1) How does your company handle strategy?
How does your company handle strategy? Minnesota Mining and Manufacturing, also known as 3M, is one of the world’s premier manufacturing companies. The 3M Company handles strategy like mostly any other business. The number one reason people go into a business is because they want to make as much money as possible. This can be accomplished if they have a strategic approach to it. For example, the most important strategy that 3M uses is selling a number of different products. They do not just sell one particular item. They sell a plethora of useful tapes, adhesives, and other useful products. These different tapes and adhesives can get all different types of jobs done. Some of the different types of products are abrasives, adhesives, animal care, automotive items, bioanalytical, commercial cleaning, electrical, electronic, engineered additives, fire protection, food services, home and office, marine, matting and treads, personal care items, professional health care, safety, tapes, and items for touchscreen displays.
3M has a strategy that is special because they do not have a rival in most of the products that they sell. This makes them a unique powerhouse of a business. When it comes to all of the different products that they offer, it is difficult for any of their competitors to catch up to 3M’s new and innovative products. The company is able to create new products by focusing on technologies that have definite competitive advantages and large growth potential. Furthermore, 3M is also focused on market leadership, technical innovation, customer focus, global reach and employee initiative. At 3M, employees are required to be creative and innovative. It does not matter if you make mistakes, because sometimes a mistake can turn into a great success for the company. 3M also invests millions of dollars into research and development. The company believes if they want to stay ahead, they have to constantly devise new products and make continuous improvements to the products they already have.
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2) What is good about this strategy?
3M’s strategy is an excellent strategy because it is a strategy that is different from any other company. The 3M Company’s strategy is new and innovative, just like their products. If 3M comes up with a product that is not very successful, they can cut their losses, move on and come up with a new and better product. This is a great strategy because it allows the employees to realize what is needed in their lives or in the company to make their work easier. Not many companies allow their employees to suggest new ideas, and if they do, they rarely listen to their ideas. 3M is different in this aspect. Other companies would do good to observe 3M’s strategy and follow it.
3) What is special about how they do this?
3M is successes because of their innovative solutions to their customers’ problems. Even though the group of markets they have served and continue to serve is extremely diverse, they are still able to do well because 3M thinks of markets as customers, and listens to them. According to L.D. DeSimone, the former Chairman of the Board and Chief Executive Officer of 3M, the 3M company is committed to satisfying their customers with superior quality and value; providing investors with an attractive return through sustained, high quality growth; respecting their social and physical environment; and being a company of which employees are proud.
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... marketing plan. 1 MARKETING STRATEGIES AND IDEAS The various strategies and ideas on how to go ... product. According to www. businessdictionary. com Incentive simple means a monetary gift or bonus given to an employee ... RELATIONSHIP BUILDING 1. Send out a customer satisfaction survey. 2. Help promote or ... website showing different kinds of businesses, companies, firms (including their various info, ...
4) What is the core idea/walk away message?
The Walk Away Message for 3M’s strategy would be “It is good to be awesome at one thing, but if you are awesome at many things it broadens you as a business to make more money.” It is obvious to see that 3M is doing a great job on being creative and innovative. 3M is successful because it keeps improving and devising new products. 3M’s best strategy is their product selection hands down.
5) What is the lesson learned from this assignment?
The main lesson learned from this assignment is that if a company works hard enough and listens to all ideas that their customers, employees, and the public have, they are likely to become a successful company. Having many new and innovative products and ideas will lead to the success of a company.
Sources
http://www2.hawaii.edu/~rpeterso/cagauan2.htm
http://news.3m.com/press-release/company/3m-outlines-strategy-accelerated-growth-sales-profits-and-cash-flow
http://solutions.3m.com/wps/portal/3M/en_US/3M-Careers-NA/Home/Working/Student/StrategicDevelopment/
