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Panasonic Holdings Corporation Panasonic Holdings Corporation About Panasonic Group Group CEO's Message Business Philosophy 1. The Mission of the Enterprise 2. The Mission of the Panasonic Group, and What We Must Do Now 3. The Basic Management Objective 4. The Company Creed and the Seven Principles 5. The Basic Business Philosophy of the Panasonic Group 6. Practicing the Basic Business Philosophy 7. The Customer Comes First 8. Autonomous Responsible Management 9. Participative Management through Collective Wisdom 10. Developing People and Making the Most of Their Potential Panasonic Leadership Principles Code of Ethics & Compliance About the Panasonic Group Code of Ethics & Compliance Chapter 1 Chapter 2 Chapter3 Chapter 4 Chapter 5 Procurement For Suppliers Green Procurement Clean Procurement Declaration Strategic Partnerships Intellectual Property Panasonic IP Innovation Project Brand Protection Human Resources and Organizations Corporate Information Group Companies Products and Solutions Consumer Business Products and Solutions What Panasonic delivers Experience Sponsorships History Corporate History The Founder, Konosuke Matsushita Words of Wisdom Panasonic Museum News Investor Relations Financial Announcements Presentation Related Release Library IR Summary Integrated Report Annual Securities Report, etc. Corporate Governance Calendar Shareholders' Meeting Stock and Corporate Bonds Stock Price / Ratings / Corporate Bonds Dividends FAQ / Contacts Brand Live Your Best Five Principles Regarding Brand Names Panasonic Brand Identity Brand History Technology R&D Outlook R&D Activities Innovators R&D Organization History of Technology List of Conference Presentations 2023 2022 2021 2020 2019 2018 Design Sustainability Our Approach The Promotion of Sustainability Management Initiatives for SDGs External Recognition History Corporate Citizenship Activities Initiatives for SDGs Diversity, Equity & Inclusion What is Diversity, Equity & Inclusion (DEI) ? Panasonic Group Diversity, Equity & Inclusion (DEI) Policy DEI and Employees’ Well-being Top Management Commitment Creating an Inclusive Work Environment Support for Every Individual: Diverse Work Styles and Work-Life Balance People with Disabilities Employing Workers Post Retirement LGBTQ Gender Equity Global Initiatives Panasonic Group's DEI in Data Panasonic Group DEI News Employee Journey History of Diversity Promotion Awards Environment Policy Mid-term to Long-term Environmental Vision Governance Response to TCFD Products and Factories Global Warming Adaptation Reducing CO2 Emissions in Factories Green Logistics Resources Biodiversity Water Resource Chemical Substance Global Activities Supply Chain Human Resource Development Communication Social Governance Download Data Book Report Archive Content Index Careers Products and Solutions About Panasonic Group News Investor Relations Brand Technology Design Sustainability Careers Products and Solutions About Panasonic Group Group CEO's Message Business Philosophy Code of Ethics & Compliance Procurement Intellectual Property Corporate Information Group Companies Products and Solutions Experience Sponsorships History Corporate History The Founder, Konosuke Matsushita Words of Wisdom Panasonic Museum 1970 Pavilion erected at Expo’70 Replica of a Heian-period building graces the Panasonic's pavilion at Expo'70. Communicating with people 5,000 years in the future Expo’70 ran six months, from March to September, in Osaka. Panasonic's Matsushita Pavilion had the theme of "tradition and development." It featured a building with Heian-style architecture standing in a pond. In front of this structure was a time capsule exhibit, and behind it a room for the Japanese tea ceremony that literally gave visitors a taste of this ancient aesthetic tradition. Some 76 million people visited the pavilion during the six-month event. A time capsule containing 2,098 objects selected as especially representative of the current culture as of 1970 was created as a record for people living 5,000 years in the future. Mainichi Newspaper cooperated in the project, helping to organize technology and selection committees that determined the contents of the capsule. The project brought the advice and cooperation of many of the best minds in Japan. After the exhibit, the capsule was sealed and buried in Osaka Castle Park. Time capsule to be opened in 5,000 years. Panasonic meets the consumer movement "The Customer comes First" In the latter half of the 1960s, the Japanese economy entered a period of rapid growth, but a number of serious problems also surfaced, including consumer dissatisfaction, environmental pollution, international trade conflicts and exchange-rate fluctuations. Panasonic needed to find new ways of adapting to these pressing demands. Strains in Japanese-American economic relations were starting to appear around 1968 when a dispute arose about the low pricing of color television sets exported to the U.S. Trouble was also brewing on the domestic front. In July of 1967, the Fair Trade Commission warned Panasonic about allegedly unfair resale policies, which the company denied. A formal hearing began in September, and an agreement was finally reached in March of 1971. In 1970, consumer groups lodged complaints about the electronics industry's pricing structure, attacking the gap between the list prices and actual selling prices. In an attempt to force the lowering of prices, consumer groups urged people to stop buying color TVs, extending this boycott to include all products of Panasonic as the industry leader. The company attempted to explain its situation honestly and gain the understanding of consumers. Early in 1971, the company announced major price reductions on all new-model color and black-and-white TVs, washing machines and refrigerators as part of a new distribution policy. This served to close the gap between list prices and actual market prices. Later, this policy was extended to other products as well. Other companies began to follow suit and the boycott was abandoned. Growing consumer awareness led Panasonic to set up a consumer relations office under the Corporate Service Division. The office was to provide consultation about Panasonic products, instruction in correct and safe usage of electrical equipment, and to hear and address specific consumer complaints. Similar offices were set up at showrooms throughout the country, and a mobile consumer relations van traveled nationwide to address consumer needs. These information dissemination services were complemented by information gathering efforts aimed at achieving a better understanding of consumer needs, preferences and desires. In 1972, the company launched service improvement drives with the aim of completing most repairs within 24 hours. In 1976, the product inspection department moved to a new building, enabling it to perform more comprehensive testing. One new step was to have homemakers test the products for performance and ease of use prior to mass production. Neighbors learn about microwave ovens at a homemakers' party. Mobile Customer Service Center provides an accessible forum for suggestions or complaints by customers. Boxed products undergo impact testing at the Corporate Product Inspection Division. Innovative Product: Direct-drive turntable In 1970, a direct-drive motor was used in the turntable of a player, the SP-10, offering superb rotating accuracy and outstanding durability, while producing little noise or mechanical vibration. Next > Index of Corporate History Home About Panasonic Group History Corporate History 1970 Facebook YouTube  X  LinkedIn Instagram Support Site Map Terms of Use Social Media Terms of Use Web Accessibility Policy Social Media Policy Privacy Policy COOKIE Policy Area/Country Panasonic Holdings CorporationCopyright © Panasonic Holdings Corporation