CW2P2 (1)

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Nov 24, 2024

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Table of Contents Introduction ...................................................................................................................................... 1 Problem discussion ...................................................................................................................... 1 Future trends for the industry ...................................................................................................... 1 Innovation gap ............................................................................................................................. 1 Closing the innovation gap .......................................................................................................... 2 Core innovation ........................................................................................................................... 2 References ........................................................................................................................................ 3

1 Introduction Problem discussion Sony identifies that it is losing some of its market position to its competitors due to innovation as it is reluctant to change amidst the industry trends. This has served as a basis for alienating its consumer base as Sony is no longer creating products as per its consumers’ preferences. The problem in this case is mainly regarding innovation capabilities and the lack of investment in new innovative prospects. The organisation is not able to maintain its position in the industry and is susceptible to intense competition within the gaming and console industry. The organisation is also not investing in its technological capabilities despite a strong cash flow position. This is considered to be a detriment against their position in the business and is compromising their ability to generate additional revenue streams within the industry. Future trends for the industry The industry’s future trend is promising as the gaming and console industry is projected to increase to $23.7 billion in the current year and a 2% increase in a five year span (Statista Market Insights, 2023). This is an important projection that allows t organisations to understand pertinent future trends and prepare for upcoming future trend . The industry’s experience with the purported success with its consumer base can serve as a basis for the organisation to take relevant steps to maximise its earning potential (Statista Market Insights, 2023). The industry’s condition is favourable for its financial growth and can create opportunities for the organisations in the future. The industry’s positive outlook can benefit the organisation in various factors such as leading it to change its stance on innovation and adapt to new technologies so that it is able to deliver services and products as per its consumers’ requirement. The industry’s growth also signifies increase in technology base and the subsequent competition it can face in the future; thus providing an insight to Sony to develop its capabilities accordingly. Innovation gap The innovation gap includes reluctance to adapt to new technologies and not implementing measures that can facilitate its customers. This includes not paying particular attention to innovations within the gaming industry such as Artificial Intelligence (AI). The

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2 future trends indicate that the intense competition and increased revenue potential is bound to increase its attention towards more realistic gaming experience. This is yet to be probed and implemented by Sony. The current problem of not adapting to new trends poses a significant threat to Sony’s position in the gaming industry as it is not prepared to capitalise on the industry’s future’s positive outlook. Closing the innovation gap The organisation can bridge the innovation gap through better investment and future allocation for technological development such as AI. As the organisation does not experience a weak cash flow position; the organisation can invest into innovation substantially. Sony can implement measures that are directed towards its consumer base requirements and also improving its position in the industry. The organisation can create value for its consumers by launching products that are technologically capable of addressing its consumers’ requirements with relative ease. This is particularly important for the organisation because it can bridge the innovation gap along with increase its revenue streams substantially. The organisation can also implement such protocols that compel its operations mainly invest in innovation as per future trends. Core innovation The organisation’s core innovation includes investing in other industries and fostering collaboration with other companies to complete its innovation deficit. This is a counterproductive measure for the organisation because it allows more exposure and ensures that it is able to widen its consumer base (Sony, 2023). The organisation can also improve its internal operations that can be directed towards improving its policies and ensure its workforce is aligned with the company’s objectives (Sony, 2023). The core innovation also includes increasing its presence in other industries so that it earns a diversified income.

3 This is an example of bucket one innovation as the company focuses on core internal operations to address the innovation gap. This is also an example of process innovation (Tidd and Bessant ) as investment and innovation processes are erected in order to enable Sony to become more competitive References Sony (2023). Sony Electronics to Exhibit the Latest Professional AV Innovations and Partnerships at InfoComm 2022 . [online] www.sony.com. Available at: https://www.sony.com/content/sony/en/en_us/SCA/company-news/press-releases/sony- electronics/2022/sony-electronics-to-exhibit-the-latest-professional-av-innovatio.html [Accessed 15 Nov. 2023]. Statista Market Insights (2023). Game Consoles - Worldwide | Statista Market Forecast . [online] Statista. Available at: https://www.statista.com/outlook/cmo/consumer-electronics/gaming-equipment/game- consoles/worldwide#:~:text=Revenue%20in%20the%20Game%20Consoles.

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