Sharing Economy Case Study Example Essay

Sharing Economy Case Study Example Essay

A Brief Description of the Business Concept

The sharing economy refers to an economic model where groups and individuals share resources and goods collaboratively, transforming physical assets into services. This model has experienced significant growth due to technological advancements in online platforms and big data. These advancements have enabled organizations and individuals to generate profits from underutilized resources. Future projections suggest that the sharing economy will continue to expand with increased digital connectivity (Sundararajan, 2016). This report will include a literature review on factors influencing participation in the sharing economy, a Business Concept Statement for a new business unit, and an exploration of similar initiatives by Pentax’s competitors.

The sharing economy is a socio-economic system based on resource-sharing principles. It involves purchasing services and goods, contrasting the traditional business model of manufacturing products through hired workers. Sharing economy encompasses shared trade, distribution, production, creation, and consumption of services and goods by various organizations and individuals (Wruk, Oberg, and Maurer, 2019).

Sharing economy systems take various forms, including digital platforms that enable government institutions, non-profits, corporations, and individuals to share and distribute excess capacity in services and goods. There are two fundamental types of sharing economy initiatives: commercial initiatives, where businesses offer services and goods for profit, and non-profit initiatives, akin to book-lending libraries, where services and goods are offered for free or at a modest subscription (Lansley, 2016). Pentax can leverage the Sharing Economy concept to enhance its global market operations by connecting sellers with camera equipment and tools to customers with demand.

The Market Need

Pentax is a pioneer in the SLR photography industry and believes in the future of SLR photography, both in Japan and globally. Pentax’s commitment to developing high-quality cameras, such as the PENTAX K-3 Mark III, positions it well in the global market. While Pentax may not have the largest product lineup, it has a loyal user base worldwide (DP Review, 2022).

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The market need for Pentax products is substantial due to technological advancements, such as the Internet, smartphones, and digitalized cameras. Research indicates a high demand for high-quality camera products globally, with Pentax’s unique features and diverse product offerings catering to a broad audience (DP Review, 2022). Pentax’s focus on full-frame digital cameras with a balanced image quality and portability further meets market demands. Pentax’s innovative products have enabled it to maintain a significant presence in the industry, as illustrated by DSLR value and shipments from 2003 to 2021 (PetaPixel, 2022).

My Solution

Pentax should embrace the sharing economy concept, particularly for flagship models like the Pentax K3 Mark III APS-C model. Leveraging the Internet and online platforms, Pentax can market its products globally and expand beyond the Japanese market (Davidson, Finck, & Infranca, 2018). The sharing economy offers a unique opportunity for Pentax to gain international exposure and cater to the increasing demand for digitalized cameras worldwide.

My Proposed Business Model

Pentax’s business model should integrate the sharing economy concept to achieve global exposure and market reach. This approach aligns with the transformed global landscape enabled by technological advancements (Gaol, Filimonova, & Acharya, 2020). Pentax’s innovative products, including full-frame digital cameras and waterproof models, provide a competitive advantage in the sharing economy.

Factors Promoting and Inhibiting participation in the Sharing Economy

Promoting factors include motivation, economic benefits, and environmental consciousness. Motivation and decision-making drive participation by satisfying users’ needs. Economic factors reduce costs, enhance entrepreneurship, and foster innovation. Environmental factors promote sustainability and awareness of environmental issues (Ravenelle, 2019).

Inhibiting factors include conflicts with established businesses, transaction and social risks, and high costs (Sigler & Corcoran, 2021). Pentax must address these factors to succeed in the sharing economy.

My Unique Value Proposition (UVP)

Pentax products stand out due to their innovative features, including waterproof designs, versatile sensors, ergonomic designs, and a reputation for high-quality SLR cameras. Pentax’s commitment to meeting market needs and technological advancements positions it as a unique and competitive choice in the photography industry (RICOH Imaging Company Limited, 2022).

A Succinct Competitive Analysis

Pentax faces competition from industry leaders like Nikon and Canon, as well as third-party lens manufacturers such as Tamron and Sigma. Canon has embraced the sharing economy concept and gained a competitive edge (Muurinen, 2021). Pentax has the opportunity to compete effectively in the industry by leveraging the sharing economy concept.

A Quick Overview of My Marketing Plan

The marketing plan will utilize Internet platforms, especially social media, to gain global exposure for Pentax products. Platforms like Instagram, Facebook, and WhatsApp will enable Pentax to showcase its products, engage with customers, and expand its international market presence. The sharing economy concept will play a pivotal role in this strategy by providing Pentax with worldwide exposure and access to a global market.

References

Corporate Finance Institute. (2022). Sharing Economy. Available at: https://corporatefinanceinstitute.com/resources/knowledge/other/sharing-economy/ (Accessed: 17 March 2022).

Davidson, N, M., Finck, M., and Infranca, J. J. (2018). The Cambridge Handbook of the Law of the Sharing Economy. Cambridge: Cambridge University Press.

Deckers, L. (2018). Motivation: Biological, Psychological, and Environmental. New York: Routledge.

DP Review. (2022). PENTAX. Available at: https://www.dpreview.com/products/pentax (Accessed: 17 March 2022) sharing economy case study example essay.

Gaol, F. L., Filimonova, N., and Acharya, C. (2020). Impact of disruptive technologies on the sharing economy. Hershey, PA: Business Science Reference.

Lansley, S. (2016). A sharing economy: How social wealth funds could tackle inequality and balance the books. Bristol: Policy Press.

Muurinen, M. (2021). Why Canon Australia ventured into the sharing economy. Available at: https://www.sharetribe.com/academy/canon-sharing-economy/ (Accessed: 17 March 2022).

PetaPixel. (2022). Ricoh Pentax: The Beginning of the End or the Start of a Bright Future? Available at: https://petapixel.com/2022/01/21/ricoh-pentax-the-beginning-of-the-end-or-the-start-of-a-bright-future/ (Accessed: 17 March 2022).

Ravenelle, A. J. (2019). Hustle and gig: Struggling and surviving in the sharing economy. Oakland, California: University of California Press.

RICOH Imaging Company Limited. (2022). PENTAX K-3 III. Available at: https://www.ricoh-imaging.co.jp/english/products/k-3-3/ (Accessed: 17 March 2022).

Sigler, T., and Corcoran, J. (2021). A Modern Guide to the Urban Sharing Economy. Cheltenham, Gloucestershire: Edward Elgar Publishing Limited.

Sundararajan, A. (2016). The sharing economy: The end of employment and the rise of crowd-based capitalism. Cambridge, Massachusetts: The MIT Press.

Wruk, D., Oberg, A., & Maurer, I. (2019). Perspectives on the sharing economy. Newcastle upon Tyne, UK: Cambridge Scholars Publishing sharing economy case study example essay.