Fisher & Paykel Market Audit and Competitive Analysis - Essay Example

? Fisher & Paykel Market Audit and Competitive Analysis Executive Summary The project deals with the manufacturing company Fisher & Paykel New Zealand which supplies its dishwasher and washing machine in Australia. This is because Australia has experienced a high demand for white goods product and it would be feasible for Fisher & Paykel to commence business where the demand for its product is high. Fisher & Paykel a well known manufacturing company of white goods would supply two main products in Australia the washing machine and dishwasher which was lately introduced by the company. Since the demand is high the competition is stiff and thus Fisher & Paykel decided to promote is product through television pint media and by giving offers with the purchase of its products. As concerned with the pricing strategy the company would follow competitive based pricing. The company has planned a corporate and strategic plan to reinforce actions and implement it for which it has set up a long term vision 2020. Fisher & Paykel would use the Data quality Objective to measure its environmental performance and track a record of the actions that needs to be done. Along with it the company would develop team membership to perform effectively. The company core interest is towards environment sustainability and thus focuses primarily on the behavioural audit of the management and tries to find out the practise that Fisher & Paykel has been performing with regards to the safety of the environment. The company would develop proactive as well as reactive strategy in terms of environment sustainability which would report to the management on quarterly basis and finally the report aims to provide recommendation to the company in terms of environment sustainability. Contents 2 Contents 3 Introduction 5 Key target market 7 Compare and contrast the company’s product with competitors 9 Planning 11 The Current Environmental Information Gathering System 12 Organisational Response Mechanism 13 Behavioural Audit 15 Energy consumption 15 Sources of raw materials – suppliers 15 Method(s) of transportation used 16 Emission level targets identified 16 Emission levels controlled (recorded, compared to targets) 17 How these measurements recorded 17 How the corrective actions communicated to various stakeholders 17 Identify the various stakeholders’ sentiments about the environment 18 Product 18 Packaging 19 CEO’s (or the key senior decision maker’s) attitude toward the environment 20 CEO’s (or the key senior decision maker’s) education and background 20 CEO’s (or the key senior decision maker’s) participation 21 Office (admin) efficiency 21 Analysis of the nature and types of environmental safety actions being undertaken 22 Reporting 23 Recommendations 24 Reference 26 Introduction Introduction of the company Fisher & Paykel Appliances manufactures designs and markets innovative household appliances which are developed to provide technology, user friendly, design and environmental awareness. Fisher & Paykel is one of the biggest manufacturing company producing household appliances. Its wholly owned subsidiary includes production machinery limited which builds on production equipment; Dynamic cooking systems Inc which is based in US which manufactures both indoor and outdoor cooking products; Fishers and Paykel Italy which manufactures European cooking products. The company manufacturing sites is located in New Zealand, Italy, Thailand and Mexico (Fisher & Paykel, n.d). History Fisher & Paykel was founded in Auckland, New Zealand in 1934 by Wool Fisher and his friend Maurice Paykel to import refrigerators, washing machines and mantle radios. In the year 1938, import and restriction on foreign exchange lead the company to consider manufacturing. A year later the company started to manufacture refrigerators and washing machines. The company expanded its business and moved to larger premises and by 1949 the company started to produce 600 washing machines, 700 vacuum cleaners and 500 refrigerators. In 1956, Fisher & Paykel opened a new factory and within four years the company introduced new products and had a network of about 200 dealers throughout New Zealand and had about 600 staff to market its products. The company started to sell in countries such as Hong Kong, Singapore, Australia and Japan. The company reported a growth ain the annual income from $500,000 to about $2.4million during the time frame of 1967 to 1971. Approximately nine years later the company became a public limited company which issued its share for $1 for authorised capital of 40million. By 2001 Fisher & Paykel Appliances and Fisher & Paykel Healthcare Corporation became two separate listed companies. The company expanded its product portfolio with innovative product such as EcoSmart washing machine and dishwasher (Fisher & Paykel-a, n.d). Ownership Fisher & Paykel had its own financial cooperative which operates for the benefits of its staff, owners of Fisher & Paykel. The credit union of the company is owned by the members of the company for their own mutual benefit. The Banks in New Zealand are public listed companies whose main priority is to return profits to its shareholders. Credit unions are termed as competitive groups whose motive is to provide the products and service to its members with a competitive rate of interest and low cost loans. The profit earned is returned to its members through dividends (Fisher & Paykel Credit Union, 2012). Market presence and strengths in key target market segments The New Zealand market of Fisher & Paykel appliance had seen a decline by 9% during the current fiscal year. But the market share of the company improved. The revenue derived from appliance was down by 14%. The same situation was in Australia where the home appliance market also declined by 6.2%. The market share fell relatively down as the products were not in stock. The company tried to improve its performance but revenue remained down by 16%. Thus the company changed its distribution strategy and moved to a two tier brand strategy (Fisher & Paykel appliances, 2010, p.15). Major products Fisher & Paykel product ranges from cooking, refrigeration, dishwashing, laundry and other parts and accessories. The company two new products are dishwasher and washing machine. Key target market Describe the market The target market of Fisher & Paykel is Australia and the reason for choosing Australia is that population of Australia is concerned about water conservation. Australia is a developed country with a sound economic and consumption capacity. Australia is a competitive market for white goods and has attracted a lot of competitors to compete. With a rise in competition the white goods market are facing a tough challenge to survive and experience a high growth rate of profit. Fisher & Paykel dishwasher and washing machine are made in a way which consumes less water thus this competitive advantage would keep the company ahead. Geographical region Australia is the smallest continent but the sixth largest country in the world. Australia is located in the middle of tectonic plate. Australia is prone to natural calamities. The total area is about 7,741,220 sq km where land comprises of 7,682,300 sq km and water 58,929 sq km (CIA, n.d). Form of transportation and communication Australia has a well developed social infrastructure with advanced communication networks. It has been said that Australia maintains one f the most extensive road networks around the world. The air transport is extensively used by the Australians and has about 280 airports which include nine international gateways which are Melbourne, Sydney, Cairns, Perth and Brisbane. The road transport of Australia is world’s best and thus a majority of transportation of interstate goods is done through roadways. As far as shipping is concerned Australia has major shipping lines which help to transports good globally. The communication sector of Australia is regarded as the smallest sector and accounts for $273million. Communications tools such as email web and the internet are of demand but the postal and courier services also remains effective for business purposes. Australia communication industry includes postal and courier services, telecommunication, radio television and also newspaper (Budget, 2009, p. 146-154). Customer buying habits Australia being a competitive market in terms of white goods the customer buying habits also gets reflected. But there has been a dip in the buying of white good post Christmas. But with new companies entering the market it is estimated that the market would rise and since the white goods are necessary in life the demand would be always there. Distribution of the product The company can tied up with the distributors in Australia which would prove to be beneficial for the company in terms of cost. The mode of distribution can be through roadways as the roads are considered to be best and even through sea. Marketing communication Since the demands for white goods are relatively high in the market so a proper communication strategy would add on to the company’s advantage. Communication is the basis of all business and since Fisher & Paykel is a well known brand in Australia it would not have any difficulties in entering the Australian market. Advertising can be used, print media and also through internet. Pricing strategy The pricing strategy that the company should follow is competitive based pricing. As the company is entering a new market a high price for its product would not prove to be profitable. Thus competitive based pricing is safe and has the possibility of earning profits in near future. Compare and contrast the company’s product with competitors Products Haier deals with home appliances and air conditioning and Brown & White deals with products such as fridges, washing machine, dishwashers, dryers and microwaves. Since home appliances are almost similar to that of Fisher & Paykel, it would be necessary for the company to produce affordable as well as a greater quality of products so that it can stay ahead of these two competitors. Prices Haier prises are affordable and it produces product which are designed by world class leaders to put the right feature in place (Haier, 2011). Brown & White offers the competitive price in the market and offers the cheapest price as compared to its competitors (Brown & White, 2010). Promotion Brown & White markets their product by way of advertising in television because according to them all necessary information should be provided to its potential customers and more practical information is provided it much easier for customers to choose products. Thus advertising is done in television and also through web (Brown & White, 2010). Haier also offers promotional activities and offers promotional offers with its product. For example with a purchase of Haier product, the company offered free surf for one year. Such type of promotional technique is used by the company (Haier Appliances, 2011). The company also offers similar kind of promotional technique to attract customers. Market share estimates The Haier Group has been regarded as the number one manufacturing company of refrigeration appliance globally and acquires about 6.1% market share (Jones, 2010). Fisher & Paykel has about 55% of market share in New Zealand (China Stakes, 2009). Planning Corporate plan Since the company would be supplying its white goods in Australia, Fisher & Paykel need to go about its corporate plan and work effectively. Australia being a competitive market for white goods, it should focus primarily on the quality of the products and with big brands like Brown & White, Haier already making a mark in the market, the company Fisher & Paykel needs to innovate and bring about new products that would be appealing to its target market. It is necessary for the company to set a long term vision. Therefore the corporate plan is set with a 2020 vision. Vision for the company is to become the global leader in white goods and maintain sustainability. The company plans to increase the satisfaction level of its stakeholders by 2014; establish a competitive and differentiated brand in Australia. To focus on business development, marketing and strategic research and these programs would be implemented and the budget would be set accordingly; Key People of the company plays a major role in the development of the company so Fisher & Paykel would concentrate on organisation, team and also individual. To increase satisfaction of its staff survey would be conducted. Finally innovation and improvement on its product are major factors but at the same time the operating cost needs to be decreased. Strategic Plans The strategic plan would identify the products that need to be produced in Australia. The products which would yield maximum profits should be manufactured. Fisher & Paykel should concentrate on the location of the manufacturing facilities, the distribution network of product, its core competencies, vertical integration. The two products supplied in Australia should serve the requirement of the people and create a competitive edge. Environmental Plans The company has focused on the sustainable development of the environment and should manufacture products which should not affect the environment. The company should set goals and object with regards to environmental issues such as reducing the pollution arising from manufacturing of products, recycling the waste materials. Fisher & Paykel identified resources which are important for sustainable development. It takes care that the appliance reduces impact on the environment throughout their operation. All the products of the company are designed to reduce water consumption and energy for the users. The materials used for production are carefully selected so to reduce strain on environment. The company follows recycling of products and sustainability of the environment (Fisher & Paykel-b, n.d). Fisher & Paykel takes care of the environment and makes sure that their product does not harm the ecological systems. The Current Environmental Information Gathering System The Method(s) of Collecting Information The current method of collecting information regarding environment is through the data quality objective process (DQO). The DQO is a tool which helps in planning and determining when data of sufficient quality has been collected. The process includes seven steps, firstly to state the problem, identify the appropriate decisions, identify the inputs, define related boundaries, develop decision rule, limits of decision errors and optimise the designs (Boguski, n.d, p.1). Similarly Fisher & Paykel would also undergo these steps to gather information about the environment which would help it to plan for the future. When the problem is stated it becomes easier to provide a solution and finally when the design is to optimise the company should involve its stakeholders so that each of the members are able to review any assumption and question the sampling designs during the process of DQO (Boguski, n.d, p. 3). The Nature of the Information Collected The nature of information collected with the help of Data Quality Objective is more or less a cost effective sampling method which takes into consideration primary research and secondary research. Distribution of the information to key decision maker The information should be distributed to it stakeholders as mentioned earlier during the ongoing process of Data Quality Objectives so that if any changes to be made can be implemented. It is the duty of the person concern to reveal all the information concerned with the environmental research so that the company can take action accordingly and implement new techniques to reduce the impact on environment from its product. Organisational Response Mechanism Decision Making The decision to be made should be in response to the environment and its sustainability. Fisher & Paykel should make decisions on how to more effectively utilise its product and reduce environmental cause and issues. Environment Task Force or Team Membership Achieving development while overcoming the environmental issues such as degradation of land, waste materials and others are the central challenge to humanity. Thus for an effective result a team is necessary. A task force is formed by the management to resolve a major problem. The group develops a long term plan to solve the immediate problem. Fisher & Paykel would also introduce a task force who would look after problem which needs to be fixed immediately or at a shorter notice. An effective team ensures the success of the company. The company can divide its team membership into two different categories, core team members and resource team members (Robbins & Finley,2000, p.125) who would be involved with the project right from the beginning to the end of the project and secondly, resource team members who would be involved as and when the need arises, depending on the situation. The team members are valuable as core members. It is necessary to build on an effective team in order to work effectively. Speed of Response to the Environment Related Information Received Organisations should response to the information related with the environment as fast as possible. Companies are taking the issue of sustainability seriously and have been working on it. Fisher & Paykel also responded towards the environment and has been practising responsibility towards the environment. Behavioural Audit Energy consumption Fisher and Paykel Appliances Company focuses on enhancing to reduce the level of energy consumption in the production of refrigerators through the development of a new compressor. The new compressor technology developed by the company is helping the consumers to save at least 30 percent on the total expenditure incurred by the consumers on electrical energy. Innovation rendered in the compressor technology enables Fisher and Paykel to enhance the storage and refrigeration capacity and also enhances the temperature control paradigm. The current production of the new compressor helps in revolutionizing the refrigerator use by the consumers in helping them to conserve energy and thereby reduce cost (Fisher and Paykel, 2010). Sources of raw materials – suppliers Fisher and Paykel are also closely working on to hunt for more effective supply chains that would in turn enhance the cost reduction endeavours of the company. The white goods company based in New Zealand is also focusing to search for other alternative raw materials other than steel that would help in the production of appliances. This move reflects the company’s focus on conservation of natural resources. Moreover the company forms strategic alliance with Haier during 2011to help gain an effective supply of technological components that is expected to fetch around $20 to $35 million revenue by the end of 2013 (Fisher and Paykel, 2011, p.14). Method(s) of transportation used From suppliers to the company In regards to the suppliers, Fisher and Paykel also require the use of environmental friendly vehicles for helping in the reaching of potential raw materials to the factories. Further the supplier groups are also required to maintain recyclable packaging system for packing the products before dispatch that enhances the concept of a safer environment. From company to the market The white goods manufacturing company, Fisher and Paykel are focusing to enhance the safe environment paradigm in terms of transportation mechanisms also. The transportation companies of Fisher and Paykel are recommended to use environment safe fuel for their vehicles to help in the transportation of products from the production site to the consumer’s houses. Further the transportation activities are also used by the company to help in gaining of old consumer durable products that can be recycled for future use (Fisher and Paykel, n.d.). Emission level targets identified Fisher and Paykel Appliances Company is continually working to reduce the level of emissions emitted during the operational and transport processes. The company sets the target for the emission levels in regards to the rules and regulations brought about in the different countries in which it has set up its operation. The management body of Fisher and Paykel is bent on setting high amount of targets thus helping in the large amount of reduction of the emission levels from both factories and other operation outlets located in different regions. Achievement of the set targets thus enhances the social and environmental responsibility paradigm of the company (Fisher and Paykel, 2011, p.26). Emission levels controlled (recorded, compared to targets) The controlled emission levels of Fisher and Paykel is reflected in terms of the carbon dioxide emission levels during the 2011 period. The E373 model for refrigerator produced by the company is found to emit around 284,160 grams of carbon dioxide gas on an annual basis thus reflecting controlled emission levels by the devices produced (Ramin Communications, 2011). How these measurements recorded During the 2008-09 periods Fisher and Paykel is found to have reduced the carbon dioxide emission levels by around 32,000 kilograms. This has helped in promoting a greener and safer environment. The company sets adequate measuring standards based on the observations made by the Montreal delegation to help reduce the level of CFC emissions. Further the company also took an integral part in issuing the bill meant for protecting the Ozone layer through reduction of carbon dioxide gas emissions (Fisher and Paykel, n.d.). How the corrective actions communicated to various stakeholders The company management through the holding of annual general meetings tends to communicate to the shareholders about the corrective actions taken by the company in regards to creating a safer environment through reduction of carbon dioxide and other harmful gases emission levels. Further the company also tends to communicate in an enhanced manner to the consumers through the printing of catalogues for products containing adequate information about energy efficiency and emission levels (Fisher and Paykel, n.d.). Identify the various stakeholders’ sentiments about the environment The various stakeholders like employees, customer groups and also the supplier groups are required to focus on keeping a safe and healthy environment by the company. In that the stakeholder groups are found to abide by the statutory regulations concerning promoting a safer environment. The suppliers work on recyclable materials for rendering packaging to the products dispatched to the consumers. Similarly the operation team is required to work on innovation and different skill sets to help in designing of products that would help in reduction of emission levels (Fisher and Paykel, n.d.). Product Manufacturing efficiency (process) reviews and actions The company management is keen on focusing on gaining of skilled labour or in enhancing the skill sets of the existing employees to help in the production of innovative products that would both augment the productivity aspects and as well as work for a better and safe environment. The operation team of the company is bent on producing products that would have less impact on the natural environment in terms of its use and disposal issues. Further the environmental standards once set are adequately reviewed by the company management to enhance the environmental and social responsibility paradigm. Manufacturing efficiency (facilities, equipment, technology) reviews and actions The development of a new compressor technology by Fisher and Paykel based on liner compression system has in fact revolutionized the process of production of refrigerator appliances. It has helped in reduction of energy consumption for the consumers by around 30 percent. Apart from saving on cost and energy the compression system also helps in enhancing the design aspects of the products (Stykes, 2011). New and/or improved product developments Fisher and Paykel have successfully worked in the introduction of a new compression technology for the refrigerators which in turn is observed to reduce the energy consumption by 30 percent. Waste levels and waste controls Through recycled means the company endeavours to reduce at least 40 percent of the waste products emanated out of the production operations. Further the factories operate based on a process that engages the right amount of resources required for production and thus reduces the chances of wastage and piling up of inventory (New Zealand Government, 2012). Packaging Format The format for the packaging is prepared by Fisher and Paykel keeping a focus on the distance between the consumer’s residence and the factory operation’s site. Packaging materials are tested in a specific manner before being set to use such that faltering to meet the set standards amounts to refusal of the packing means. Quality In terms of quality the packing materials though produced from recyclable cardboard materials are subjected to large amount of tests that tends to justify the durability of the product. Moreover eco-friendly chemical products are also used in regards to the creation of packages for the products (New Zealand Government, 2012). Waste and waste control In terms of waste control measures the company through the supply chain mechanism works in the use of recyclable packaged materials for packaging the products meant for delivery to the consumers. This process can be seen as an active step by the company in reducing the level of packaged waste products. CEO’s (or the key senior decision maker’s) attitude toward the environment The Chief Executive Officer of Fisher and Paykel, Stuart Broadhurst is found to put a growing emphasis on restoring the energy resources through rendering large amount of innovation in the products manufactured. Innovation is rendered in regards to the products like dishwashers and cooking stoves that are manufactured to help them reduce energy consumption to satiable amounts. This shows that the CEO of Fisher and Paykel is quite environment conscious (Fisher and Paykel Holdings Limited, 2011). CEO’s (or the key senior decision maker’s) education and background Mr. Stuart Broadhurst, a Bachelor in Commerce (B.Com) took over as the Chief Executive Officer of the company from December 2009. Previously he worked as the Vice President of the Supply Chain Division in the company. Stuart Broadhurst is found to have a total of 23 years of formal working experience in Fisher and Paykel (Bloomberg Businessweek, 2012). CEO’s (or the key senior decision maker’s) participation Mr. Broadhurst strongly participates in generating a work culture in the organisation which would be largely based on innovation. The work culture generated helps in putting effective teamwork that in turn enhances the focus on satisfying the norms of social and consumer responsibility. Office (admin) efficiency Supplies used The supplies used for official and factory uses in Fisher and Paykel are administered on an on-time basis that helps in avoiding inventory clutters and also of clutters pertaining to office equipments. Processes Enhancement of business processes for Fisher and Paykel can be conducted through the introduction of software like Customer Relationship Management that helps in effective management of large number of consumer databases required for official and retail use (Microsoft, 2012). Technology In terms of technology the recovery program relating to packaging equipments and resources from both office and warehouse sites counts well for the concern in enhancing the recyclable ventures (Fisher and Paykel, 2010, p.6). Wastes This on-site recovery program used by the company in an enhanced manner helps in reduction of wastes pertaining to packaged materials used for production and other packing the products for the consumers from the different branches. Analysis of the nature and types of environmental safety actions being undertaken Proactive The company has been planning to introduce more products which would have a less impact in the environment. One of the major parts of Fisher & Paykel is the sustainability of the environment and thus effective measures have been taken which can be utilised when demanded. The company has developed a sustainability program which is effective and hostile. The company should involve Environmental Management Consulting (EMC) in their projects so that the company can ensure the best practise for their unique needs. EMC also trains employees and can protect by detecting future potential problems. The Company would start off with a small plan to apply in the first few months. This would help the company to remain active even during proactive. Reactive Fisher & Paykel has been committed to environmental issues and aims to create new products that would have a less impact on the environment. The company is doing all it could and is prepared for any proactive errors that might occur during its course of action. The company offers recyclable programs in New Zealand to reduce the consumption of water and energy both for manufacturing purpose and development of new product. In order to save the environment the company aims to meet the highest standard with appliances which have received the highest ranking with WELS water rating agency and Energy Star. The two main products dishwasher and washing machine is manufactured to consume less water about 80% less respectively (Fisher & Paykel-b, n.d). Reporting Periodic Reports Periodic reports are the common form of delivering information to the end users through hard copy report or else a computer generated report which usually list transaction report, exception report or summarized periodic report (Collier & Ampomah, 2009, p.224). Fisher & Paykel in the transaction report would list all transaction related to invoices which are generated for a week. In exception reports, the company would list out the products which are not in stock. And in summarised report which are produced to the management at a regular intervals, weekly or monthly includes financial part such as the profit and loss statement, balance sheet and so on and also the non financial report such as manpower, productivity, which product receiving orders for repeat purchase. The frequency of reporting to the management would be every months or quarterly basis. As this would help to keep the management and the employees update about the information and if any modification to be made can be done within that period. Initially the frequency would be every month which would be later extended. Recommendations Fisher & Paykel is dedicated towards the sustainability of the environment and for such a reason the company is introducing products which would have a less impact on the environment. The recent product of the company dishwashers and washing machine are examples of products with less impact on the environment. Nevertheless to bring in about a more effective change and help protect the environment it is recommended that the company can build in a mission statement which would state the goal and objective of protecting the environment and each and every member of the organisation should follow the objectives. The performance should be tracked and reports must be maintained on how new products are minimising the impact on the environment so that the company can continue building products on such grounds. Most importantly is the reduction of waste and water during production to ensure the sustainability of the environment. The company could hire green teams which would be effective in improving the strategies to improve environmental performance. In addition to green teams recycling programs are also effective. Staffs needs to be kept aware of the cost and environmental benefits. The company could offer rewards to employees who abide by the rules relating to environmental issues. It is recommended to maintain an annual sustainability report highlighting the progress that has been made towards the development of environment. The report would be of great help in demonstrating the company’s commitment towards the environment and would ensure a better result in terms of its business. The two products to be supplied requires less water and is most appropriate for the Australians and thus similarly other products can also be supplied which would have a less impact on the environment such as fridge which would control temperature and help save electricity and other appliances. Finally a balance scorecard would be useful for the company to track performance whether the company is abiding by the rules and regulation which are set up by the company with respect to issues regarding environment and manufacturing products which would have a less impact on the environment. 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