Innovation management report
The British pump firm – Fuller & Gordon
Group 9 :7652969
Introduction – problem statement
Fuller and Gordon (F&G) is considering engaging in business model innovation (BMI), transforming its organization form from a pump manufacturer to a provider of pumping solutions and associated services in order to survive and remain competitive. However there are several problems facing F&G when reforming its business model, the problems include:
1. Evaluating the necessity of becoming a service based pumping solutions provider. Whether it help the business to achieve long term sustainability.
2. Raising enough investment funds in a flat market.
3. Adopting appropriate strategies that allow all the elements being embed in the BMI process.
4. Develop a distinctive advantage over global competitors in innovation.
5. Strategies needed to establish a clear reputation in the marketplace.
6. Attract highly motivated employees with required specific skills and creativity.
7. The need of an international approach for both marketing and technology development, integrate to a Global Value Chain (GVC) framework.
Origins and situation of F&G
Fuller and Gordon (F&G) was established in 1875, it is a British pump manufacturing firm located in the north of England. The British pump industry is a mature market with a highly competitive nature, which has been developed more than a hundred years; however in recent decades, many firms have closed and only seen a few firms with successful diversification or growth in any significant monetary and/or non-monetary size. F&G now currently has 550 employees and the firm produces a wide range of specialized products for pumping industrial fluids, yet, some highly corrosive and toxic models are still currently in use. (Dodgson et al, 2008)
With the increasing trend of globalization and the change in...