The 3M Company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation based in St. Paul, Minnesota. 3M headquarters are in the St. Paul suburb of Maplewood, Minnesota. Five businessmen founded 3M in Two Harbors, Minnesota, in 1902. Originally a mining venture, the goal was to mine corundum, but this failed because the mine’s mineral holdings were anorthosite, which had no commercial value. During the 1950s, the company expanded worldwide with operations in Canada, Mexico, France, Germany, Australia, and the United Kingdom in large part by Clarence Sampair.
In 1951, international sales were approximately $20 million. 3M’s achievements were recognized by the American Institute of Management naming the company “one of the five best-managed companies in the United States” and included it among the top 12 growth stocks (3M).
3M’s investment in communities, where the company operates, reflects the philosophy and practice of our governing principles since 1908. Messrs. William L. McKnight and Archibald Bush, early 3M leaders, understood the importance of community vitality to business success. Community engagement was encouraged at all levels of the company.
Junior Achievement was 3M’s first volunteer program and dates back to 1949. To formalize 3M corporate philanthropy, the 3M Foundation was established in 1953, during the same year of the formation of the respective McKnight and Bush Foundations. Since 1953, 3M and the 3M Foundation, coming together under the banner of 3Mgives, have invested $1. 3 billion in cash and product in 3M communities around the world. Today, Belgium, Spain, Italy and Brazil maintain their own foundations and all other international subsidiaries manage corporate giving programs benefiting education, social services or the environment.
The Essay on Community Service 9
Community Service Thaakat in Urdu means the quality or state of being strong, someone or something that gives strength, a source of moral and mental power or encouragement. Strength, courage, and validity are all synonyms of Thaakat. Thaakat Foundation is a non-profit organization that aims to inspire and promote charitable giving. Volunteer work opportunities are offered among students and young ...
With $30 billion in sales, 3M employs 88,000 people worldwide and produces more than 55,000 products, including: adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, car-care products (sun films, polish, wax, car shampoo, treatment for the exterior, interior and the under chassis rust protection), electronic circuits, and optical films. 3M has operations in more than 65 countries including 29 international companies with manufacturing operations and 35 companies with laboratories.
3M products are available for purchase through distributors and retailers in more than 196 countries, and online directly from the company. 3M’s general offices, corporate research laboratories, and certain division laboratories are located in Maplewood, Minnesota. In the United States, 3M has nine sales offices in eight states and operates 74 manufacturing facilities in 27 states. Internationally, 3M has 148 sales offices. The Company operates 93 manufacturing and converting facilities in 32 countries outside the United States. 3M owns substantially all of its physical properties.
Because 3M is a global enterprise characterized by substantial intersegment cooperation, properties are often used by multiple business segments including Integrity Supply. Selected factory detail information: Cynthiana, Kentucky, USA factory producing Post-It notes (672 SKU) and scotch tape (147 SKU).
It has 539 employees and was established in 1969. Newton Aycliffe , County Durham, UK factory producing respirators for workers safety, using laser technology. It has 370 employees and recently there was an investment of ? 4, 5 million ($7 million).
More than 35 business units, organized into six businesses: Consumer and office
Display and Graphics Electro and Communication Health care Industrial and Transportation Safety, Security and Protection services Vision, Objectives & Strategies 3M Brand Identity Vision We earn customer loyalty and respect when we effectively differentiate from our competition and leverage the 3M brand identity standards as a vehicle for impact and success. As a diversified technology company, we rely on the delivery of our brand promise (what we bring to the marketplace), align with the expression of our brand essence (how 3M is able to achieve that brand promise) to ensure understanding and connection with our company, brands and products.
The Business plan on Swarovski Branding Strategies & Products
His guiding principle is still followed by the company today: “To constantly improve what is good. ” 1949 SWAROVSKI OPTIK is founded, and goes on to become a leading manufacturer of precision optical instruments for hunting and nature observation (binoculars, telescopes, rifle scopes, range finders, and night vision and optronic devices). 1956 The first Swarovski crystals for chandeliers and ...
3M Brand Promise Practical and ingenious solutions that help customers succeed 3M Brand Essence Harnessing the chain reaction of new ideas The integration of these core building blocks reinforces the trust, leadership, quality and innovation for which 3M has grown to be recognized and respected. In addition, of course, we also have our strategic brands, which provide further relevance and differentiation in key market categories. 3M Brand Identity Objectives The objectives of our brand identity system are to: Manage the 3M brand globally – expressing our promise, personality and values.
Build the ability of the 3M brand and strategic brands to instill familiarity, reinforce brand/product experience and protect our equity. Provide tools to facilitate consistent and effective delivery of the brand promise with every point of contact. 3M Brand Identity Strategies To build a truly global brand, we need to maximize awareness and relevance of our single, unifying 3M brand. To achieve this, our strategies are to: Increase familiarity of the 3M brand identity through consistent application of our identity standards worldwide. Build equity in identity assets that
are globally recognized. Build market leadership in every market we serve. 3Mgives Mission 3M is a science and technology company that creates. For decades, 3M scientists and engineers have developed products that solve problems. 3M is also a company that cares – improving lives each day. The mission of 3Mgives: To Improve Every Life through Innovative Giving in Education, Community and the Environment – mirroring our corporate vision: 3M Technology Advancing Every Company 3M Products Enhancing Every Home 3M Innovation Improving Every Life SWOT ANALYSIS
The Term Paper on Brand Vs Product Products Identity Nike
Consider Naomi Klein's (No Logo) claim that brands have now become the product be a discussion of two examples of advertisement that appeal to contemporary ideas of lifestyles In order to discern if 'BRANDS' have become the 'PRODUCT' we must first evaluate where brands have come from and what infact a brand entails. Branding is commonly mistaken to be advertising, however advertising ironically is ...
Strengths: Diversified businesses – industrial and transportation, healthcare, display and graphics, consumer and office, safety, security and protection services, and electro and communications. Strong research and development capability Diversified geographic presence Solid revenue & profit growth Established distribution channels Brand loyalty Well capitalized Weakness: Weak inventory turnover ratio Weak performance in key segment Opportunities: Acquisitions in key operating areas Continued global expansion Rising healthcare spending in the US
Move into a new market Threats: Rising commodity and energy prices Exchange rates fluctuations Environmental regulations Emerging competitor EXTERNAL ANALYSIS MACRO-ENVIRONMENT FACTORS Political Factors Among the most significant political factors that can affect 3M’s business are: tax policies, employment laws, environmental regulations, trade restrictions and tariffs, and political stability. 3M is making all the necessary investments in order to comply with these laws. In 2009, 3M spent around $15 million for projects regarding the protection of the environment.
The mentioned funds have provided among other things, pollution control devices at all its properties. Economic Factors Economic factors affect the purchasing power of potential customers and the firm’s cost of capital. 1) Economic growth 2) interest rates 3) exchange rates 4) inflation rate Due to large geographical presence, and the fact that 63 percent of its revenue is generated from outside the United States; the company’s results may be affected by exchange rates and their fluctuation. In order to mitigate this risk, the company engages in a multitude of forward contracts.
Also, the Company’s business may be negatively affected by other factors, both internal and external that is beyond its control, such as instability and downturns in financial markets or economies in some countries or regions, in which the Company operates. Social Factors Social factors include the demographic and cultural aspects of the external macro environment. These factors affect customer needs and the size of potential markets. Some social factors include: 1) health consciousness 2) population growth rate 3) age distribution 4) career attitudes
The Business plan on Growing Market Innovation Company Product
... company that has an individual having all four characteristics. Organizational Implications The most important factor in sector creating innovation ... the onset for the business planner to be clear about the current state of product "portfolio." The planner must ... Baldridge Award demonstrating excellence. Employees operate at different levels, some are visionaries (don't have people following them), ...
5) emphasis on safety 3M, through its business policies is aiming to create a safe workplace, to encourage individual initiative and innovation in an atmosphere of flexibility, cooperation and trust, promoting a culture where promise keeping, fairness, respect and personal accountability are valued, encouraged and recognized” Technological Factors Technological factors can lower barriers to entry, reduce minimum efficient production levels, and influence outsourcing decisions. Some technological factors include: 1) R&D activity 2) automation
3) technology incentives 4) rate of technological change Research and development activities constitute an important part of 3M’s business and have been a significant contributor to the company’s sales growth. Research, development expenses accounted for $1. 2 billion in 2009, $1. 4 billion in 2008 and $1. 3 billion in 2007. PORTER’S 5 FORCE MODEL Threat of new entrants: LOW 3M possess a high opportunity to dominate its markets because of the high capital requirements it creates to manufacture innovative products in each industry it competes in.
A new entrant would face the problem of finding a supplier that would sell its goods at low enough prices to compete with pre-existing firms. Bargaining power of buyers: LOW 3M products are differentiated and customer tends to buys these products and also there are not many players in the market competing with 3M products. This leads to a low bargaining power of buyers. Rivalry: MODERATE The firm competes aggressively against its rivals. Rivalry is based on New Product Development and Commercialization. There are hardly one or no competitors for each of its products.
Bargaining power of suppliers: LOW 3M focus more on R&D and they purchase only raw materials from suppliers. There are abundant suppliers around the world to provide raw materials. Threat of substitutes: Moderate 3M products differentiate themselves through superior quality and innovativeness. Their ability to act quickly and diversify into new industries makes them mitigate the risk of substitutes. FUNCTIONAL-LEVEL STRATEGIES 1. ) Efficiency: 3M has maintained its high level of efficiency. It uses fewer inputs to produce a given output. It has achieved this through economies of scale.
It’s unit cost is low due to large scale of output. 2. ) Quality: 3M products are known for its reliability and as well as excellence.. 3M tries to solicit inputs from employees, trace defects back to the source, they focus on customers, rationalize suppliers, use information systems to monitor defect rates and also organize employees into quality teams. 3. ) Innovation: 3M is known for its product innovation. Innovation is the most important source of competitive advantage for 3M. It applied its core competency in tapes and adhesives to developing a wide range of new products.
The Term Paper on Project On " Arvind Mill" ( The Product Mix And Its Strategy)
... Arvind Mills 11 Methodology 34 7 PRODUCT MIX 8 STRATEGY 9 Findings & Facts and figures ... peg elasticity at the desired level as demanded by the customers. Temporizing is the next ... 1998 First company to introduce ERP SAP business solutions 2008 Company launches ‘Megamart’, now ... in innovation and constantly keeps on innovating new products. It innovates around 1700 new product material ...
In order to achieve innovation 3M facilitates cross-functional cooperation, works with R&D to develop process innovation. 4. ) Customer Responsiveness: 3M tries to achieve superior responsiveness to customers, by giving the customers what they want, when they want it and at a price they are willing to pay. It has achieved customization through implementation of flexible manufacturing. It has developed logistics systems capable of responding quickly to unanticipated customer demands (JIT) and uses web based information systems to increase responsiveness to customers. business level STRATEGY
CORPORATE LEVEL STRATEGY 1. Capture cross business fits: 3M was initially only into abrasive and tape business. Slowly they started to make products from altogether different sector but the only common thing was all products needed innovation. The common thing innovation acted as the fit for their business. Thus, 3M kept on increasing products into their product portfolio, which required innovation. And to do this effectively they converted 3M into a diversified organization with 6 different divisions. 2. Size of diversification: 3M didn’t diversify their business beyond certain limits.
When they found that there were products, which were not profitable, were not taken for research in their lab center. Thus they limited their diversification into 6 major business classes. 3. Related or unrelated diversification: The businesses in which 3M diversified were not related to each other in many ways but were common in certain aspects, i. e. all products made were made based on the needs of customers which were unmet and meeting those needs required innovation. But 3M have 6 major businesses, which are not related to each other. They have different departments to take care of each unit.
The Business plan on Intro To Business Businesses Product Consumers
Introduction to Business Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to ...
The 6 businesses are further divided into more than 35 units, which take care of different brands and product lines. 4. Geographic expansion: 3M has vast a geographical expansion. It operates in more than 65 countries having 75,000 employees worldwide and 6,700 researchers contributing to the R&D of the company with their innovations. 5. Strengthen position in existing business: 3M strengthens its existing businesses by continuous innovation under the same product line which either adds some new feature to the product or changing the product to an extent that it meets some other specific need.
This decision is taken care of at the business level but the corporate policy is clear that there has been strengthening of the existing business. 6. Positioning in new industry through acquisition: In 3M the decision of acquisition to enter a new industry is taken care at the business level and not at the corporate level. This is because of the reason that 3M believes that no one can understand their business better than the division itself. And thus they know what acquisition they should go for.
The decision is strictly taken on the basis of whether 3M already owns the technology that the company they are going to acquire has. If the answer is no, they will go for the acquisition or else no. 7. Diversification in weak and unattractive business: This decision, at 3M, is again taken at the division level. If the technology in certain business is outdated and is of no use to 3M they will divest in that business and go for a new one. This strategy helps them to think only about the new things to bring in and not to ponder over a business not looking good in future. GLOBAL LEVEL STRATEGY
Companies that pursue a global standardization strategy focus on increasing profitability by reaping the cost reductions that come from economies of scale and location economies, that is, their business model is based consistent on a global level. The production, marketing and R&D activities of companies pursuing a global strategy are concentrated in a few favorable locations. These companies try not to customize their product offering and marketing strategy to local conditions because customization, which involves shorter production runs and the duplication of functions, can raise costs.
Instead, they prefer to market a standardized product worldwide so that they can reap maximum profit and benefits from economies of scale. They also tend to use their cost advantage to support aggressive pricing in world markets. 3M follows this global standardized strategy and they follows a business model which is based on the unique product , but also to be manufactured them efficiently and consistently around the world. There are several kinds of alliances that 3M can enter into with another company. These include ingredient branding, licensed merchandise, sponsorships and third party relationships.
