Innovation in Fisher and Paykel: Strategies and Implementation

INNOVATIO
N
MANAGEMEN
T

WHAT TO INNOVATE
• Fisher and Paykel is one of the major appliances company with
rich history of designing along with manufacturing home
appliances products.
• The company needs to bring out innovation in the product
development along with modification of the product in terms of
designing the different products with application of new
methods (Bernstein, 2015)
• The company has analyzed the lean product development
technique as there are huge number of competitors and the
products which are sold by Fisher and Paykel are not modern
and they followed the traditional technique

INNOVATION INTRODUCED AS PER THE YEAR BASIS

HOW TO INNOVATE
• The company needs to analyse the vision of the customers which will
be helpful for them in introducing the strategies in the respective
manner
• The company needs to take initiative towards possession of the
knowledge of the different latest technologies and techniques that can
be applied in order to compete with the rivals
• As the company is a premium brand, the company needs to make
proper utilisation of the different qualitative along with high end raw
materials for development of product which may be out of reach for
the rival companies (Hojnik & Ruzzier, 2016)
• The luxury branded products should be modified in terms of unique
properties which will be helpful for them in re-innovating in the
competitive business environment