The Hindu Business Line : Philips sets higher sales targets

PHILIPS India on Tuesday said that it is targeting to sell 5.5 lakh colour televisions this year and has also hiked up the advertising budget for the consumer electronics segment from Rs 26 crore last year to Rs 32 crore.

"We are targeting to sell 5.5 lakh colour television (CTV) units in 2004 as against 4 lakh sold last year. Higher sales are expected on account of growth resulting from the launch of the economy Vardaan range of CTVs as well as the high-end sets,'' said Mr Suresh Sukumaran, Senior General Manager (Marketing) - Televisions, Philips India.

Philips had rolled out the `Vardaan' range of CTVs targeted at the budget-end of the market a few months back.

The company has been following an aggressive pricing strategy in the consumer electronics segments in which it is present, with a focus on entry-level pricing.

"With 75 per cent of Indian households not having a CTV set, there is still growth potential of at least Rs 75,000 crore in the market,'' said Mr D. Shivakumar, Vice President, Consumer Electronics, Philips India.

Though the company presently has only a six per cent market share in the domestic market, it is aiming to better the figure by 2-4 per cent by the end of 2004.

Philips has also launched the `Mirror TV' (which can be used as a mirror when turned off), LCD TV and a vertical DVD player.

The Rs 700-crore consumer electronics division of Philips is targeting double digit growth in 2004 on the back of aggressive product and marketing strategies.

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