The report helps in the overall analysis of the different kinds of mission and vision statement of the Fisher & Paykel Healthcare along with the corporate strategy which have been adopted by the organization. Furthermore, the internal and external analysis of Fisher & Paykel Healthcare is required to be done with the proper implementation of PESTEL and SWOT analysis which will be essential for analysing the issues and the weaknesses which can be faced by the organization. The current alliances along with the current marketing strategies are required to be identified effectively. Moreover, the expansion strategy is required to be analysed for expansion in the international market along with analysis of the risks which are associated with the sustainability of the organization.
Overview of Fisher & Paykel Healthcare
Fisher & Paykel Healthcare is one of the major manufacturing organization which is dealing in designing along with marketing of different products and services for the utilisation of acute care, respiratory care along with the proper treatment of obstructive sleep apnea. The company is based in East Tamaki, New Zealand and the company began their operations in various other sectors as well (“Home | Fisher & Paykel Healthcare”, 2018). The company was founded in the year 1934 and the founders of the company are Maurice Paykel and Sir Woolf Fisher. The areas which are being served by the Fisher & Paykel Healthcare is inclusive of Australia, New Zealand, Italy, United States, United Kingdom and others. The number of employees working in the organization are 3150 till the year 2017.
Mission and Vision Statement of Fisher & Paykel Healthcare
The main mission of Fisher & Paykel Healthcare is to improve the health of the different individuals wherein the serving of the customers is done with commitment to excellence in the different aspects which are being performed by them. Moreover, the other mission is to provide the patient centred healthcare with excellence in the overall service and access to the quality of the organization.
The vision of Fisher & Paykel Healthcare is to x which will be helpful in setting the different community standards along with exceeding the expectations of the patients along with providing in cost effective and caring and accessible manner as well. The vision of the company is to work in such a manner which will be helpful to be trusted by patients along with creating a positive image (Schaltegger, Burritt & Petersen, 2017).
Corporate Strategy of Fisher & Paykel Healthcare
Both the historical and current corporate strategy of Fisher & Paykel Healthcare are same wherein the corporate strategy of Fisher & Paykel Healthcare is the horizontal growth of the organization which has helped them in development of the market strategy. The main aim of the company is to offer the quality products to the customers which has helped in creating value across the different businesses in an efficient manner (Bromiley et al., 2015). The licencing along with the acquisition strategies of Fisher & Paykel Healthcare has helped the company in improving their operations and this helps them in meeting the expectations of the customers.
BCG Matrix of Fisher & Paykel Healthcare
The BCG matrix is the chart which is being designed in such a manner to assist in long-term strategic planning which helps the business in considering the overall growth opportunities by reviewing the portfolio of the products which helps in developing the products effectively. Moreover, the BCG matrix is used in order to determine the different priorities which is being provided in the product portfolio of the business unit which will be helpful in deciding which of the different business unites wherein Fisher & Paykel Healthcare has to fund and the amount which is required to be funded as well (Galliers & Leidner, 2014).
From the above analysis of the BCG matrix, this can be analysed that Fisher & Paykel Healthcare is under the Question Mark section. The growth of the company is huge; however, the market share is low in comparison to the growth along with in comparison to the other competitors in the entire market. As per the question market aspect, this can be analyzed that the company have high cash demands and the generate returns which is low in nature as the share of the market is low (Jenkins, Ambrosini & Collier, 2016).
This will help in ensuring the long-term creation of the value wherein the company will be creating high growth of the products and services which is essential for the overall success of the products in an effective manner. However, this will be difficult for Fisher & Paykel Healthcare to turn their question-mark into stars as the cost of the market acquisition compound the different cash needs and requirements which will be beneficial for the overall success of the firm (Jarzabkowski & Kaplan, 2015).
SWOT Analysis
Proper SWOT analysis is essential in nature which helps in identification of the different strategies which the firm can use in order to exploit the different external related opportunities along with countering the different threats and build on and protect the Fisher & Paykel Healthcare Corporation strengths along with eradicating the different weaknesses as well.
Strengths
Firstly, the company has a successful track record of developing the different new products which is the innovation of the product effectively. Furthermore, the strong distribution network of Fisher & Paykel Healthcare Corporation has tried in building reliable distribution network which will help in reaching to the majority of the potential market effectively (Helfat & Martin, 2015).
Secondly, the reliable suppliers are the other strength of Fisher & Paykel Healthcare wherein this has a strong base of suppliers who are reliable in supplying the different kinds of raw materials which will enable the organization in overcoming the supply chain bottlenecks (Frynas & Mellahi, 2016).
Thirdly, the strong brand portfolio is the other strength of Fisher & Paykel Healthcare Corporation which has helped the company in investing in building the brand portfolio which is strong in nature (Hitt & Duane Ireland, 2017). This respective brand portfolio of Fisher & Paykel Healthcare will be extremely useful when the organization will be expanding their business opportunities effectively into the different product categories in an appropriate manner. Moreover, Fisher & Paykel Healthcare has helped in involving the huge amount into different training and development programs of the different employees and this has helped in improving the workforce of the different employees (Mitchell & Leiponen, 2016).
Weaknesses
The Fisher & Paykel Healthcare is not highly successful in integrating the different firms with the various work cultures. There is a gap in the work culture and this has affected the overall profitability of the firm.
The structure of the organization of Fisher & Paykel Healthcare is not compatible in nature with other businesses. The entire structure is suitable for the present businesses and this limits the expansion in the adjacent segments of the different products as well.
Opportunities
The decrease in the costs of transportation is one of the major opportunities of Fisher & Paykel Healthcare which will help the company in boosting the opportunity for the different established players and gain proper market share in the market.
The new customers from the different online channels is the other opportunity for Fisher & Paykel Healthcare wherein the investment has tried in opening the different new channels of sales which will be leveraging the opportunity by analyzing the different customers and serving the needs.
Threats
The rising cost of the different raw materials is a threat for Fisher & Paykel Healthcare which has limited the profitability as there is intense competition in the market. The intense competition has increased the different players in industry which has created downward pressure.
New kinds of technologies which have been developed by the different competitors in the entire market is the other aspect which will be a threat which could be serious issue which can be ineffective for the long-term issues.
PESTEL Analysis
Political Aspects- This play a major role in determining the different factors which will impact Fisher & Paykel Healthcare Corporation wherein this can be seen that there is political stability in the country. Furthermore, there are different trade regulations and barriers in the different healthcare equipment and services which will be a negative impact on the Fisher & Paykel Healthcare Corporation in a negative manner (Meyer, Neck & Meeks, 2017).
Economic Aspects- The intervention of the government in Australia is a negative aspect in which this will be beneficial for the overall success of Fisher & Paykel Healthcare. The financial markets are efficient in nature for Fisher & Paykel Healthcare which will be help in improving the quality of the infrastructure effectively (Rothaermel, 2015).
Social Aspects- There are different demographics and skill level of the population which has affected the overall efficiency of the firm in a positive manner. The level of education plays a major role in managing the different aspects of Fisher & Paykel Healthcare in an appropriate manner.
Technological Aspects- The different technological aspects have played a major role in Fisher & Paykel Healthcare Corporation in comparison to the other competitors. The impact of technology on offerings of the company in a positive manner.
Legal Aspects- There are different laws along with other employment laws which will be difficult for the Fisher & Paykel Healthcare Corporation in managing the different operations. There are different copyrights and patents which have affected the growth of the firm.
Environmental Aspects- There are different changes in the climate which can be different and the attitudes towards support for renewable energy will be beneficial factor for Fisher & Paykel Healthcare Corporation in managing the different operations.
Current Alliances and Marketing Strategies
There are no such current alliances of Fisher & Paykel Healthcare and there are no such strategic partners of Fisher & Paykel Healthcare in the entire market. However, on the other hand, there are different other current alliances of the Fisher & Paykel Company.
Product- The major products of Fisher & Paykel Healthcare Corporation is inclusive of selling of the different respiratory and acute treatment of the different diseases effectively.
Price- The price of the different products is low pricing strategy which has helped the company in becoming more successful in their operations.
Place- The place from wherein Fisher & Paykel Healthcare sell their products is inclusive of different kinds of offline areas and there is no such online presence of the company.
Promotion- The promotional activities which are being undertaken by the company is through different newspaper and the other blogs which help them in making the customers aware about the different manufacturing products and services.
Designing of Expansion Strategy in Malaysia
The expansion strategy which have been designed by Fisher & Paykel Healthcare to expand their business operations in Malaysia is licensing strategy wherein this will help Fisher & Paykel Healthcare in managing their operations with the different kinds of other healthcare institutions which are available in Malaysia and gain more competitive advantage in the entire market.
Issues in Expansion Strategy in Malaysia
There are different kinds of issues in the expansion strategy named Licensing in Malaysia wherein this can be seen that there is low level of control and the license is becoming a competitor. Furthermore, there can be incurring of the extra costs which will be difficult for Fisher & Paykel Healthcare in managing the different operations in managing the different operations in an effective manner.
Issues Associated with Implementation of Project
There are different issues which are associated in implementation of the product in which there are few issues such as:
Fisher & Paykel Healthcare will be gaining competitive advantage in providing the different services to the customers in the market which is based on proper pricing strategies which will be beneficial for the overall success of the firm in an effective manner. The low pricing strategy is essential which is required to be adopted by Fisher & Paykel Healthcare in gaining competitive advantage in the market effectively.
Anticipated Outcomes in Analysing Sustainability of Fisher & Paykel Healthcare
Conclusion
Therefore, this can be concluded that the Fisher & Paykel Healthcare Corporation has different strengths along with weaknesses which has helped the company in becoming effective in their operations. Furthermore, there are different political and environmental issues which have been taken into consideration which assisted the organization in solving them with proper utilization of the resources.
References
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Bromiley, P., McShane, M., Nair, A. & Rustambekov, E., (2015). Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Frynas, J.G. & Mellahi, K., (2015). Global strategic management. Oxford University Press, USA.
Galliers, R.D. & Leidner, D.E., (2014). Strategic information management: challenges and strategies in managing information systems. Routledge.
Hanson, D., Hitt, M.A., Ireland, R.D. & Hoskisson, R.E., (2016). Strategic management: Competitiveness and globalisation. Cengage AU.
Helfat, C.E. & Martin, J.A., (2015). Dynamic managerial capabilities: Review and assessment of managerial impact on strategic change. Journal of Management, 41(5), pp.1281-1312.
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Hitt, M. & Duane Ireland, R., (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.
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Jarzabkowski, P. & Kaplan, S., (2015). Strategy tools?in?use: A framework for understanding “technologies of rationality” in practice. Strategic Management Journal, 36(4), pp.537-558.
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Lasserre, P., (2017). Global strategic management. Macmillan International Higher Education.
Meyer, G.D., Neck, H.M. & Meeks, M.D., (2017). The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Mitchell, W. & Leiponen, A., (2016). Virtual special issue on innovation, intellectual property and strategic management. Strategic Management Journal, 37(13), pp.E1-E5.
Rees, G. & Smith, P. eds., (2017). Strategic human resource management: An international perspective. Sage.
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Schaltegger, S., Burritt, R. & Petersen, H., (2017). An introduction to corporate environmental management: Striving for sustainability. Routledge.
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