Corporate Innovation Strategy and Analysis: Fisher & Paykel Report

This report provides a detailed analysis of Fisher & Paykel's corporate innovation strategies. It begins by identifying areas for innovation in product development, highlighting the need for modern techniques and analyzing the competitive landscape. The report then explores how the company can innovate, emphasizing customer vision and leveraging new technologies. It outlines the design of an innovation strategy, including SWOT and PESTEL analyses, and proposes structuring the company for innovation by fostering employee participation and transparency. The report further examines the process of innovation, including strategic thinking, portfolio management, and R&D. It also addresses designing incentives to support innovation, creating an innovation culture, and applying innovation rules. Finally, the report discusses innovation in SMEs, focusing on optimizing R&D activities and enhancing competitiveness. The report is supported by references to relevant literature.

INNOVATION
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

DESIGNING AN INNOVATION
STRATEGY
• Firstly, there should be depiction of the different opportunities which exist along with
analysis of the strengths and weaknesses
• Furthermore, the financial aspect should be considered that plays a vital role in terms
of analysis of the external environmental factors through PESTEL analysis
• With the SWOT and PESTEL analysis, it will be helpful in providing depth analysis
of the marketing related threats and opportunities which will be beneficial for the
growth of the company
• Qualitative measures such as mystery shops along with anonymous feedbacks can be
helpful in addressing the default areas effectively and to make the product desirable

STRATEGY OF INNOVATION

STRUCTURING A COMPANY
FOR INNOVATION
• Proper organizational structure if the first criteria wherein the employees are required to
be heard
• The processes in the business should be monitored which will be beneficial in
contributing towards development
• Th transparency is the other aspect which will be beneficial in improving the overall
success of the firm (Ramírez-Montoya & García-Peñalvo, 2018)
• The proper availability of the scope is essential as it will be helpful and beneficial in
developing within the present business context
• The acceptance or failure is required to be identified that will be beneficial for the
organization to gain success in the market which is competitive

DESIGNING THE PROCESS OF
INNOVATION AND MEASURING
INNOVATION• Proper strategic thinking and analysis is mandatory
• Proper management of portfolios along with metrics
• Proper research and development which will be beneficial in
improving the overall scenario
• The proper insight is essential which will provide proper view
to the company for their strong growth
• The proper development of the innovation is the other aspect
that will be beneficial in generating the final product (Souto,
2015)
• The development of innovation and selling aspects are the
major aspects that can be generated after the internal and
external analysis
• Agree internally along with addressing key performing assets of the
business firm are the leading indicators in identifying the innovative
factor in the business (Souto, 2015)
• The ambience of the risk which is included is required to be measured
along with amount of time which has been spent on generating new
ideas and it will be beneficial for the overall growth of the firm

DESIGNING INCENTIVES TO SUPPORT
INNOVATION AND LEARNING INNOVATION
• Incentives are required to be provided in terms of the business
goals
• The incentives should be in accordance with the group of team
work of the individuals working in the organization
• The sales compensation plan is the other aspect that can be
formulated as per the segment of the various sales target
objectives
• Explicit contracts along with corporate culture are the two
major prospects which will be beneficial for the overall growth
• Feedback is the last aspect which should be adopted in order to
improve the business operations
• Learning innovation is one of the most
appropriate aspects which should be adopted
by the organizations as to improvise their
operations and gain competitive advantage in
the competitive business environment
• Being a manager, it is important to understand
the need for bringing change in the
organization and stand within the competition

DESIGNING AN INNOVATION CULTURE
AND APPLYING INNOVATION RULES TO
AN ORGANIZATION
• Proper communication of the innovative strategy
• Cascading the different workshops which will be
beneficial for the participation of employees and
encourage them (Souto, 2015)
• Organizing the innovation day which will be suitable
for the overall success
• Introduction of the creativity within workshops
• Conducting the pitching contests
• Awards recognition for the different innovative aspects
• Innovation lab
• Innovation is the overall effort of the organization
which will be bringing out change
• Innovation is viewed as the combination and there
is no perfect size for introduction of innovation
• Proper access to the digital platforms is essential
which will be bringing out the change
• Being competitive is the new means of gaining
competitive advantage

INNOVATION IN SME’S
• The major objective of innovation in SMEs is optimizing the overall research and development
activities
• It will be inclusive of the range of the different products along with services with the major
objective of making the SMEs more powerful
• It is inclusive of providing intermediate basis support and it will be helpful for the SMEs

REFERENCES
• Bernstein, S. (2015). Does going public affect innovation?. The Journal of Finance, 70(4), 1365-1403.
• Hojnik, J., & Ruzzier, M. (2016). What drives eco-innovation? A review of an emerging
literature. Environmental Innovation and Societal Transitions, 19, 31-41.
• Ramírez-Montoya, M. S., & García-Peñalvo, F. J. (2018). Co-creation and open innovation: Systematic
literature review.
• Souto, J. E. (2015). Business model innovation and business concept innovation as the context of
incremental innovation and radical innovation. Tourism Management, 51, 142-155.