Harvard Case - Japan's Sharp Corporation: Aiming to Boost Its Competitive Edge (A)
"Japan's Sharp Corporation: Aiming to Boost Its Competitive Edge (A)" Harvard business case study is written by Kannan Srikanth, CW Chan. It deals with the challenges in the field of Strategy. The case study is 8 page(s) long and it was first published on : Nov 22, 2020
At Fern Fort University, we recommend Sharp Corporation adopt a multifaceted strategy to revitalize its competitive edge, focusing on innovation, globalization, and digital transformation. This strategy involves leveraging core competencies in technology and analytics, manufacturing processes, and product development to create a sustainable competitive advantage in key markets.
2. Background
Sharp Corporation, a Japanese electronics giant, faces significant challenges in the 21st century. Despite a strong legacy in consumer electronics, the company has struggled to maintain its market share in the face of intense competition from global players like Samsung and LG. Sharp's core business, LCD panels, has been impacted by price wars and technological advancements.
The case study focuses on Sharp's efforts to navigate these challenges and regain its competitive edge. The company has explored various strategies, including mergers and acquisitions, diversification, and business model innovation. However, these initiatives have yielded mixed results.
The main protagonists of the case study are:
- Mikio Katayama, Sharp's CEO, who is tasked with leading the company's turnaround.
- Sharp's management team, who are responsible for implementing strategic decisions.
- Sharp's employees, who are crucial to the company's success.
- Sharp's investors, who are looking for a return on their investment.
3. Analysis of the Case Study
To analyze Sharp's situation, we utilize several frameworks:
a) Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the consumer electronics market.
- Bargaining power of buyers: High, as consumers have many choices and can easily switch brands.
- Bargaining power of suppliers: Moderate, as Sharp relies on a few key suppliers for components.
- Threat of substitutes: High, as alternative technologies and products constantly emerge.
- Rivalry among existing competitors: Intense, with several major players vying for market share.
b) SWOT Analysis:
Strengths:
- Strong brand recognition and reputation for quality.
- Expertise in display technology and manufacturing.
- Global distribution network.
- Strong financial position.
Weaknesses:
- High dependence on LCD panels, a mature and competitive market.
- Lack of innovation in key product categories.
- Inefficient operations and high costs.
- Weak brand image in emerging markets.
Opportunities:
- Growing demand for advanced display technologies in emerging markets.
- Increasing adoption of smart devices and connected homes.
- Opportunities for diversification into new markets and product categories.
- Potential for partnerships and strategic alliances.
Threats:
- Intense competition from global players.
- Rapid technological advancements and product obsolescence.
- Fluctuations in currency exchange rates.
- Economic downturns and geopolitical instability.
c) Value Chain Analysis:
Sharp's value chain is characterized by:
- Inbound logistics: Sourcing of raw materials and components.
- Operations: Manufacturing of LCD panels and other electronic devices.
- Outbound logistics: Distribution of products to retailers and consumers.
- Marketing and sales: Promotion and sales of products through various channels.
- Service: After-sales support and customer service.
d) Business Model Innovation:
Sharp has explored various business model innovations, including:
- Diversification: Entering new markets and product categories, such as solar energy and healthcare.
- Strategic alliances: Partnering with other companies to leverage complementary strengths.
- Outsourcing: Contracting out non-core activities to reduce costs and improve efficiency.
- Digital transformation: Leveraging technology to enhance customer experience, improve operations, and develop new products.
4. Recommendations
Sharp should adopt a multi-pronged strategy to revitalize its competitive edge:
a) Focus on Innovation:
- Invest in R&D: Prioritize research and development of next-generation display technologies, including OLED, MicroLED, and flexible displays.
- Develop innovative products: Create differentiated products that meet emerging consumer needs, such as smart home appliances, wearable devices, and augmented reality solutions.
- Embrace disruptive innovation: Explore new business models and technologies that could disrupt existing markets, such as cloud-based services and subscription models.
b) Expand Global Reach:
- Target emerging markets: Focus on high-growth markets like India, China, and Southeast Asia, where demand for electronics is rapidly expanding.
- Adapt products and marketing strategies: Tailor products and marketing campaigns to local preferences and cultural nuances.
- Build strong relationships with local partners: Establish strategic alliances with distributors, retailers, and manufacturers in key markets.
c) Embrace Digital Transformation:
- Enhance customer experience: Leverage digital channels to provide personalized customer service, facilitate online purchases, and offer interactive product experiences.
- Optimize operations: Implement advanced analytics and automation to improve efficiency, reduce costs, and streamline processes.
- Develop digital products and services: Create new digital offerings, such as mobile apps, online platforms, and cloud-based solutions, to enhance customer engagement and generate new revenue streams.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Sharp's core competencies in technology, manufacturing, and product development are leveraged to create innovative products and services that align with the company's mission to provide high-quality electronics solutions.
- External customers and internal clients: The recommendations focus on meeting the evolving needs of consumers while empowering employees to contribute to the company's success.
- Competitors: The recommendations aim to differentiate Sharp from its competitors by focusing on innovation, globalization, and digital transformation.
- Attractiveness: The recommendations are expected to generate significant returns on investment, as they address key market trends and leverage Sharp's strengths.
- Assumptions: The recommendations assume that Sharp will be able to successfully implement its strategy and overcome potential challenges, such as technological disruptions, economic downturns, and geopolitical instability.
6. Conclusion
Sharp Corporation has the potential to regain its competitive edge by embracing innovation, globalization, and digital transformation. By focusing on these key areas, the company can leverage its core competencies, meet evolving consumer needs, and create a sustainable competitive advantage in the global electronics market.
7. Discussion
Other alternatives not selected include:
- Focus solely on cost leadership: This approach could lead to a price war and erode profit margins.
- Merging with a larger competitor: This could dilute Sharp's brand identity and limit its strategic flexibility.
- Exiting the consumer electronics market: This would be a drastic measure and could result in significant job losses.
Risks associated with the recommended strategy include:
- Technological disruptions: Rapid advancements in technology could render Sharp's investments obsolete.
- Economic downturns: A global recession could dampen consumer demand for electronics.
- Geopolitical instability: Conflicts and trade wars could disrupt supply chains and impact global markets.
Key assumptions include:
- Sharp will be able to successfully implement its strategy.
- The global electronics market will continue to grow.
- Consumers will be receptive to Sharp's innovative products and services.
8. Next Steps
To implement the recommended strategy, Sharp should:
- Develop a detailed strategic plan: Define specific goals, objectives, and timelines for each initiative.
- Allocate resources: Secure funding and allocate resources to support innovation, globalization, and digital transformation.
- Build a strong leadership team: Recruit and develop leaders with the skills and experience to drive change.
- Engage employees: Communicate the strategy clearly and empower employees to contribute to its success.
- Monitor progress and adjust as needed: Regularly assess progress, identify challenges, and make adjustments to the strategy as necessary.
By taking these steps, Sharp can transform itself from a struggling electronics giant into a leading innovator in the global technology landscape.
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Case Description
Case A is set in 2010. Shinji Tanaka is a senior economist at Kyoto Heritage Foundation, a Japanese think tank, and he wondered if Sharp's new manufacturing plant in Sakai could turn the company around. Sharp's vision and innovative culture led it to invest in LCD technology. It played an important role in consigning cathode ray tube technology to the past and eventually outlasted plasma as well. However, Sharp's fortunes started to take a hit as plant construction racked up large debts and profitability declined as the global economy shrank and LCD prices fell due to increased competition. The company responded by doubling down on LCD technology and built a larger and more expensive plant to build more technologically advanced LCD panels. Case B continues in 2016. Technological improvements continued to bring down the prices of LCD panels. Sharp had to be bailed out from its losses twice and was facing bankruptcy again. The company had to decide between two choices. One option was to merge with the Innovation Network Corporation of Japan (INCJ), a government-owned investment fund, to create a national champion. The second one involved doing a deal with Foxconn, a Taiwanese electronics giant that could realise synergies. Which option should Tanaka suggest Sharp to take?
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