JVC vs. Panasonic positioning by Matsushita

Both JVC and Panasonic are both owned by Matsushita. To me they seem
to be pretty similar in things like camcorders. Does their parent
Matsushita have some market niche that they position each brand for,
like one for pro/luxury buyers and the other for regular people? Kind
of like Toyota does with Toyota & Lexus. Otherwise, why have two
comparable brands? Was one brand acquired and they just kept it around
because of name familiarity, or did they start two similar brands for
some reason?

Hi,

As far as i am aware both brands are very active and in certain regions
one is more dominate over the other. I know less about JVC than I do
about Panasonic. It is not well know but panasonic do a lot of r&d for
IT industry and produce high end parts for IT market. And of course they
also produce well know hi-fi equipment. I think panasonic were also well
know for their sound systems which were at one point superior to others.

Purely speculating here but Matsushita kept both brands as it is good
for business to keep loyal customers happy.