Sharing Economy and Business Development: Pentax K3-III Camera

This report delves into the sharing economy and its potential impact on Pentax, a Japanese electronics company. It begins with a literature review of the sharing economy, exploring key concepts such as materialism and planned behavior within a business context. The report examines how these concepts influence business attitudes and strategies, particularly in the context of Pentax's market challenges. It then proposes a developmental operations plan for the launch of Pentax's new K3-III camera, including strategies to overcome low demand, maintain flexible production capacity, design an effective supply chain, and identify a suitable target market. The report emphasizes the importance of adapting to market forces, fostering flexible management attitudes, and understanding consumer preferences to ensure the successful revival of Pentax in the competitive electronics market. The report concludes with a discussion of the operational elements and the importance of strategic action for Pentax's business development.

Sharing Economy

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Literature Review of Sharing Economy......................................................................................3
Key Concept of Materialism........................................................................................................4
Key Concept of Planned Behaviour............................................................................................5
TASK 2............................................................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
Books and Journals....................................................................................................................10

INTRODUCTION
Sharing economy is the concept where it is emphasised that people operational in
business and the business mechanisms as well should be oriented towards making some social
gains as well, along with economic gains. Social gains in business can be made through effective
channelisation and exchange of knowledge and informations in the businesses.
In this report it has been discussed that how Sharing economy is valuable in shaping
business of Pentax, a popular Japanese company of electronics which has lost its markets in few
decades. The report first understand the literature connected with Sharing economy, then it
discusses the relation of Materialism and Planned behaviour in shaping businessmen attitude. At
last, the report have also prepared a developmental operations for Pentax in launch of its new
products of K3-III camera. A best fit market for the launch is also decided.
TASK 1
Literature Review of Sharing Economy
Sharing Economy is that concept of economics which revolves around gathering such an
economic behaviour in the economy which is consisted of social and economical behaviour
together. Under the Sharing economy the employees and other stakeholders in the organisation
of Pentax, such as business partners, actively participating investors, consumers and government,
behave and conduct business operations in such a manner through which they are also seen
promoting shared values, education and knowledge with each other. Here, socio-economic
behaviour in Pentax is more oriented and the Sharing economy concepts gets totally differed
from traditional business operations as well (Görög, 2018).
Arun Sundarajan, noted in 2016 that he is “unaware of any consensus on a definition of
the Sharing Economy”. This citation by the laureate describes that this concept have a very wide
connotations. This scope of Sharing Economy is mainly because of the fact that internet based
learning and exchange of informations have enabled many participants to interact with each
other. Besides internet, there are several other channels of channelising informations, including
business to business and face to face exchange as well. Giana M. Eckhardt and Fleura Bardhi ,
argued in an article under Harvard Business Review, "When 'sharing' is market-mediated—when
a company is an intermediary between consumers who don't know each other—it is no longer
sharing at all. Rather, consumers are paying to access someone else's goods or services." This

mention of the author is descriptive of the Oxymoron nature of Sharing Economy (Hossain,
2020).
Key Concept of Materialism
Economic Materialism is that term where Personal traits and attributes are discussed of
people, and emphasised much more rather any other economical concept in the study, which
leads to an effective contribution by these people in business of an Organisation. The range of
people involved in Business is very wide, it primarily starts from the employees that are working
in organisation and senior management. The materialism discusses that their contribution are
prime forces in enriching efficiency of organisation. And, therefore Personal traits and values of
these people is required to be much higher. Looking at the role of these people in Pentax
organisation, it is clear that there are serious requirements and a change in attitude of employees
and senior management or leadership specially. Pentax organisation was an affluent and one of
the most forward organisation in the years of 60's, 70's and 80's. Remaining a leader in three
consecutive decades of business environment in Electronics, it was seen that Pentax was later
loosing its market more frequently than any other business entity (Teague, Storr and Fike, 2020).
New players like Sony, as well as existing rivalry of Nikon and other competitors have damaged
market share of Pentax in a way that has been never seen before.
Most obviously attributable reasons to this situation of market crisis for Pentax is the
failed policies of Management and leaders in Pentax. Management were required to make
frequent adaptation to changes which were required by management to adopt, but management
was seen rigid over adopting these changes. When developments were required to be seen as
opportunities, they were perceived as threats by Management in Pentax. This came as serious
setback company and it could not achieve that growth which had been achieved by its
competitors and new entrants as well. Rigidity of Pentax management, a personal attribute of
leaders there was seen as biggest obstacle in the path of development. Hence, materialism, or
materialistic mechanism was poor. Now, since the Pentax is seen reviving its market with the
launch of a new product of K3-III camera, there is a pre-requisite of efficient management by
Senior leaders in company. The first ever requirement is that attitude should be flexible towards
market forces, business environment and consumer preference. Secondly, clear guidance,
constant motivation and patience to listen to advises of people should be inculcated as core

character of management in Pentax. Thus, making best reflection of Economical Materialism
(Nanarpuzha and Sarin, 2021).
Key Concept of Planned Behaviour
Planned Behaviour is the theoretical framework of psychology which focuses over the
understanding of shaping and developing of Human behaviour in general. It says that beliefs are
those which makes behaviour of an individual (Graessley and et.al., 2019). The theory focuses
that the elements which are contributing in shaping of human behaviour are consisted of three
core elements primarily, that is subjective norms, attitude and perceived behavioural control. All
these elements are in together leads to shaping Human behaviour from its core, from the grass
roots itself. The concept of planned behaviour is operational, studied and developed from long
past. In the contemporary world, the knowledge of Planned Behaviour is very diverse and hence
it is important to understand it in a framed manner.
Normative belief and subjective norms- Normative belief mentions that an individual's
behaviour is shaped by the norms that one follows and believe in. it mentions that these norms
contribute in shaping the behaviour from core. The norms, or the beliefs of one individual
decides and tells that individual to behave in a certain manner and also for that individual,
particular manner of behaviour is seemed justified (Wong, Walker and Shaheen, 2020). Under
the subjective norms as well, an individual behaviour are guided by the norms that one follows,
but they are dependent over influences of judgements of others. Judgements of closed one like
Parents, Friends, Teachers etc.
Control beliefs and Perceived Behavioural control- Control beliefs can be studied as the
perception and outlook, belief system in wider terms towards the presence of factors in a
particular situation and circumstances. In specific circumstances, the way in which individual
perceive the situation and various factors that are part of that situation, is the one manner through
which behaviour of person gets guided (Ajzen, 2020). This frames the perceived control
behaviour understanding. The concept of perceived control behaviour is therefore can be studied
as the sets of various controlled beliefs. The controlled beliefs of management in Pentax, a pre-
fixed attitude of management in past have seen crushing and downgrading the stature of
company that time. Management decided to conduct business operations safely, and responded to
business environment restrictively.

Behavioural intention and Behaviour- It is indicative of the readiness and preparedness of an
individual in guiding manner to behave in a certain way. This concept talks about the intention of
an individual is the force that guides the behaviour of an individual. The guide to behaviour can
also be led by the presumptions, sometimes intention gets changed into presumptions.
Presumptions are although a negative behavioural trait but under this concept, an individual is
seen understanding and developing behaviour such a way where presumptions are also seemed to
him justified (Davlembayeva, Papagiannidis and Alamanos, 2020). This happened in the case
with Management is Pentax, where they intended in mind that rigidity and reluctance to changes
of business environment will prove detrimental to their business stature for sure. Then, even the
best fit environmental opportunities for business was seeming to them as biggest threat. Hence,
efficiency shattered.

TASK 2
New products, to be launched in market are like new born infants. There are major
requirements for business management to treat them like one, nurture them and pamper, so that
they could be achieving best possible compatibility in market. For the new product of Pentax,
requirements becomes much major because the company is in its reviving stage. Consumer
sentiments for Pentax are competitively lower than any of its competitor. Hence, operations for
launch and development of K3-III cameras, for consumers in market shall be in a manner of best
efficacy. Some of the operations, that can be conducted by Pentax are discussed in report
(Eckhardt and et.al., 2019).
Fighting Low Demand- The most important challenge for Pentax at this point of time would be
override low demand of its new product in market. The challenge is serious for company because
market levels of the company, that it will be fighting are huge and diverged very widely (Zhang,
Jahromi and Kizildag, 2018). In the era of high competitiveness these companies have kept
establishing themselves from a very long time, 2-3 decades and more, and also they are
continuously making progress towards these developments. Hence, fighting the low demand of
its new product would be a serious challenge. Pentax can overcome this challenge through
strategic actions. It can act in targeted manner. It must decide a market and try making best
efforts in growing there. This is supportive because, at this point of time, Pentax is targeting its
revival more than anything.
Keep capacity flexible- Keeping the capacity flexible means, Pentax must keep its production
policies flexible. It should start from the production of minimized levels or through the low
levels. This is important because, for the new camera product of Pentax, the exact demand
cannot be forecasted. Hence, it is required that business must grow its production as aligned with
the customer response in market. Thus a flexible response is needed. For availing flexibilities of
production is also necessary but the pre-requisite for this is that the market should be quick in
responding (Lan, and et.al., 2017). The market should be such where there has to be demand for
the camera products of new generation must be frequent in nature. So that, any halt on the
business operations should also not be seen.
Design a Supply chain for Product- Designing a supply chain is another most important task
for Pentax. There should be a proper mechanism through which products will be travelling to
market and the way in which the will be delivered to customers. This operational will essentially

set a guidelines for Pentax. Developing the supply chain prior to launch of product will enable
company in targeting market at best way possible, sticking to the targeted manner only.
Therefore, it is the most crucial part. Any market, which Pentax shall be targeting must have
facilities to support its supply chain mechanism, such as effective transport, proper
communication channels and may other aligned facilities. Also, the cost of maintenance of
supply chain should not be higher (Acquier, Daudigeos and Pinkse, 2017).
Define a market with no competitors- Finding any such market is although strategic, but it is
not feasible in the market of electronics products. This is so because there are many global
players involved in the business and they all have significant stature in the market of world level.
Looking at the stature of most ferocious competitor, Sony, its stature becomes evident even when
one recalls its name (Sung, Kim and Lee, 2018). Sony is operational in almost all major
economies of world, and have a developed scenario of business there. There are hardly any
threats, in context of business of Pentax which are not posed by Sony (Geissinger and et.al.,
2019). Hence, there comes no other option with Pentax besides fighting competition and rivalry
threats from external environment.
The discussion made above of various operational elements that Pentax can choose to opt
before company goes on launching its new product, highlights one basic need that company have
to decide its market first, which it will be targeting. Looking at the needs of Pentax for successful
operations, market of USA seems to be most aligning with needs. The market have an efficiently
developed supply chain, supporting various businesses, consumers here can be seen frequently
responding to electronics and also they are curious about using and experimenting new products
and technologies. Hence, USA seems to be the best option (Ritter and Schanz, 2019).

CONCLUSION
From the above discussion it can be concluded that sharing economy have a very
prominent position in the upliftment of business. The gain knowledge that gets acquired through
a collective value mechanism brings development of all. Looking at the current position of
Pentax in the market, the company needs to encourage sharing economy. Because the company
is facing a downgraded stature and positioning in market along with high level of competition.
Therefore, only collective growth of business and business employees will improvise the
condition and reduce employees turnover as well.

REFERENCES
Books and Journals
Görög, G., 2018. The Definitions of Sharing Economy: A Systematic Literature
Review. Management (18544223). 13(2).
Hossain, M., 2020. Sharing economy: A comprehensive literature review. International Journal
of Hospitality Management. 87. p.102470.
Teague, M. V., Storr, V. H. and Fike, R., 2020. Economic freedom and materialism: an empirical
analysis. Constitutional Political Economy. pp.1-44.
Nanarpuzha, R. and Sarin, A., 2021. A capability pathway to subjective economic well-being:
Looking beyond materialism. Journal of Business Research. 127. pp.66-76.
Graessley, S. and et.al., 2019. Consumer attitudes and behaviors in the technology-driven sharing
economy: Motivations for participating in collaborative consumption. Journal of Self-
Governance and Management Economics. 7(1). pp.25-30.
Wong, S. D., Walker, J. L. and Shaheen, S. A., 2020. Bridging the gap between evacuations and
the sharing economy. Transportation. pp.1-50.
Ajzen, I., 2020. The theory of planned behavior: Frequently asked questions. Human Behavior
and Emerging Technologies. 2(4). pp.314-324.
Davlembayeva, D., Papagiannidis, S. and Alamanos, E., 2020. Sharing economy: Studying the
social and psychological factors and the outcomes of social exchange. Technological
Forecasting and Social Change. 158. p.120143.
Eckhardt, G. M. and et.al., 2019. Marketing in the sharing economy. Journal of Marketing. 83(5).
pp.5-27.
Zhang, T. C., Jahromi, M. F. and Kizildag, M., 2018. Value co-creation in a sharing economy:
the end of price wars?. International Journal of Hospitality Management. 71. pp.51-58.
Lan, J. and et.al. , 2017. Enabling value co-creation in the sharing economy: The case of
mobike. Sustainability. 9(9). p.1504.
Acquier, A., Daudigeos, T. and Pinkse, J., 2017. Promises and paradoxes of the sharing
economy: An organizing framework. Technological Forecasting and Social Change. 125. pp.1-
10.
Sung, E., Kim, H. and Lee, D., 2018. Why do people consume and provide sharing economy
accommodation?—A sustainability perspective. Sustainability. 10(6). p.2072.
Geissinger, A. and et.al., 2019. How sustainable is the sharing economy? On the sustainability
connotations of sharing economy platforms. Journal of Cleaner Production. 206. pp.419-429.
Ritter, M. and Schanz, H., 2019. The sharing economy: A comprehensive business model
framework. Journal of cleaner production. 213. pp.320-331.