Fisher & Paykel Limited NZ is a company that has existed since 1934. It was founded by Sir Woolf Fisher and Maurice Paykel and became publicly listed 1979 with an average capital of NZ$40 million. Fisher and Paykel appliances ltd was separated from Fisher and Paykel Industries Ltd in 2001, and the same year it was publicly listed. Through strategic planning and management, the company has been able to make certain developments and achieved more. This shows the current position of the company, its strategic plan, organizational values, mission and vision statements, future company objectives, implications of resources, evaluation of the strategic plan as well as the peer assessment of Fisher and Paykel Limited NZ company. For the company to maintain its position and market share it needs to have a clear and well-planned strategy which will make its running and stand in the market strong being able to fight the stiff competition from upcoming companies.
Strategic planning is an activity by organizational management used in setting priorities, strengthen operations, focus resources and energy, ensure stakeholders, as well as employees, are working toward common goals, adjust and assess the directions of the organization in response to a growing environment and establishing agreement around the intended results or outcomes (Wolf & Floyd, 2017). Therefore, we can say that strategic planning produces necessary actions and decisions which guide and shape what an organization does, what it is, why it does what it does, and who it serves with a focus on the future. The report looks at Fisher and Paykel's current business plan and seeks to identify options that can be put in place based on the findings from the research conducted.
Analysis of the Effects of Current Business Plans of the Fish & Paykel Limited NZ by Using Suitable Tools
Fisher and Paykel is a manufacturing company that is located in East Tamaki, New Zealand that bases its identity on a design that is innovative and more particularly in areas of environmental awareness as well as usability. Some of its trademark appliances include Smart Drive washing machines, Active Smart refrigerators, Smart load top loading dryers, Aerotech ovens, electric and gas cooktops as well as Dish Drawer dishwashers these are some of them among which makes the company hold over 420 patents so far (Tse, 2015). In 2006, Fisher and Paykel Appliances purchased Elba, an Italian cookware company, and in 2004, it had acquired Dynamic Cooking Systems a United States' cookware manufacturer making it become of the biggest well-established companies in New Zealand.
The Position of the Fish & Paykel Limited NZ in the Current Market
The company has so far managed to sell its products to over 80 countries in the world with most of its products being consumed more in Australia and New Zealand. The company's unique products such as the Dish drawer dishwashers has enabled the company gets into most countries since this product meets the demands of the customers due to the provision of efficient services hence allowing Fisher and Paykel appliances beat most upcoming companies that tend to compete with it in the market. The company produces environmentally friendly products that are typically be mostly considered by most customers; this has enabled it to remain amongst the best in the appliances market.
Competitive Strengths and Weakness of the Current Business Strategies of Fish & Paykel Limited NZ
Fisher and Paykel company has faced a lot of competition as it tries to maintain its position in the market, this is because there have been more new companies who tend to come up with products similar to those it produces and sells the products at a much lower price. This has affected its efforts to take the products all over the world because some of the countries comprise of low-income earners who are not able to purchase the company's products which are assumed to be favorable for middle- and high-income earners. Despite this, the company has tried to change as technology is evolving to ensure that its products still stand in the market. The company has increased its workers, brought in new modern technologies and have tried to adapt to new market changes to maintain its position in the market.
A Comparative Understanding of the Activity From Other Companies in the Market
Most organizations tend to understand how the game is to be played and are doing their best to ensure they meet the market demand at minimum costs as well as creating a stiff competition to provide they stand and with the market, a significant challenge to Fisher and Paykel appliances company (Yang, 2018). This generally means that Fisher and Paykel company has to strategize on how to cope with future competitions as well as meet market demands to maintain its position.
Potential Options by Organizational Strategy for the Future
The company has the opportunity to utilize the next technology to reduce its production costs, increase its innovation and conduct market research to ensure that it understands the market trends and how customer preferences and tastes keep on changing.
The company has tried to ensure that it maintains the core organizational values by having a disciplinary team which provides integrity, discipline, diligence, accountability, as well as perseverance, is present amongst its employees and stakeholders to ensure innovative design in usability as well as environmental awareness of its products. The company is devoted to staying true to their goals and values as well as being socially responsible for having a strong commitment to preserving the environment. Increase in human, financial as well as material resources will give the company a chance to get into every corner of the world as well as produce much more innovations that environmentally friendly (Castano et al, 2018). To evaluate the company's strategic plan, the management has to ensure that it has achieved its goals, it meets the customer needs, it can cope with the competition as well as whether it has created innovations that create new value for its customers.
The company after being purchased by the Haier group it has gained an opportunity to continue and even become one of the best appliance companies in the world. They are now able to sell their products a fair price which most individuals from all over the world can afford and access anytime. Today the companies name, brand and products are on the front where people can access them quickly.
Porters Five Forces Model
Using Porter's five forces model; Fish & Paykel Limited NZ faces competitive rivalry after being outdone by other appliance manufactures in the world market in efficiency, cost, and price of products. In supplier power whereby, Fish & Paykel Limited NZ receive valuable resources that make it hard for the company to cope with the current trend in the market. Buyer power, whereby due to cheap products from the other appliance manufacturers, the buyers expects an equal alteration of Fish & Paykel Limited NZ products to remain loyal. Threat of substituting the Fish & Paykel Limited NZ with other appliances that are cheap and efficient from other manufacturers as well as the risk of new entry, a situation whereby the Fish & Paykel Limited NZ is facing today due to the upcoming appliance manufacturers who are already in the market and are offering stiff competition in the aim to beat the company in the market share. Fish & Paykel Limited NZ has been trying to focus on raising profits, cutting the cost of production as well as incentives.
Comparison of Company Organization Values.
Fisher & Paykel Limited NZ is committed to ensuring that it maintains its' values in the following ways.
On ethical values. The company ensures that it maintains its moral values, such as integrity as well as fairness and loyalty. This is done since the company appreciates the fact that if these values are disregard red, it won't be able to maintain its market dominance while creating other new markets. Cooperate social responsibility is another area, as well as corporate governance, is another aspect that Fisher & Paykel Limited NZ ensures that it is well cared for.
On Cultural and Environmental values: The company not only does is it respect the culture of its customers but also understands that for them to have a good customer relation they must recognize them. On that perspective, the company appreciates diversity cultures of their clients.
Social and business values. Fisher & Paykel Limited NZ understands the social responsibility it has to the community. It does this by having some social activities like sponsoring some events in society. This is also done with balancing business and ensuring that some of the profits go to those right calls.
For Fisher and Paykel company to remain competitive, the management should motivate the employees to remain focused on the company's goals, objectives, mission and vision. The company has to set a clear strategic management plan which will enable it coupe with the stiff competition by new companies in the market.
To give the world high-class designs on innovative and helpful home appliances at affordable rates, and ensuring that the world has environmental awareness as well as usability of their products.
Fisher & Paykel Limited NZ vision statement, is being the best company in the world for the best home appliances. Ensuring that every household has a product from our company.
Agreed future objectives of the company.
The future objective of Fisher & Paykel Limited NZ Ltd is an expansion of the whole world. Currently, the company can market its products in over eighty countries. The company has a five years plan on ensuring that they will have expanded to Asia and Africa and later all other unventured countries (Zamborsky, & Turner, 2017).
Financial Resource. To fund these future objectives, the company will get financial resources from accumulated profits over the years. The company has been reporting earnings since it start...
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