Fish & Paykal 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 in the same year it was publicly listed. Through strategic planning and management, the company has been able to make certain developments and achieved more.
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. This paper tries to practically show what strategic planning is in an organization and its impacts on the organization.
Analysis of Effects of Current Business Plans of the Fish & Paykal 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 amongst the biggest well-established companies in New Zealand.
Position of the Fish & Paykal 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 get 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 & Paykal 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.
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. 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 on the Basis of Organizational Strategy for the Future
The company has the option 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. 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.
Tse, E. (2015). China's disruptors: How Alibaba, Xiaomi, Tencent, and other companies are changing the rules of business. Penguin.
Wolf, C., & Floyd, S. W. (2017). Strategic planning research: Toward a theory-driven agenda. Journal of Management, 43(6), 1754-1788.
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