BSOM085 The Sharing Economy Assignment Sample
A. Literature review
Concept of sharing economy
Sharing economy is a modern system of sharing services or assets with others by using the internet. By using this concept, multinational companies are providing support to the targeted customers and gaining a competitive advantage. It is expected that the sharing economy will grow by $300 billion by 2025. As per the view of Van den Eynde et al. (2018), sharing economy is used as the umbrella term for many different apps, services, and products. Sharing economy is a sustainable ecosystem that helps in reducing waste and pollution from society. As per the view of Coche and Lynn (2021), three types of sharing are commonly seen which are real sharing, pseudo sharing and gift-giving. In the case of real sharing, the organisation never charges an amount in lieu of service. On the other hand, pseudo sharing is effective for businesses such as Airbnb and Uber. In addition, the gift-giving process is followed for gaining a financial advantage in future.
Factors promoting and inhibiting participation in the Sharing Economy
The sharing economy is benefiting society by connecting the community in the online platform. Basically, the sharing economy has changed traditional business activities and processes. It helps in gaining momentum in “peer to peer transactions”. International companies such as eBay, Uber and Airbnb are highly following this strategy to boost their activities in the international market. The factors that are highly promoting the sharing economy are consumer satisfaction, transparency and trust, building community, and convenience.
Transparency and trust
According to Tran et al. (2021), in the case of sharing economy, the customers can directly interact with the service providing companies and gain positive feedback from them. In the traditional service, the customers are not satisfied with the service quality. However, the sharing economy enables the customers to share their opinion regarding the product or service quality, which helps the organisation to improve the product quality. On the other hand, Choi and Ryu (2019) opined that transparency and trust are the most important factors for businesses to satisfy their customers.
Consumer satisfaction
Sharing economy helps in satisfying the customers through the online service. For instance, ride sharing apps are beneficial for the availability of transportation within the time period. In this case, the customers get equal benefit of those who have their personal cars. The companies are able to move the passengers from one place to another through the online apps. Customer satisfaction is the way of measuring the success of sharing economy.
Instant customer support
As per the view of Wang and Chen (2021), the sharing economy empowers business organizations to provide instant support to their customers. AT present, the companies are following the 24*7 customer support strategy to satisfy the customers. In addition to that, the rating and reviews of the customers help in providing fast and affecting service to the customers.
Building community
Wagstaff et al. (2019), opined that the businesses are focusing on community building by making a separate online platform. Building a community helps the organisations minimise the restriction and give more flexibility to the customers. Sharing economy helps in connecting the buyers, suppliers and other stakeholders with the online platform for providing efficient service to the customers. The size of community building proves the success of the organizations.
Sharing personal experience
Customers share their views and opinions after using the service or product. Therefore, a satisfactory service is needed for gaining positive feedback from the consumers and improving the brand valuation. The satisfied customer always shares their experience in social media, which is important factor for measuring success of the organization.
The customers get the advantage of using rented cars, rented houses and other facilities, which help them to meet their requirements. The sharing economy is truly effective for making money through unused assets. In the case of shared economy, spare bedrooms and parked vehicles are leased out to the customers. Therefore the assets are used for exchanging services. By using the sharing economy, the customers are getting advantage of food delivery, transportation services. The senior citizen are also attracting by the sharing economy industry. For instance, the old aged people get the help of Uber in midnight which is beneficial for sharing economy.
B. Developing business concept statement
Description of Pentax
Pentax is one of the leading camera business companies in the world. It is a Japan-based company that has been providing cameras for the world for a long time and has become the pioneer in the sector. The company has been manufacturing different kinds of advanced cameras and other photographic equipment. The camera collection includes the D Digital SLR camera, the MZ range of autofocus SLR film cameras, the Optio-series of digital compact cameras, the ESPOP-series of compact film cameras and others (Pentax.com, 2022). It has also been manufacturing interchangeable camera lenses, lens adapters, optical related products that include telescopes and binoculars and others. The company has entered the digital business very late as compared to its competitors and that is the reason, the company’s revenues have fallen very much. The company has competitors such as Nikkon, Minolta and others. One of the major aims of the company is to contribute greatly to the development of society and to heal the environment.
Figure: 2: Logo of the Company
(Source: Pentax.com, 2022)
The marketing Need of Pentax
With the development of technology, the demands for the camera have increased too much in the modern era. The modern camera helps to capture photos and videos which everyone would easily love. The best quality photos and videos could be just captured by the latest and most advanced camera (Jeffers, 2019). The industries that make use of cameras require good cameras. The camera used in industries is film, media, government, and other activities. It could be said that in this technological world cameras are being used by almost every person or organisation. Pentax Company developed modern technology to produce cameras. The cameras that are being manufactured are of high quality. They have many latest and most effective features. That cannot be found in the other company brands. Therefore, people should buy this company.
Appropriate Solution
Modern technology has developed competition in the markets. In the same way, the competition in the camera industry also has increased very much (Van et al. 2019). The demands for the camera and its related technological instruments have increased. Therefore, the companies need to manufacture products as the demands of the customer. The effective strategies for Pentax are as follows (Pentax.com.au, 2022). One of the major strategies for the company is to empahsize more on the latest technology. The development of technology will be helping them to create effective products for the customers. Apart from this, the company focuses on brand development, enhancing its advertising, and targeting the right customers. The company needs to create products that would be unique in the market and satisfying.
Business model
The business model canvas was made by Alexander Osterwalder. This model is an effective tool that helps organisations to understand a business model straightforwardly and structurally (HOSOYA and TANIGUCHI, 2019). The company could use the model to gain marketing advantages by generating the highest revenues. The canvas model will be helping the company to get the right way to serve customers its products, it would be proving them the right channels. It would help them to differentiate themselves from their competitors. Pentax could use the model to provide appropriate strategies for customer segmentation, values proposition, customer relationships, key factors and others. The company also can select and maintain its cost structure and key partners for its business.
Unique Value Proposition
Unique Value Proposition is a very important factor for organisations to become successful in their business. It helps the organisations to impart their products and service values (Liu et al. 2021). Pentax has been manufacturing high quality cameras for modern customers. The customers love the cameras of this company for their unique features (Pentax.com.au, 2022). The camera that is sold by the company has the power to communicate directly with the subject such as pentaprism. The Pentax camera has a viewfinder design, the Pentax camera emphasises more on sensory evaluations. The cameras of this company have the power to create impressive colours and unforgeable works of art.
Succinct Competitive Analysis
The increasing demand for modern cameras in the present era has also changed the demands of the customers. The camera companies are producing various high quality featured cameras. Pentax has been one of the popular brands in the camera industry. Its competitors in the markets are Canon, Sony, Fuji, Nikon, Ricoh, Olympus, Panasonic and others. The competitors have been maintaining their position in the markets with their innovative and effective strategies (HOSOYA and TANIGUCHI, 2019). However, some of the common factors that could be identified are unique high quality cameras, satisfying the demands of the customers, maintaining the organisational activities effectively.
Overview of Pentex Marketing plan
Pentax has been turned out to be one of the fast-developing camera manufacturing companies. The company has been implementing modern technology in creating unique and highly advanced cameras for customers. Though the company has been developing rapidly, it could apply the Canvas mode to increase the pace of its development to become a leader. It would help the company maintain all the organisational activities efficiently and effectively.
C. Identify any similar initiatives undertaken by Pentax’s competitors
The competitor of Pentax is Leica, which is a German company. The products of Leica are optical lenses, cameras, rifle scopes and binoculars. Leica is adopting innovative technology in the manufacturing process for making efficient products and satisfying the customers. The strategy of Leica is to make boat tools for photographers so that they can capture the woe world (Leica-camera.com, 2022). Leica belief that the cameras are bets cameras in the world. Leical has fintegrate its culture into the brand such as brand position, brand image and product quality, which are the marketing strategy of Leica. The high quality brand is the only strategic way of Leica to reach out to the potential customers. Leica is popular for its innovative technology. Therefore, Pentax has to improve the innovative technology to attract the customers.
Which market would you launch first, and why?
The UK market will be targeted for launching the product and targeting the potential customers. For promoting the product the digital marketing strategy will be considered. At present, using digital marketing tools are beneficial for reaching out to the targeted and remote customers. The digital marketing tools are beneficial for understanding consumer behaviour and comparative analysis of the competitors. The digital marketing tools are beneficial for understanding the trends in camera industry (HOSOYA and TANIGUCHI, 2019). The UK market is beneficial for selling valuable brand and increasing the number of customers.
References
Choi, H. and Ryu, J., 2019. Design of wide angle and large aperture optical system with inner focus for compact system camera applications. Applied Sciences, 10(1), p.179.
Coche, R. and Lynn, B.J., 2021. ” The Best Camera is the One You Always Have With You”: The Case for MOJO-Based Courses and Mobile Production Kits. Teaching Journalism & Mass Communication, 11(1), pp.82-86.
HOSOYA, J. and TANIGUCHI, Y., 2019. The quantitative analysis between application patents and the market about Japanese digital camera manufacturers. International Journal of Service and Knowledge Management, 3(2), pp.15-34.
Pentax.com.au 2022. https://pentax.com.au/, R., Digital Cameras, Video Cameras & Accessories | Ricoh Australia. [online] Pentax.com.au. Available at: <https://pentax.com.au/> [Accessed 31 March 2022].
Jeffers, N., 2019. Through the Eyes of Women: A Qualitative Study of Female Members of the Camera Department and the Challenges They Face in the Entertainment Industry. California State University, Fullerton.
Leica-camera.com 2022.https://leica-camera.com/en-int. 2022. Leica Watch. [online] Available at: <https://leica-camera.com/en-int> [Accessed 31 March 2022].
Liu, X., Patel, S. and McDuff, D., 2021. Camera-Based Physiological Sensing: Challenges and Future Directions. arXiv preprint arXiv:2110.13362.
Tran, S.V.T., Ali, A.K., Khan, N., Lee, D. and Park, C., 2020. A Framework for Camera Planning in Construction Site using 4D BIM and VPL. In ISARC. Proceedings of the International Symposium on Automation and Robotics in Construction (Vol. 37, pp. 1404-1408). IAARC Publications.
Van den Eynde, R., Sandmeyer, A., Vandenberg, W., Duwé, S., Hübner, W., Huser, T., Dedecker, P. and Müller, M., 2019. Quantitative comparison of camera technologies for cost-effective super-resolution optical fluctuation imaging (SOFI). Journal of Physics: Photonics, 1(4), p.044001.
Van den Eynde, R., Sandmeyer, A., Vandenberg, W., Duwé, S., Hübner, W., Dedecker, P., Huser, T. and Müller, M., 2018. A cost-effective approach to Super-resolution Optical Fluctuation (SOFI) microscopy using an industry-grade CMOS camera. bioRxiv, p.413179.
Wagstaff, B., Lu, C. and Chen, X.A., 2019, March. Automatic exam grading by a mobile camera: Snap a picture to grade your tests. In Proceedings of the 24th International Conference on Intelligent User Interfaces: Companion (pp. 3-4).
Wang, J. and Chen, Z., 2021, November. The Acquisition of Position and Orientation of the Conveyor Belt Workpiece Based on the Inter Frame Difference in ROI in Camera Video. In Journal of Physics: Conference Series (Vol. 2095, No. 1, p. 012054). IOP Publishing.
Zheng, H., 2018. CSC400 ITRG Miniproposal Image Reconstruction for Multi-camera System.
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