Philips is a Dutch technology company founded in 1891 that produces electronics, lighting, and healthcare products. Its mission is to improve lives through meaningful innovation by focusing on global trends and people's needs. Philips' vision is to make the world more sustainable through innovation and improve the lives of 3 billion people by 2025. It produces products like lighting, audio equipment, and healthcare devices. Major competitors include Orient, Pell, Haier, Sony, and Dawlence. Philips uses job order costing to track costs for its consumer, electronics, and healthcare manufacturing.