Literature review
Pentax is an established manufacturing company which manufactures camera and other leading class innovative equipment globally. It has been found that the company has been significantly faced by competitions which are affecting its revenue and weakening its sales position. Further, it has been also found that the company is now focusing on making flagship camera’s which will allow it to expand its market potential as well as will allow it to improvise sales of the new camera. Without the launch of the new product, the business may not be able to survive in the environment in which Cannon, Nikon and Sony is situated in. Following section of report will conduct a short literature review on the factors promoting and inhibiting participation in the Sharing Economy. Further, it will develop a Business Concept Statement for the new business unit as well as identify any similar initiatives undertaken by Pentax’s competitors (Canon, Nikon and Sony).
The sharing economy is a socio-economic system based on resource distribution in capitalism. It frequently entails a method of gathering products as well as service varies from the typical business model of corporations hiring people to make things that are then sold to customers. It encompasses the collaborative invention, production, distribution, trading, and consumption of commodities and services among individuals and groups. The sharing economy depends on consumers’ willingness to share in many circumstances, yet users must transcend stranger risk in order to initiate an exchange (Hossain 2020). Accessing economy groups claim to be dedicated to establishing and confirming trustworthy ties among community members, such as producers, suppliers, buyers, and participants.
In sharing economy, underutilized assets are well utilized and it allows to coordinate with various types of goods and services to people and community. Technological development across a country has been always supported by the growth of an innovative product which also assists in the overall growth of the sharing economic. Other factors such as economic impacts, change in customer attitudes as well as demand of an individual customers also aid in the growth of the sharing economy. Further, researches have also shown that motivation within the sharing economy has always assisted in facilitating better understanding of decision-making process of users.
Studies has also found that people are always anxious about a newly launched product which might reduce their overall consumption however on the other hand, people are more interested to a product that have been found to contribute towards the efficient use of time. If there is a chance of sustainable development or economic gain, people are more likely to participate with the sharing economy.
Business concept statement
The study of Hamari et.al 2015 denote that factor such as sustainability, enjoyment, economic gain, reputation as well as other associated factors always allows people to get motivated and therefore their attitudes are directly influenced by the above-mentioned factors. If the abovementioned factors exist within sharing economy, greater community participation will be perceived (Lee etal 2018). Further, the research of Tussydiah has denoted that several factors such as social benefits, locational benefits and enjoyment has also initiated greater satisfaction towards individual hence they also aid in the growth of sharing economy (dl.acm.org 2022).
However, on the other hand, the research has revealed that other factors also decide the attitude of participants regarding the growth of a sharing economy. This includes price value, authenticity, novelty, social interactors as well as home benefits. Without considering these factors, an individual attitude will not change towards the sharing economy. The author has also denoted some constraints which might impact on the growth of the sharing economy. The constraints include perceived amount of risk, distrust as well as insecurity.
Further, to simplify the growth of sharing economy, a growth in the service sector as well as employment will be required without which no business will be able to add value to the sharing economy. Therefore, government and business will have to co ordinate to create employment opportunities in order to streamline the growth of sharing economy. Further, the growth at Pentax will be achieved with a shift in the consumer psychology as well as a transition of customer mentality towards sustainable consumption. In this economy, growth can become limited with regulatory restrictions and hence businesses can become vulnerable (Tambovceva etal 2021). Further, higher liability risk can also make the business vulnerable if not reacted differently.
With that being said, it can be noted that the growth of sharing economy will allow in transiting living of community and sharing economy has brought various changes to the standard of living. However, the growth of sharing economy is still untapped and same is required to be addressed in order to assist future business transition in sharing economy.
The following section of the report will denote the business concept statement for the company which will entail the new product concept, its design, objectives as well as will also discuss the solution towards the sharing economy.
The selling of advanced camera equipment with the help of peer-to-peer lending will allow the business to provide a proper solution towards the sharing economy.
A brief description of the business or product concept
The existing market does not have a product to address the user needs with relation to the existing market problem related to sharing economy. The existing camera within the sharing economy cannot assist in scientific research and theses cameras does not contain proper signal processing thereby the inclusion of the camera will allow the business to improvise the economic condition in the sharing economy. The business can allow in making money out of underutilized assets thereby improving the economic condition significantly.
With the abovementioned features of the sharing economy, Pentax will be able to attract the market with Improve innovation and technology via a faster processing camera. Maximize the performance related to data collection and match the field of view with application needs of an individual user. Sharing economy has massive opportunities toward flexibility and despite of competitors. Further the growth of companies is not limited within the economy hence to assist the growth of Pentax, more flexibility is expected on different service platforms. In order to rapidly grow within the sharing economy, Pentax will also have to take the opportunity to engage with diverse ranges of stakeholders which will allow them to work co ordinately and transparently (Belk, Eckhardt and Bardhi 2019). However, the growth of Pentax will be limited since limited population in the economy has access the digitalization and social transformation will be required in order to streamline the sharing economic success.
The business will assist the sharing economy by renting out its cameras and through peer-to-peer lending. In the rental industry, the success is dependant on the niche and without understanding the concepts and the niche market, the business will not be able to make positive changes towards the sharing economy. Further, the rental service of cameras will allow the business to make is easier for the people to have affordable products thereby improving their financial and economic condition. Further, it has been also found that peer to peer lending can be also used to support the services of sharing economy to significant extent. Peer to peer economy service can be provided by the business with decentralized products and services directly to the target users thereby eliminating the need of intermediary of services.
The K3 camera will address the need of the existing customers as well as new customers with advanced camera which has larger field or view and aperture length. Adapt the field of view to the requirements of your business. K3 (24 megapixels) — Increase performance for your most powerful microscopes. Turn screening microscopes into data collecting microscopes with the K3 Base (14 megapixels). The capacity of the K3 cameras to detect subtle changes in color and grey levels can be used for brightfield operations of biological as well as material specimens. The K3, with its 12-bit sensor and strong dynamic range, allows measurable pictures to be collected even for demanding applications, with 16x finer graduation than cameras with 8-bit sensors. The phone camera well-balanced collection of capabilities for a variety of documentation jobs includes high frame speed of up to 39 fps for viewing live pictures and good color reproduction. Experienced software packages for applications that demand quick screening of sample regions. The cameras’ functions are extremely adjustable, allowing users to tailor the cameras to their individual needs.
Market need
Leica is one of the primary competitors of Pentax. The company supplies high quality lenses, photographic lenses as well as microscopic cameras. Leica has made their own niche market and always advertises through various channels such as social media sites, websites as well as other channels. The company has dominated the digital SLR market with high quality cameras and become more of a customer focused company.
The company should not consider launching their product in the sharing economy since the economy has significant amount of competition which can severely impact the revenue and growth potential of the company. Further, it has been also found from the analysis that companies such as Sony and Nikon are providing their best quality services at a very affordable price to the customers (Prislipsky 2019). The high-quality product of these companies has made the customers to trust the brand and these customers will not prefer another brand initially. In order to make the customer select the brand, the company should always strategies their marketing as well as advertising which will allow it to improve their product reach. Further, the company will also have to invest in research and development without which, it will not be able to serve high quality cameras to their customers.
The target market for the k3 camera lies for users who use it in the scientific research and customers who often uses microscopes for their business. The K3 camera will meet the needs of both existing and new consumers by providing an upgraded camera with a bigger field of view and aperture length. Adapt the field of view to the company’s requirements. Increase the performance of the most powerful microscopes with the K3 (24 megapixels). With the K3 Base, users can convert screening microscopes into data collection microscopes (14 megapixels).
Conclusion
On a concluding note, it can be noted that sharing economy have a growth potential only the stakeholders such as business and governments take proper initiative. Further, the emergence of an inventive product has always aided in the general expansion of the sharing economy, which has always aided in technological advancement across a country. Other elements that contribute to the rise of the sharing economy include economic repercussions, changes in customer mindsets, including specific customer need. Furthermore, studies have revealed that motivation in the sharing economy has always aided in the deeper comprehension of users’ decision-making processes. Other variables influence people’ attitudes on the rise of the sharing economy. Price, genuineness, novelty, social interactors, and home advantages are all factors to consider. Individual attitudes about the sharing economy will not change until these considerations are considered. The author also mentions several potential roadblocks to the emergence of the sharing economy. Restrictions include the perception of danger, mistrust, and insecurity. In addition, growth will be realized through a movement in consumer psychology and a shift in customer thinking toward sustainable purchasing. Nevertheless, the expansion of the sharing economy remains unexplored, and this must be resolved in order to aid future company transitions in the sharing economy.
References
“The sharing economy: Why people participate in collaborative consumption: Journal of the Association for Information Science and Technology: Vol 67, No 9” (2022), p. Available at: https://dl.acm.org/doi/10.1002/asi.23552 (Accessed: 5 March 2022).
Belk, R.W., Eckhardt, G.M. and Bardhi, F. eds., 2019. Handbook of the sharing economy. Edward Elgar Publishing.
Hossain, M., 2020. Sharing economy: A comprehensive literature review. International Journal of Hospitality Management, 87, p.102470.
Khai, N.T.N. and Huyen, N.T.T., FACTORS OF SATISFACTION AND INTENTION TOWARD USING PEER-TO-PEER ACCOMMODATION-A CASE OF AIRBNB.
Lee, Z.W., Chan, T.K., Balaji, M.S. and Chong, A.Y.L., 2018. Why people participate in the sharing economy: an empirical investigation of Uber. Internet Research.
Prislipsky, V., 2019. Thinking About a Mirrorless Camera?. PSA Journal, 85(5), pp.14-16.
Tambovceva, T., Titko, J., Svirina, A. and Tereshina, M., 2021. Deterrents to Participation in Sharing Economy Activities: Cross-Country Survey. In SHS Web of Conferences (Vol. 129, p. 05014). EDP Sciences
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