The economic situation in Japan worsened, but the company continued to grow, expanding its range of electrical fittings, heating elements and consumer appliances, and increasing its sales agents nationwide. In 1928, the company's monthly sales exceeded ¥100,000, and its employees numbered over 300. Many distributors, sensing future potential in the company, expressed the desire to deal primarily in National brand products. The company's responsibility to provide security to its distributors was now greater than ever before.
Matsushita, who had considered the company primarily a private endeavor, now needed to view it in terms of its relation to the society at large. Reflecting on the issue, he concluded, gSociety has entrusted to us the care of our company.
We are therefore duty-bound to manage and develop the company in an upstanding manner, contributing to the development of society and to the improvement of people's lives. The profits of our business are a reward for contributing to society."
In March 1929, he renamed the company Matsushita Electric Manufacturing Works. At the same time, he formulated the Management Objective and Company Creed to guide the company's growth, adding the Seven Principles several years later. Today, these three statements form the philosophical base of Panasonic.
Original Management objective:
While giving careful consideration to harmony between profit and social justice, we aim to devote ourselves to the development of national industry, to foster progress and to promote the general welfare of society.
Current Management Objective:
Recognizing our responsibilities as industrialists, we will devote ourselves to the progress and development of society and the well-being of people through our business activities, thereby enhancing the quality of life throughout the world.
Run on a Japanese bank during the financial turmoil of 1927.
Original Management Objective.