Factors in Inhibiting and Promoting Participation in Sharing Economy (Essay Sample)

AS1: THE SHARING ECONOMY
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AS1: THE SHARING ECONOMY
A Brief Description of the Business Concept
According to the Corporate Finance Institute (2022), the sharing economy can be defined as a valuable economic model whereby resources and goods are shared by groups and individuals in a specific collaborative manner, enabling physical assets to be transformed into services. The Corporate Finance Institute (2022) further notes that the tremendous growth being experienced in the sharing economy has been primarily facilitated and enabled through technological advances in online platforms and big data. The sharing economy also greatly assists organisations and individuals to earn profits and immense revenues from their underutilised resources. In essence, the latest technological advancements have played an integral role in facilitating the growth in the sharing economy to its current level. According to reliable future projections, the momentum in the sharing economy will be accelerated with additional digital connections (Sundararajan, 2016). This report will undertake a short literature review on the factors inhibiting and promoting participation in the Sharing Economy, develop a Business Concept Statement for the new business unit, and identify any similar initiatives undertaken by Pentax’s competitors.
In particular, the sharing economy concept has also been described as a socio-economic system created and established within the philosophy of sharing resources. Thus, the sharing economy primarily entails a method of purchasing services and goods, which contrasts the traditional business model of many organisations hiring workers to manufacture products that their consumers purchase. It is imperative to note that sharing economy entails the shared trade, distribution, production, creation, and consumption of services and goods by various organisations and individuals (Wruk, Oberg, and Maurer, 2019).
Moreover, systems utilised in sharing economy take a wide range of forms, including leveraging on IT (information technology), specifically different digital platforms, to empower government institutions, non-profit organisations, corporations, and individuals with information, enabling the reuse, sharing, and distribution of excess capacity in services and goods. Importantly, there are two fundamental forms of sharing economy initiatives, including the commercial initiative, whereby businesses offer services and goods to customers for profit. The other form is the non-profit initiative, primarily founded on the book-lending libraries concept, whereby services and goods are offered for free or at a modest subscription (Lansley, 2016). Notably, Pentax can effectively utilise the Sharing Economy concept to drastically improve its global markets’ business operations by bringing together sellers with camera equipment and tools, as well as customers with demand to satisfy their needs.
The Market Need
According to RICOH Imaging Company Limited (2022), Pentax has a belief and philosophy in the SLR photography future since it has a huge market both in Japan and other global markets. It is also worth noting that Pentax is the prominent SLR cameras pioneer in Japan, making it devote all its assets, including passion, technologies, and philosophy, to this great camera's development. Notably, the PENTAX K-3 Mark III is the APS-C-format SLR lineup's new flagship that is envisioned to attract a huge market in the global market. In reference to DP Review (2022), Pentax has been an active company since 1952, primarily in the worldwide consumer photography