BUSINESS CASE STUDY

Candidate Number: 11933

Date: 02/03/2023

Image: Sony Alpha I

Ques%on 1

WHAT
Sony Group Corpora;on is a Japanese mul;na;onal conglomerate, originally founded by Masaru
Ibuka in 1946 as Tokyo Telecommunica;ons Engineering Company. Formerly known as Tokyo
Telecom Engineering, Sony Group is now one of the world's leading manufacturers of electronic
products, with a wide range of businesses including the produc;on and manufacture of televisions,
computers, mobile phones, game consoles and cameras.

Figure 1. Sony Group Corporation organisational structure

According to Sony Group's financial statements for the fiscal year 2022, the company's overall
revenue was approximately 72.9 billion USD, with its imaging products and solu;ons segment
contribu;ng approximately 10.3 billion USD in revenue. This segment includes sales of digital
cameras, interchangeable lenses, and other photography-related products. (Sony imaging products
and solu;ons division is hereinaWer referred to as Sony.)

Sony's early focus was on the development and manufacture of tape and transistor radios, tape
recorders and televisions. Its first digital camera was introduced in 1988, it could be used in
conjunc;on with a TV screen display. Ten years later in 1998, Sony introduced the first digital
camera to use a Memory S;ck external memory card, whereas most digital cameras at that ;me
were s;ll using internal memory. In 2006 and 2010, Sony took a very leading posi;on in these two
years with the release of the first DSLR and mirrorless cameras.

As well as being a household name in the camera industry, Sony is also a leader in the produc;on
of sensors, supplying many other camera manufacturers. This gives Sony a unique perspec;ve on
the imaging industry and allows it to use its exper;se in sensor technology to produce high quality
cameras. Sony has con;nued to push the boundaries of what is possible in digital imaging and its
sensors are highly regarded for high image quality, low noise and fast readout speeds. Sony
overtook Canon to secure Top 1 posi;on in the world making sensors and since then Sony has
played a dominant role in the market, with
their sensors being used in a wide range of
major camera brands as well as other
electronic devices. In December 2022, Apple
CEO Tim Cook tweeted for the first ;me
admired that Sony has been suppor;ng
Apple on camera sensors for more than a
decade and they will con;nue this
coopera;on in the design of new genera;on
.

Despite smartphone manufacturers, Sony

licenses its sensors to some manufacturers
of security cameras, medical equipments,
automo;ve cameras and other digital
camera brands, so that Sony got profits from
selling a permission to them and let them
use Sony’s sensor in their own products.
Figure 2. Tim Cook’s Twitter about cooperation between
Apple and Sony.

Ques%on 2

WHY
Although Sony faced s;ff compe;;on in the camera market from major manufacturers such as
Canon and Nikon, it carved out a significant market share through its innova;ve technology and
high-quality products, overtaking Nikon in 2019 to become the world's second largest digital
camera manufacturer and holding on to that posi;on un;l now.

Figure 2. Market share of leading digital camera

manufacturers worldwide as of August 2021.
Taking 2019 as an example which the market was not yet affected by Covid-19. As it could be seen
in Figure 3., Sony was just behind Canon, however, in the mirrorless camera segment the market
share of Sony(1.65million units) has far exceeded that of Canon(0.94million units), which clearly
indicated the unassailable posi;on of Sony in the whole market.

Figure 3. Global Digital Cameras Market Share 2019.

Figure 4. Global Mirrorless Digital Cameras

Market Share 2019.

Also it is worthy to compare the year by year unit shipments of DSLR and mirrorless cameras,
which was shown in Figure 5. & 6., despite the decline in DSLR shipments, mirrorless camera
shipments have remained at a more stable level, relatively the market for mirrorless cameras has
been more popular than the DSLR market in recent years.

Figure 5. Unit shipments of mirrorless Figure 6. Unit shipments of DSLR

cameras from 2012 to 2021. cameras from 2012 to 2021.

Sony's presence in the camera market is important because it offers photographers a range of
op;ons and innova;ons that ul;mately help drive progress and innova;on throughout the
industry.

This is partly because it has a long history of innova;on in imaging technology. Sony's cameras
offer a range of features and func;ons that appeal to amateur and professional photographers
alike, including high quality image sensors, advanced autofocus systems, and excellent video
capabili;es. Sony's cameras have been praised for their image quality and low-light performance,
thanks in part to their use of large image sensors and advanced image processing algorithms. Sony
was also one of the first camera manufacturers to embrace mirrorless camera technology, which
has since become increasingly popular in the photographic world. In general photography,
portraits and landscapes usually require less of the camera itself and depend largely on the
photographer's own preferences, but if we take the rela;vely narrow example of sports
photography, the choice of cameras is very limited. In sports events, athletes move at high speeds,
posi;ons change randomly and repeatedly, and even some stadiums are poorly lit and have long
playing ;mes, which means that there are some typical requirements on the camera, and these
requirements are essen;ally the key areas of research for major camera brands to transform and
upgrade their original products.

Accordingly, if the camera has a large

format, it means that the camera can
capture a wider space and has becer
pixels in low light; if the camera has a high
con;nuous shoo;ng speed and strong
con;nuous focus, it means that every
moment captured by the camera is clear
and con;nuous. If the body is rela;vely
light, it means that the photographer
doesn't have to spend as much ;me
running around the venue with a bulky Figure 7. Sony centre in Winter Olympic Games 2022 in
machine when moun;ng lenses. In other Beijing, China.
words, if a camera can perform very well
in sports photography and give the
photographer a sa;sfying experience, it must not perform too badly in other areas of photography
and must represent the rela;ve cueng edge of that brand's technology. Sony has certainly
survived the performance wars and the answer to the ques;on "what is the top camera in sports
photography" will only be a number of high-end models from Canon, Sony and Nikon, with Sony
oWen being the first choice of professional photographers due to its impeccable focus and
lightweight body. At the 2022 Winter Olympics in Beijing, Sony supplied more than 250 bodies and
600 lenses to around 700 photographers.

Sony has invested extensively in

research and development, as well as
their focus on innova;on and high
quality manufacturing processes.
Sony is very experiences in producing
high quality sensors for a wide range
of applica;ons, including cameras,
smartphones and other imaging
devices. Sony's camera sensors are
known for their excellent image
quality, low noise levels and high
dynamic range. This is due to their
Figure 8. Market share of leading complementary CMOS
camera module manufacturers worldwide in 2020.
use of advanced technologies such as back-illuminated sensors, stacked sensor designs, and on-
chip signal processing. In addi;on to their technical exper;se, Sony has forged strong partnerships
with many of the world's leading camera manufacturers. This enables Sony to remain at the
forefront of the industry and to collaborate with other experts in the field to develop new
technologies and improve exis;ng ones.
Sony works closely with camera manufacturers such as Canon, Nikon and Panasonic, although they
are compe;tors, to develop sensors that meet the specific requirements of different camera
models. These partnerships have enabled Sony to gain insight into the needs of different market
segments and to develop sensors op;mised for different types of photography. Also, Sony has
established partnerships with academic ins;tu;ons like University of Tokyo, to conduct research
into new sensor technologies and applica;ons. These collabora;ons help Sony to stay at the
forefront of sensor technology and develop innova;ve solu;ons to meet the evolving needs of the
imaging industry.

Ques%on 3

HOW
'Our biggest focus is to increase the market, not segment it.’
Kenji Tanaka
Sony's global head of interchangeable lens cameras

Sony Group has large brand presence, with countless electronic

products other than cameras that are popular choices among
customers. Sony has capitalised on this characteris;c of being
on all sides and marke;ng its products with a business model
that favours high volume marke;ng and high brand awareness
because, unlike other areas, camera segment has many
compe;tors of equal calibre. Sony uses all media to promote its
products, including photographer partnerships, online
adver;sing and billboards.

It also has strong social media presence, and as Sony itself is

mostly involved in cinematography, Sony excels at using video
content, online adver;sing and other forms of digital marke;ng
to keep its users engaged, demonstra;ng how Sony's business
model and its marke;ng efforts are geared towards acrac;ng
younger audience.
Figure 9. Sony Instagram page.

On the other hand, Sony's products are developed and manufactured en;rely by Sony Group(Sony
camera and other subsidiaries). This allows Sony to have sufficient resources to enable it to
outperform other compe;tors. For example, when it comes to sensors, Sony does everything from
R&D to manufacturing in its own company, and even produc;on is done at the head office in
Japan, not at a manufacturing plant anywhere else in the world such as Thailand where Sony’s
largest factory now. Sony controls the en;re market by supplying sensors to other camera
manufacturers. As it was men;oned before, imaging and sensing segment shared over 10% in
overall revenue, which Sony Group has over 13 segments and this segment was undoubtedly gives
Sony Group very sa;sfying income.

Ques%on 4

STRATEGY
Sony's business strategy is to be a leader in the digital imaging market. Nowadays Sony puts main
focus on mirrorless cameras, which have become increasingly popular in recent years. Sony's full-
frame mirrorless cameras, Alpha series, are designed to compete with tradi;onal DSLRs, offering
high image quality and advanced features in a more compact and lightweight form factor. Sony
also invests heavily in research and development to find new technologies and features for
cameras. Sony has developed several unique technologies, such as the 5-axis in-body image
stabilisa;on and the Eye AF (autofocus) feature, which have been well-received by photographers.

In Sony’s road to success, the ac;on of merging Konica Minolta was a turning point. In 2005, Sony
introduced the development of digital Single
Lens Reflex (SLR) cameras from Konica Minolta
and formally acquired Konica in 2006. Konica is
obviously not as popular as Nikon or Canon, but
the majority of SLR or mirrorless camera
predecessors came from Minolta's innova;ons in
the 70s and 90s. This helped Sony's subsequent
development and research in imaging and
cameras. Using Minolta's underlying technology
and its own innova;ons, Sony released a number
of well-received products in the DSLR and
compact markets. AWer realising the poten;al of
the emerging mirrorless market, Sony went all
out to produce the world's first full-frame
mirrorless camera, the Alpha 7, a Sony camera
with Konica's innova;ve DNA. By now, Sony has
metamorphosed perfectly and the legendary
Minolta A-mount has been replaced by Sony's
Figure 10. Sony E-mount (top two) VS A-mount
own E-mount.
(bottom two).
Sony is aggressive, it released new products every year and offered a large range of cameras which
from the lowest price point all the way up to very high price point for professional cameras, this let
Sony cameras iterate in a very fast speed. Sony targets the mindset of consumers and builds brand
equity for its products. What Sony really wants is when consumers start thinking about cameras,
the first op;on comes up their minds is Sony. It offers discounts during the holiday season to drive
sagging sales - Sony cares more about the numbers of sale other than the maintenance of being a
high level company. By contrast, Leica cameras, which focus on a premium brand image, never sell
at a discount in public channels, which is not a good op;on for Sony.

Figure 11. Sony digital cameras timeline.

Sony's commitment to crea;ng a three-;er pricing schemes that caters to budget, middle-class and
high-end buyers is easily seen in the pricing of its various product ranges. Sony charges a high price
when the product was first introduced and gradually reduced the price when newer products were
released or when there was a change in trends. The concept is that this approach helps to
maximise profits when the product is first introduced, and as the price drops, it increases sales.

Ques%on5

CRITIQUE
Although Sony's cameras are highly regarded by many photographers, it is felt that
cameras do not receive the same marke;ng a<en;on as other brands. Sony could
improve its marke;ng strategy by targe;ng specific audiences and demonstra;ng the
unique features and benefits of its cameras in a more compelling way.

Limited lens selec%on

While Sony has a growing line of high-
quality lenses for its cameras, selec;on is
s;ll limited as a top level manufacturer.
Photographers who require a wide range of
lens op;ons for different shoo;ng
scenarios kept suffering from choosing a
suitable lens. Excluding other
manufacturers who specialise in the
produc;on of cameras such as Carl Zeiss,
Sony’s lens are always extremely
expensive, Sony is s;ll focusing on
manufacturing high-end lens. One of the
reason is that Sony’s mirrorless cameras
are full frame, this increases the cost of
Figure 12. Sony camera body and lens price(From R&D poten;ally because larger sensors
Jessops) need more op;cal elements to match the
camera bodies. Working with third-party
lens manufacturers can save so much ;me, Sony did cooperate with them before but as the
business is s;ll young compared to Sony’s compe;tors, Sony should aim to cut the cost and make a
wider range of lens. Sony itself could keeps an eye on some lower prices market, a camera body is
already over £2000, it is stressful for individuals to buy lens with the same price point.

Others may use lens adapter, this basically is a connec;on between E-mount in camera body and
the amount category in lens, so some;mes people may see Canon’s lens fits into Sony’s body.
Adapter is always not first choice for users, professional camera manufacturers only produced
adapters if there is a need for an adapter for their own brand, most camera adapters on the
market were designed and produced by third par;es, but this is just some 'poor man's wisdom',
whether the lens is secure in the case of
an adapter is a very big issue and users
will not choose to fit a very heavy lens
into the body with an adapter. Being the
first camera brand to drop its high profile
might be a good choice, and even though
the adapter also required investment in
research, the benefits will be huge, with
Sony's own adapter (A-mount to E-
mount) is now selling for £265, about a
tenth of the price of its lenses. Compared Figure 13. Sony A-mount adapter which was made for its
to going for a third party lens that Sony old DSLRs
wouldn't earn made a penny, having an
adapter selling is a mutually beneficial op;on.
Menu system complexity
Some users have reported that the menu system is over complex and difficult to navigate, for
beginners, it is not friendly. Sony offers a wide range of seengs and op;ons that can be
customised to some specific needs for photographers, this is one reason can make the menu
system more complex. In order to design a camera body with sharp and fancy shape, Sony's
mirrorless cameras oWen rely more on the menu system for making adjustments compared to
tradi;onal DSLRs, which have dedicated physical controls for many seengs. Sony chose to put
some physical Manu into the screen. Design aesthe;cs are very subjec;ve, and many users of Sony
cameras s;ll find them to be very simple and plas;c aWer being launched. In recent years the retro
style has also become popular, with the likes of Olympus and Fuji becoming more popular with
younger users, as some;mes the camera is no longer just a tool for taking pictures, but can also be
a decora;on, to add some manually operated components would not be a bad idea either.

Figure 14. Sony Alpha 7 III and Olympus OM-D camera appearance
(From Jessops)

Screen resolu%on
While Sony's menu system has been cri;cised, the screen is also complaint by users. Live preview
is a very important feature for the non-professional users. Photos imported from camera to
computer oWen turn out to be very different from what is presented on camera screen, as the
picture below shows. Not everyone is able to use Photoshop, especially for users who only want to

Figure 15. Sony user comparing difference between camera screen and computer
screen.
keep memories of their daily life. Sony Group is an expert in this area of screens, perhaps that’s
why, Sony knows becer how to get photos to be previewed in a more aesthe;cally pleasing
manner, but if Sony wants to eliminate the problem of its own screen not matching the tones of
the computer screen, it should eschew its achievements in other electronics and pay more
acen;on to how to present the photo parameters realis;cally on the camera screen.

Limited market share in the professional camera market

Although Sony has made significant inroads into the professional camera market in recent years,
market share remains small compared to industry leaders such as Canon and Nikon. This may make
it more difficult for Sony to establish themselves as the first choice for professional photographers.
Canon and Nikon have long dominated the professional camera market and many photographers
have a strong brand loyalty to these brands. This may be difficult for Sony to overcome, especially
among photographers who have invested heavily in lenses and other accessories for their Canon or
Nikon systems. Sony's lens selec;on has historically been more limited and, as previously stated,
this has been one of the reasons why many photographers have rejected Sony. While Sony has
been expanding its lens line-up in recent years, some photographers may s;ll prefer the broader
lens selec;on offered by Canon and Nikon. Also again, as just men;oned, for many professionals
the Sony cannot be operated as quickly and
efficiently as too many ac;ons need to be
selected in the menu. Canon and Nikon have
well-established professional support
programmes offering services such as expedited
repairs, equipment loans and dedicated
technical support. Sony is not doing enough in
this area. Sony should focus partly on the
customer experience and invest more in aWer-
sales support, for example if Sony s;ll can't get
the real picture parameters on the camera
screen, it could try working with Adobe to offer
a reduced subscrip;on fee for Sony users, which
Figure 16. Adobe family products at nearly £40 a month is a lot of money.

Ba@ery life and overhea%ng

One last common complaint is the bacery life of Sony’s cameras is rela;vely short compared to
other cameras on the market, which is likely because of the overhea;ng. This makes some
photographers who need to shoot for extended periods without the ability to recharge baceries
even inconvenient. Sony cameras are known for advanced features and capabili;es, including fast
autofocus, high-resolu;on sensors, and 4K video recording. These features require a lot of power,
which can drain the bacery more quickly than on cameras with less advanced technology. To tackle
this problem, it is worthy to compare with DSLRs which rela;vely have longer lifespan than
mirrorless cameras.
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