sharma, President & CEO Panasonic India and South Asia told The Hindu .
“In the price band of ₹20,000 to ₹30,000, we are looking at a market share of 5% this financial year. We are not chasing high market share. This year in total we are eyeing sales of 1.5 million units,” Mr Sharma said.
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He added in line with the scale they are aiming at, the company this year will be investing ₹100 crore, mainly for digital marketing and below-the-line advertising.
The new launches, however, will be across price range.
Panasonic, which already exports to markets like Sri Lanka, Egypt and Middle East from here, is also looking at newer export markets such as South Africa.
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On Thursday, Panasonic launched Eluga X1 and X1 Pro smartphones priced at ₹22,990 and ₹26,990, respectively with AI capabilities along with features such as wireless charging.