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The business world is growing fast, and the growth of sharing economy had also increased. Shared economy is being referred as the concept of sharing the assets. This is a type of economic system in which the resources are shared between the private individuals or authorities for generating higher profit. In the present era the concept of sharing economy is a popular topic for entrepreneurs, businesses and researchers(Cheng, 2016). In this report the research would explain the concept of shared economy in detail. For this assignment Pentax would be considered as a case company, which is a Japanese company that manufacturers photographic equipment and operating at international level. In this report the researcher would include the literature review for motivating the sharing economy. Along with this the report will outline the concept of operation for the new business unit of the case company in the emerging nation.
In the recent decades the technological advancement had changed the business world to a greater extent.With the increasing technological advancement and globalisation, the concept of shared economy had increases to a greater extent. Ritter and Schanz (2019) had mentioned that sharing economy is also termed as collaborative economy and it is a type of business or economic model. The study had stated that in the shared economy the goods, services, resources, knowledge, skills and time is shared between two parties for generating income and sharing the economy.
Apte and Davis (2019) had stated in their study that sharing economy is an economic model in which the individual and group work in a collaborative manner to share the goods and resources that can help them in earing profit. The study had mentioned that technology is playing a major role in the growth of sharing economy. In this study the researcher had concluded thatbusinesses should focus on using the concept of sharing economy that can help them in doing business effectively in the market.
Leeet. al.(2016) with the increasing use of technologies like big data and other platforms the businesses are focusing on the concept of shared economy. better use of technology had helped the asset owners to use their assets and generate income from it. The concept of sharing economy is offering several benefits to the customers and sellers both.
Yanget. al.(2017) had described regarding the different benefits of sharing economy. The researcher had explained that the concept of sharing economy had allowed the customers to enjoy the low prices and get diverse options. Along with this it is also making the business transactions more convenient. Moreover, it is also helping the businesses in earing additional income and generating more profit. In support to this Gonget. al.(2020) had mentioned that the concept of sharing is helping the customers and sellers in making the transactions more efficient. The overall cost of the available goods, services and time had decreased to a greater extent due to the sharing economy.
The case company should also focus on making use of sharing economy that can help them in doing business effectively in the global market. With the increasing competition the case company Pentax is facing reduction in their market share which is having a negative impact on their overall profit. The company should focus on looking towards the benefits of sharing economy and should use this for improving their business performance. If Pentax starts following the concept of shared economy, then it would help them in improving the performance of their business operations in the global market.
If the case company would focus on using the concept of sharing economy than it would help them in gaining several benefits. Nakamuraet. al.(2021) had mentioned that in the Japanese market the idea of sharing economy is much popular and if the company would use this approach, then it will help them in operating in an effective manner. One of the effective benefits of using the concept of sharing economy is the economic benefit. This concept can help them Pentax in increasing their sales and improving their business performance. Apart from this the sharing economy is expected to have a significant positive impact on the environmental and social factors. The company is having effective market position and reputation in the global market.When the case company would enter into the new emerging nations then they should focus on using the concept of sharing economy that can help them in entering into an effective manner.
Pentax is doing well in theJapanese market and majority of the customers are highly happy with the product range of the case company. But in the recent years the mirrorless lenses had gained a lot of importance. The major competitors of Pentax in the Japanese market such as Canon, Nikon and Olympus are also manufacturing the mirrorless lenses. But the company is still focusing on their single lens reflex cameras. Due to all these factors the case company is experiencing a decline in the sales in the last ten years.In both the major markets of USA and Japan the company is facing the decline in the sales and market share. It can be said that using the concept of sharing economy can become an opportunity for the company. The case company is looking forward to launching their new productthe new professional "Flagship” camera which is expected to launch in 2021.
If the company would use the sharing economy, then they have to focus on making effective use of technology that would help them in managing their business transactions in an easy manner. When the company would use this for their new product then it is expected to have better sales and increasing the sales of their new product in their existing markets and also in the emerging markets.Before launching the new it is important for the case company to focus on the behaviour of the customers towards the products offered by the company. When the company is using the concept of shared economy then they should focus on using the peer to peer sharing platform for marketing and selling their new product. This would help the company in attracting more customers and increasing the sales of thecompany. Hawlitscheket. al.(2018) had also mentioned in their study that the when the company is using sharing economy then it is important for them to focus on different factors that can motivate the potential customers and engage them with the peer-to-peer platforms. It can be said that the company needs to conduct the research for understanding their customers so that they can attract them towards their new product.
If the company would start working on the shared economy concept, then it would help the company in attracting the materialist customers. But Davidsonet. al. (2018) had mentioned that materialistic consumers are not much happy with the concept of sharing economy. It can be said that the customers need to focus on the behaviour of the employees while working on marketing of sharing economy. It can be said that the company should focus on using planned behaviour theory in marketing which would help them in predicting the behaviour of customers towards the product or service offered to them.
In the competitive business world, the organisations are looking forward to expanding their business operations. The case company is having effective market position and image in the international market. Pentax should focus on expanding their business into new emerging market that can help them in increasing their sales and improving their declining market share in the industry. The fast-growingeconomy of the emerging nation is a better opportunity for the case company. The new markets of India, Iran, Indonesia, Guyana, China, Argentina and Brazil are the important nations for the case company with better opportunities. The company is having better opportunity to expand themselves in India. The company is already offering the products to the customers in India and getting better response from them.
While working on the expansion the company needs to first launch their new business unit in India as it is having potential customers, and this would help them in increasing sales of the company. When the company is looking forward to expanding themselves in any of the nation then it is essential for them to focus on managing all the different business operations in an appropriate manner.Pentax needs to focus on the different operations related to manufacturing, sales, marketing and advertisement. The case company should focus on making use of share economy and do effective marketing of their new product. Pentax is also affecting different products to their Indian customers with the help of different e-commerce sites(Frenkenand Schor, 2019). The company have to focus on developing both online and offline marketing strategy and attracting the customers by promoting their new product in an effective manner.
While setting the new unit the case company had to focus on following all the different rules and regulations made by the government. The company can develop the digital platform based on the concept of sharing economy which can help them in involving the business to peer model. This would help them in generating higher income and reducing the number of intermediates between the company and their customers. The sharing economy concept would help the company in managing their supply chain also(Hu, et. al.2019). This will help the company in increasing the transparency to both the buyers and suppliers in their supply chain which would help them in better supply chain management and increases different issues as well.
The operation management system of the company needs to focus on having highly skilled and talented employees with better technological knowledge(Shajari, et. al.2020). The entire team should focus onproper planning related to organisation management.Along with this the team should focus on organising, coordinating and managing all the resources in an effective manner and managing the entire firm properly. The company should focus on making effective use of technologies in the operation management. Pentax should launch themselves in such a way that they should establish themselves effectively and increase the sales of the company and market position in the international market.
The above-mentioned report had discussed thatsharing economy had gained a lot of importance in the recent decades. The concept of sharing economy is new, and the case company can use this approach for improving their business performance in the international market.Pentaxcan expand inIndia with their new product, and they should focus on working on the concept of sharing economy that can help them in improving their market performance in increasing their sales. It can be said that using the concept of sharing economy would be a great opportunity for the company that can help them in increasing their sales and profitability.
Apte, U.M. and Davis, M.M., 2019. Sharing economy services: business model generation. California Management Review, 61(2), pp.104-131.
Cheng, M., 2016. Sharing economy: A review and agenda for future research. International Journal of Hospitality Management, 57, pp.60-70.
Davidson, A., Habibi, M.R. and Laroche, M., 2018. Materialism and the sharing economy: A cross-cultural study of American and Indian consumers. Journal of Business Research, 82, pp.364-372.
Frenken, K. and Schor, J., 2019. Putting the sharing economy into perspective. In A research agenda for sustainable consumption governance. Edward Elgar Publishing.
Gong, D., Liu, S., Liu, J. and Ren, L., 2020. Who benefits from online financing? A sharing economy E-tailing platform perspective. International Journal of Production Economics, 222, p.107490.
Hawlitschek, F., Teubner, T. and Gimpel, H., 2018. Consumer motives for peer-to-peer sharing. Journal of Cleaner Production, 204, pp.144-157.
Hu, J., Liu, Y.L., Yuen, T.W.W., Lim, M.K. and Hu, J., 2019. Do green practices really attract customers? The sharing economy from the sustainable supply chain management perspective. Resources, Conservation and Recycling, 149, pp.177-187.
Lee, Z.W., Chan, T.K., Balaji, M.S. and Chong, A.Y.L., 2016, June. Technology-mediated sharing economy: Understanding user participation in collaborative consumption through the benefit-cost perspective. In Proceedings of the 20th Pacific Asia Conference on Information Systems (PACIS).
Nakamura, H., Abe, N. and Mizunoya, T., 2021. Factors inhibiting the use of sharing economy services in Japan. Journal of Cleaner Production, 278, p.123981.
Ritter, M. and Schanz, H., 2019. The sharing economy: A comprehensive business model framework. Journal of cleaner production, 213, pp.320-331.
Shajari, Z., Guerrero, J.M. and Javidi, M.H., 2020, September. Operation Management for Next-Generation of MVDC Shipboard Microgrids. In 2020 International Conference on Smart Energy Systems and Technologies (SEST) (pp. 1-6). IEEE.
Yang, S., Song, Y., Chen, S. and Xia, X., 2017. Why are customers loyal in sharing-economy services? A relational benefits perspective. Journal of Services Marketing.
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