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Since the mid-1980s, Philips, one of the largest consumer electronics companies in the world had been witnessing losses in many of its fourteen divisions, including its core business - consumer electronics. Products from Japanese and Korean companies, which were cheaper than Philips'' products, flooded Europe, the major market for Philips. The 1990s were no different for Philips and it continued to reel under losses and stagnating growth. The case discusses how Philips, under Chief Executive Officer Gerard Kleisterlee with his ''towards one Philips'' philosophy, has been able to recover itself and is preparing itself for a profitable future. A structured assignment ''304-330-4'' is available to accompany this case.