The report helps in the overall analysis of the strategic marketing plan wherein the main purpose is to analyse the external environmental analysis which will be beneficial for the identification of the different factors which can affect the success of the organization. The strategic marketing planning is the ongoing kind of process which helps in identification of promotional opportunities along with evaluation of these kinds of opportunities as well.
Fisher & Paykel is the major appliance manufacturing organization which is based in New Zealand wherein the company was the major importer of the domestic refrigerators (“Home -Fisher & Paykel Appliances”, 2018). The different kinds of trademarked appliances which is inclusive of Aerotech ovens, washing machines which are smart drive in nature along with Smart load top loading dryers. The different products of the Fisher & Paykel are available in more than 80 countries in the entire world. In 2001, Fisher & Paykel industries was split in two divisions which is inclusive of Appliances and the healthcare aspects.
The main aim and purpose of the assignment is to understand the remote environment along with near environment aspects as this will be providing a brief overview on the PESTEL along with the competitive and market review of the industry in which the respective company operates. Strategic Planning is helpful framework as this will help fisher & Paykel in setting policies and strengthen the different operations effectively.
Mission and Vision Statement
The mission of the Fisher & Paykel Company is to become the most human-centred appliances related brand in the entire world. The main aim of the respective company is to communicate with integrity by the different ordinary people along with commitment to make the life of the individuals a little better in nature (Piercy, 2016). On the other hand, the vision of the company is to innovate the different products and appliances which are being sold by the company to their customers which will increase their brand image.
Market Definition
The major target customers of the Haier Company are the niche customer group who have the ability to pay high price for the different products along with the services. However, in the future, the organization wants to target the different group of customers from the various income groups which will be beneficial for gaining more competitive advantage in an efficient manner (Banerjee, 2017).
Product Definition
|
Product category |
Our products/brands |
|
Kitchen Appliances |
Built-in Ovens, Cooktops, Ranges, Ventilation along with Companions and Microwaves |
|
Healthcare |
Humidification, Breathing Circuits, Chambers, Masks along with Interfaces |
|
Laundry Appliances |
Wash-Accessories, Top Leaders and Front Leaders Dry- Dryers |
Competitors
|
Competitors |
Competing products |
|
Haier |
Dishwashers, Washing Machines and Micro ovens |
|
Samsung |
Mobile Appliances and Accessories and Micro-ovens |
|
LG |
Fridge, Dishwashers and Micro-ovens |
|
Electrolux |
Fridges, Micro-ovens and different other electronic appliances |
Scope
The time frame of the strategic plan is 12 months as this will assist in handling the various kinds of activities in the different cities of Singapore in an efficient manner.
Scenario
The economic environment of Singapore is vibrant in nature and is developing at a very fast pace as well. The corruption-free environment of Singapore is helpful in nature in managing the different aspects as the success is generated due to the strategic geographic location. However, on the other hand, Fisher & Paykel will be facing different issues which is related to labour shortages along with rising costs of labour in a negative manner (Mcdonald, 2016).
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
Government has invested huge amount in diversifying the Singaporean economy |
4 |
The increase in the cost of the labour along with decline in the entire productivity |
5 |
Scenario
The literacy rate and the purchasing power of the Singaporean economy is huge in nature and this will be supportive for Fisher & Paykel in managing the various types of operations in becoming highly successful. Furthermore, the country helps in attracting the international trade along with foreign investment in an effective manner. On the other hand, the country follows the different traditional values which can be challenging for Fisher & Paykel in order to become competitive in nature (Andrews & Shimp, 2017).
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
Literacy Rate and the Purchasing Power is High in nature |
5 |
Traditional values and norms are affecting the overall international trade in a negative manner |
3 |
Scenario
The Singapore have stable government rules and regulations which that will be effective for the accomplishment of the organization in an appropriate manner. For Fisher & Paykel, the political risks are low and the country enjoys the lowest political risks in the continents. Fisher & Paykel can perform the different activities that will be beneficial for the success of the organization in the respective business environment (Sargeant & MACQUILLIN, 2016). However, there can be issues related to the limited dissemination of the content which can discourage the different new entrants in the Singaporean market in a negative manner.
On the other hand, there are different policy initiatives which have been formed by the Singapore government in order to increase the economic growth. However, there are different kinds of tax related issues and the content regulation aspects which will be affecting the different aspects in a negative manner (Eriksson et al., 2017).
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
Stable Government Rules and Regulations |
4 |
Fear of Legal Suits |
3 |
|
Policy Initiatives which will be increasing economic growth |
3 |
Tax Related Issues |
4 |
Scenario
The main aspect regarding the technological aspects is relating to the internet which plays a major role in Singapore’s advancement. This has helped the different companies in increasing their presence and increased the connectivity. This will be beneficial for Fisher & Paykel as the IT infrastructure of Singapore is praise worthy and this will be flourishing in nature (Tomczak, Reinecke & Kuss, 2018). Due to the technological advancements, there are no such threats and this has helped Singapore economy in boosting the social networking aspects in a proper manner.
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
The improvement in the internet connectivity along with cost and time of performing and conducting the business has been lowered |
5 |
– |
– |
Scenario
There are different kinds of environmental rules and regulations which are strict in nature and this will be difficult for the different international businesses in a negative manner. There are different kinds of water pollution control along with drainage act which can be a huge issue for the Fisher & Paykel Company in a negative manner (Kim, Shin & Min, 2016).
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
– |
– |
There are different pollution control rules and regulations that will be difficult for the Fisher & Paykel in handling various types of operations |
5 |
Description
The electronic market is growing in nature in the Singapore market and this will be helpful for the complete achievement of the Fisher & Paykel in a positive manner. The different leading electronics organizations are continuously innovating the different products and this is helping them in attracting more companies in a positive manner. On the other hand, the export has decreased to a great extent which has resulted in decline in the shares from 55% in 2010 to more than 66% in the 2013.
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
Innovativeness of the different electronic products in the entire Singaporean market |
5 |
The decline in the export of the different electronic goods and services can affect the Fisher & Paykel |
4 |
Description
There is huge competitiveness in the entire electronics industry which can affect the entry of Fisher & Paykel in a negative manner. Furthermore, there are different introduction of the innovative products by the existing companies in the Singapore market which will be advantageous for the Fisher & Paykel in managing their operations in an efficient manner.
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
Innovativeness in the Singapore market can be beneficial for the overall success of the firm |
4 |
Huge level of Competitiveness in the Singapore market can affect the share of exports in a negative manner of Fisher & Paykel |
3 |
Description
The distribution channels and the buyers play a major role and these become the strength of the different electronic appliances companies (West, Ford & Ibrahim, 2015). The intermediary customers are inclusive of the different retail stores which sell the electronic products and the commission rate is huge in nature which can be a threat for the Fisher & Paykel company (Chernev, 2018). On the other hand, the opportunity which is being generated from the distribution channels is that it is effective in nature in contrast to the other competitors in the market in a positive manner as this provides various options to reach out to the different international markets (Proctor, 2015).
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
The distribution channels play a major role in expanding their business operations |
4 |
The rate of commission and the other hidden costs are high and this can affect the overall efficiency of Fisher & Paykel in the Singapore market |
5 |
Description
The customers in the Singapore market plays a vital role in handling various activities in a well-organized manner (Foxall, 2014). The literacy rate and the purchasing power of the customers are huge and this is applicable in handling different and various aspects in a positive manner. In the entire Singapore market, this has been seen that customers are the ones who prefer technologically advanced products which can be threat for Fisher & Paykel as the products are costly and the meeting of their presences effective in nature as well.
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
The literacy rate and the purchasing power is huge and this will be one of the opportunities which will be helpful for gaining competitive advantage |
5 |
The constant change in the tastes and preferences of the customers in the market can be a threat for Fisher & Paykel as the products are costly in the market and the changing as per their preferences can be disadvantageous |
4 |
Description
The supply chain network which is being followed by the electronics companies in Singapore is helpful in increasing the capability along with flexibility. On the other hand, this can be analysed that competitors can easily copy the strategy of the SCM which will be difficult to manage.
Implications
|
Opportunities |
Rating |
Threats |
Rating |
|
The supply chain network in Singapore market is faster and accurate in nature and this will be beneficial for the overall success of the firm |
4 |
There can be resistance of the staffs and the competitors can easily copy the different supply chain aspects in a negative manner as well |
4 |
Significance of Opportunities
|
Particulars |
High |
Low |
|
|
High Probability of Occurrence |
High |
Government has invested huge amount in diversifying the Singaporean economy (Hill, 2017) Policy Initiatives which will be increasing economic growth Innovativeness of the different electronic products in the entire Singaporean market The literacy rate and the purchasing power is huge and this will be one of the opportunities which will be helpful for gaining competitive advantage |
Stable Government Rules and Regulations |
|
Low |
Innovativeness in the Singapore market can be beneficial for the overall success of the firm The distribution channels play a major role in expanding their business operations The supply chain network in Singapore market is faster and accurate in nature and this will be beneficial for the overall success of the firm |
Innovativeness of the different electronic products in the entire Singaporean market The rate of commission and the other hidden costs are high and this can affect the overall efficiency of Fisher & Paykel in the Singapore market |
|
Particulars |
High |
Low |
|
|
High Probability of Occurrence |
High |
Fear of Legal Suits The decline in the export of the different electronic goods and services can affect the Fisher & Paykel (Hakansson, 2015) The constant change in the tastes and preferences of the customers in the market can be a threat for Fisher & Paykel as the products are costly in the market and the changing as per their preferences can be disadvantageous |
Traditional values and norms are affecting the overall international trade in a negative manner Huge level of Competitiveness in the Singapore market can affect the share of exports in a negative manner of Fisher & Paykel There can be resistance of the staffs and the competitors can easily copy the different supply chain aspects in a negative manner as well |
|
Low |
There are different pollution control rules and regulations that will be disadvantageous for the Fisher & Paykel in handling the different kinds of operations |
Tax Related Issues |
The diversification of the product along with innovation of the different products play a vital role in handling the different kinds of activities in an effective manner in the Singapore market. The marketing initiatives are effective in nature that is beneficial for the complete success of the firm in an efficient manner which will be beneficial for the overall efficiency and effectiveness of the firm in the Singaporean market.
Review
The financial position of Fisher & Paykel is effective in nature and the revenues earned by them has made them effective in nature. Furthermore, the organization effectiveness is huge in nature wherein the skills of the staffs are efficient in nature which is beneficial for the success of the firm in a positive manner. On the other hand, the structure of the organization is not effective in nature as there is no such connection between the lower and higher-level employees.
Implications
|
Strengths |
Rating |
Weaknesses |
Rating |
|
The financial aspects of the company are effective and the company has performed well in last five years and gained huge revenues |
5 |
No connection between higher and lower level employees |
5 |
Review
The market intelligence generation along with marketing planning is the major strength of the company and this affected the company in a positive manner. On the other hand, the marketing strategies are negative in nature as the company is not innovative in nature in managing the different operations.
Implications
|
Strengths |
Rating |
Weaknesses |
Rating |
|
The marketing intelligence is the major strength wherein the segmentation and the brand loyalty are the major concerns |
5 |
The marketing strategies related to the different pricing of the product is negative in nature and this has decreased their market share |
5 |
|
CSF |
Our capabilities |
|
Diversification of the Products |
The distribution and supply chain management of the company is effective in nature in managing the different operations appropriately |
|
Innovation of the Products |
The company have different talented engineering experts and technicians which will be beneficial for the success |
Fisher & Paykel can include the different opportunities such as gaining more profitability and the revenues in the overall competitive market (Charter, 2018).
Fisher & Paykel can become one of the top ten companies which sells the different appliances along with healthcare products in a positive manner.
The threats which are required to be addressed in the organization are relating to the tax related issues which is required to be analysed in an efficient manner.
The company is required to adopt customer-centric approach in the different aspects which will be beneficial for the long-term profitability of the company.
References
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education.
Banerjee, S. B. (2017). Corporate environmentalism and the greening of strategic marketing: Implications for marketing theory and practice. In Greener Marketing (pp. 16-40). Routledge.
Charter, M. (2017). Greener marketing: A responsible approach to business. Routledge.
Chernev, A. (2018). Strategic marketing management. Cerebellum Press.
Eriksson, K., Johanson, J., Majkgård, A., & Sharma, D. D. (2015). Experiential knowledge and cost in the internationalization process. In Knowledge, Networks and Power (pp. 41-63). Palgrave Macmillan, London.
Foxall, G. (2014). Strategic Marketing Management (RLE Marketing). Routledge.
Hakansson, H. (2015). Industrial Technological Development (Routledge Revivals): A Network Approach. Routledge.
Hill, T. (2017). Manufacturing strategy: the strategic management of the manufacturing function. Macmillan International Higher Education.
Home -Fisher & Paykel Appliances. (2018). Retrieved from https://careers.fisherpaykel.com/
Kim, N., Shin, S., & Min, S. (2016). Strategic marketing capability: Mobilizing technological resources for new product advantage. Journal of Business Research, 69(12), 5644-5652.
McDONALD, M. A. L. C. O. L. M. (2016). Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Piercy, N. F. (2016). Market-led strategic change: Transforming the process of going to market. Routledge.
Proctor, T. (2014). Strategic marketing: an introduction. Routledge.
Sargeant, A., & MACQUILLIN, I. (2016). Marketing for nonprofit organisations. In The Marketing Book (pp. 555-576). Routledge.
Tomczak, T., Reinecke, S., & Kuss, A. (2018). Marketing Implementation and Management Control. In Strategic Marketing (pp. 223-244). Springer Gabler, Wiesbaden.
West, D. C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press, USA.
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