Harvard Case - Sharp Electronics in 2013
"Sharp Electronics in 2013" Harvard business case study is written by Kathryn Harrigan, Yoko Kagami. It deals with the challenges in the field of Strategy. The case study is 18 page(s) long and it was first published on : Jul 1, 2014
At Fern Fort University, we recommend that Sharp Electronics pursue a multi-pronged strategy focused on digital transformation, innovation, and strategic partnerships to regain its competitive edge in the rapidly evolving electronics market. This strategy involves leveraging its core competencies in display technology, manufacturing, and brand recognition while embracing emerging technologies like AI and the Internet of Things (IoT) to create new value propositions and unlock growth opportunities.
2. Background
Sharp Electronics, a Japanese multinational corporation, faced significant challenges in 2013. Despite its strong legacy in consumer electronics, particularly in LCD displays, the company struggled to adapt to the changing market landscape. The rise of competitors like Samsung and LG, coupled with declining profitability in its core LCD business, led to a decline in market share and financial performance. Sharp's reliance on traditional business models and its slow response to technological advancements contributed to its predicament.
The case study focuses on the company's efforts to navigate these challenges and explore potential avenues for growth and revitalization. The main protagonists are the company's executives, who are tasked with developing a strategy to address the competitive pressures and ensure the company's long-term sustainability.
3. Analysis of the Case Study
Strategic Analysis:
SWOT Analysis:
- Strengths: Strong brand recognition, global manufacturing footprint, expertise in display technology, and a loyal customer base.
- Weaknesses: Slow response to technological advancements, declining profitability in LCD business, and a lack of innovation in product development.
- Opportunities: Emerging markets, growth in mobile devices and smart home technologies, and the potential for partnerships and acquisitions.
- Threats: Intense competition from established players, rapid technological advancements, and fluctuating global economic conditions.
Porter's Five Forces:
- Threat of New Entrants: High due to low barriers to entry in the consumer electronics market.
- Bargaining Power of Buyers: High due to the availability of numerous substitutes and the ability of consumers to compare prices online.
- Bargaining Power of Suppliers: Moderate due to the reliance on key components like LCD panels and integrated circuits.
- Threat of Substitutes: High due to the availability of alternative devices and technologies.
- Competitive Rivalry: Intense due to the presence of numerous established players and the constant innovation in the market.
Value Chain Analysis:
- Sharp's value chain is primarily focused on manufacturing and distribution, with a weaker position in research and development and marketing. The company needs to enhance its value chain by investing in innovation, product development, and brand building.
Business Model Innovation:
- Sharp needs to move beyond its traditional business model of manufacturing and selling LCD displays. The company should explore new business models based on digital transformation, service-based offerings, and strategic partnerships.
Financial Analysis:
- Sharp's financial performance in 2013 reflected the declining profitability of its LCD business. The company was facing significant financial challenges, including high debt levels and declining cash flow.
Marketing Analysis:
- Sharp's brand recognition was a key strength, but its marketing efforts were not effectively communicating its value proposition in the evolving market. The company needed to adopt a more digital-centric marketing strategy to reach its target audience and differentiate its products.
Operational Analysis:
- Sharp's manufacturing processes were efficient, but the company lacked agility in responding to market demands and technological advancements. The company needed to optimize its operations by adopting lean manufacturing principles and investing in flexible production lines.
4. Recommendations
1. Digital Transformation Strategy:
- Embrace AI and IoT: Invest in research and development to integrate AI and IoT capabilities into its products and services. This will enable Sharp to offer smart, connected devices and solutions that address the growing demand for personalized and intelligent experiences.
- Develop a Digital Ecosystem: Create a digital platform that connects its products, services, and customers. This platform can provide valuable data insights, enhance customer engagement, and create new revenue streams.
- Enhance Online Presence: Strengthen its online presence through e-commerce platforms, social media engagement, and digital marketing campaigns. This will improve brand visibility, customer reach, and sales channels.
2. Innovation and Product Development:
- Focus on Niche Markets: Explore opportunities in emerging markets like smart home technology, wearable devices, and healthcare solutions. This will allow Sharp to leverage its expertise in display technology and develop innovative products that cater to specific needs.
- Partner with Startups: Collaborate with startups and technology companies to access cutting-edge technologies and accelerate product development. This will enable Sharp to tap into a pool of talent and innovation that it may not possess internally.
- Invest in R&D: Allocate resources to research and development to drive innovation and create new product categories. This will ensure Sharp's long-term competitiveness in the rapidly evolving electronics market.
3. Strategic Partnerships:
- Form Strategic Alliances: Partner with other companies in complementary industries to expand its product offerings and reach new markets. This could include collaborations with software developers, content providers, and retailers.
- Consider Mergers and Acquisitions: Explore opportunities to acquire companies with complementary technologies, expertise, or market access. This will allow Sharp to accelerate its growth and expand its portfolio.
- Joint Ventures: Collaborate with other companies on joint ventures to share resources, risks, and rewards. This will allow Sharp to access new markets and technologies without significant financial investment.
4. Corporate Governance and Leadership:
- Strengthen Corporate Governance: Implement robust corporate governance practices to ensure transparency, accountability, and ethical decision-making. This will build trust with investors, customers, and employees.
- Develop Strong Leadership: Identify and develop leaders with a strong vision, strategic thinking, and the ability to drive change. This will ensure that Sharp has the necessary leadership to navigate the challenges and opportunities ahead.
- Foster a Culture of Innovation: Create a culture that values innovation, risk-taking, and collaboration. This will encourage employees to generate new ideas and contribute to the company's success.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Sharp's internal and external environment, taking into account:
- Core Competencies: Leveraging Sharp's expertise in display technology, manufacturing, and brand recognition to create new value propositions.
- External Customers and Internal Clients: Understanding the evolving needs of customers and empowering employees to contribute to innovation and growth.
- Competitors: Analyzing the competitive landscape and identifying opportunities to differentiate Sharp's products and services.
- Attractiveness: Evaluating the potential return on investment for each recommendation and ensuring alignment with Sharp's financial objectives.
Assumptions:
- The global electronics market will continue to grow, driven by increasing demand for smart devices and connected solutions.
- Technological advancements, particularly in AI and IoT, will continue to shape the industry and create new opportunities.
- Sharp's brand recognition and manufacturing capabilities will remain valuable assets in the future.
6. Conclusion
By embracing digital transformation, fostering innovation, and forging strategic partnerships, Sharp Electronics can regain its competitive edge and achieve sustainable growth. This multi-pronged strategy will enable the company to adapt to the rapidly changing market landscape, create new value propositions, and unlock new opportunities in emerging markets.
7. Discussion
Alternatives:
- Focusing solely on cost leadership: This strategy could lead to a race to the bottom, with Sharp sacrificing quality and innovation to compete on price.
- Continuing with the existing business model: This approach would likely lead to further decline in market share and profitability as the company fails to adapt to the changing market.
Risks:
- Technological disruption: The rapid pace of technological innovation could render Sharp's investments obsolete.
- Competition: Intense competition from established players and new entrants could limit market share and profitability.
- Execution challenges: Implementing the recommended strategy effectively requires strong leadership, organizational commitment, and efficient execution.
Key Assumptions:
- The global electronics market will continue to grow at a healthy pace.
- Sharp will be able to successfully implement its digital transformation strategy.
- Strategic partnerships will be mutually beneficial and contribute to Sharp's growth.
8. Next Steps
Timeline:
- Year 1: Develop a comprehensive digital transformation strategy and invest in key technologies like AI and IoT.
- Year 2: Launch new products and services based on the digital transformation strategy and explore strategic partnerships.
- Year 3: Evaluate the effectiveness of the strategy, refine the approach, and expand into new markets.
Key Milestones:
- Develop a digital ecosystem and launch a new e-commerce platform.
- Introduce a new product line based on AI and IoT capabilities.
- Secure strategic partnerships with leading technology companies.
- Reorganize the company's structure and leadership to support the new strategy.
By taking these steps, Sharp Electronics can position itself for long-term success in the dynamic and competitive electronics market. The company's ability to adapt to change, embrace innovation, and forge strategic partnerships will be critical to its future success.
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Case Description
In 2013 Sharp Electronics shareholders expressed their outrage in the face of the company's unmet technological challenges, plunging share price, and governance missteps. To turn Sharp around, President Kozo Takahashi would be forced to undo decisions that his predecessors had made and break with past traditions concerning Sharp's corporate governance. Would Takahashi be successful in steering Sharp away from insolvency and towards a more competitive position in the worldwide consumer electronics industry?
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