Q2: How can Philips increase the worldwide share of dry shaving? Focus on China The relative size of the Chinese market in relation to other developed markets is striking. With a penetration of only 11 % in the male shaving market, the opportunities are great since this market is treble to the second largest market, the US. Product innovation Philips is known for their technologically sophisticated products. On order to gain market shares and increase the total market for dry shaving, the products must continue to improve through technological development.
The customer must feel that performance/cost outperforms that of wet shaving in a higher degree than it is today. Targeting teens In some countries, law regulates the sale of razors to people under the age of 18. Perhaps there is a possibility to innovate in electronic shavers for the youth market. For example, Ergonomic handles and innovative attachments could give them the edge on helping the user to shape and style their facial hair into the most up-to-date beard fashion or providing better reach for girls shaving their legs, armpits or bikini-area.
Targeting the female market 80 % of women prefer razors to other hair removing products. 46 percent of females are still estimated to use male razors in the common belief that they are more effective than female-dedicated razors. This could be an important segment for Philips to target with their lady shavers. When women eventually will switch to female products for shaving, there should be greater incentives to switch to dry shaving systems.
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Philips and Its Worldwide Share of Dry Shaving. (2018, Feb 21). Retrieved from https://phdessay.com/philips-and-its-worldwide-share-of-dry-shaving/