For instance, they are heavily involved in health care, security, and electronics — all of which are in growth phase in many countries. Innovation 3M has a strong reputation in product innovation and heavily invests in the area of research and development.
What opportunties must 3M pursue for new innovation robustness? This strength provides them with stability, a lower cost structure, and it allows them to more successfully launch new products, continue to build their brands, and ensure good in-store placement and uptake of point-of-sale material.
Link to their website: In other words, this is a business portfolio decision of choice that has created this situation. This threat may have the impact of 3M being constantly challenged for market share by niche or specialist players.
The library and information services group has as its core mission to help 3M employees worldwide create, share and use knowledge more effectively throughout the organization, so there are strong Electronic Library solutions, virtual help desks to source know-how, etc. This Helix Commerce believes is an operating practice which differentiates 3M from the pack and in our collaboration world - enables butterfly wings to beat beautifully without constraints - creating a potential to change the winds forever in the services innovation war that is rapidly unfolding.
Their global operations reach more than 65 countries and they utilize a broad range of distribution channels including wholesalers, retailers and online purchases. Retailer relationships Across the globe, they have established many strong distribution channels and created strong channel relationships.
The end result is that they cannot focus on one particular area and would constantly have their resources stretched across these requirements. And as 3M has developed expertise across a range of industry areas, their collective innovation in research and development skills can be leveraged right across the organization.
They appreciate the fragility of innovation in its weakest creative design moments, but also reinforces shareholder value which needs to be top of mind to ensure accountability in the culture. Currency fluctuations This is probably a minor threat to 3M and they would 3m the second century have appropriate financial controls in place.
Global operations As they operate across 65 countries or so, 3M has greater sources of revenue, have more opportunity for organic growth opportunities, as well as enabling greater cross-learning throughout the organization, especially in terms of success competitive marketing strategy initiatives.
There are major opportunities to bring in solutions for social network analysis, collaboration experiences leveraging new collaboration platforms, like Mzinga, providing product managers with collaboration labs with customers using blogs, and wikis, etc This creative jazz time is not tracked; it is a freedom role to reflect, think, and learn to encourage ideation in its earliest stages of creativity - unencumbered by reporting practices.
Opportunities for 3M Natural market growth 3M would have multiple opportunities across many industries. This has the advantage of reducing cycle risks and the impact of market downturns. This allows them to adopt a stronger market position and be engaged in innovation, market expansion, brand building and competitive actions.
This approach would have the impact of creating a higher cost structure for the organization. New product development Operating across many industries and global markets, there would be constant opportunities for expansion of the product line and targeting new consumers and business segments.
Overall they have high brand awareness and strong brand equity in the markets in which they operate. While this in itself is a threat, it also represents a weakness in the way that the organization has been structured. This threat would be far more significant than the competitive threat faced by more specialized firms who only need to focus on one market or industry.
Brand equity 3M has had a long presence in the marketplace 3m the second century has also built many strong individual brands. This brand equity allows them to access for channels, gain greater market share, and adopt a premium pricing approach in many markets.
Strengthening People Innovation 3M uses a number of talent management techniques to support innovation such as: However, significant fluctuations in currency can affect the level of profitability from operations in certain countries from time to time.
It is also a weakness because it forces the organization to compete in multiple industries and markets and against multiple competitive sets.
Many of their direct competitors would have the advantage over them of being industry specialists. The constant need to stay up-to-date with technology would have the impact of a significant cost drag and the need to regularly review to existing operations.
Weaknesses for 3M Diversity Diversity of operations is both a strength and weakness. Lack of focus The firm would need expertise across a whole range of industries, technologies, markets, technology developments, and so on.
It is a large, global and diversified company with its head office in Minnesota, USA. Further market development Although they are in over 65 countries already, there still would be other countries that they could look to enter, particularly as emerging economies obtain more purchasing power and become more financially viable in their own right.
The company also leverages communities of practice and learning techniques to support the continual flow of internal knowledge. Shared Customers, Channels and Brands 3.
Therefore, some countries, from time to time, may represent a significant risk for 3M and its ongoing ability to do business in that location. Init was generating around two thirds of its revenues from outside of the United States.
Environmental concerns As a manufacturer across a range of industries, the shift to more environmentally-friendly manufacturing may be difficult transition for the firm or may result in increasing cost structure.LibriVox recording of Centuries of Meditations by Thomas Traherne.
Read in English by Nicole Lee 05 - The Second Century Part 1 download. M. 06 - The M. 06 - The Second Century Part 2 download. M. 07 - The. An example swot analysis for 3M, along with lots of relevant marketing and strategic information – ideal for marketing students. THE Marketing Study Guide Prepared by a marketing lecturer, designed for university-level students.
Answer to Reading Strategic Management 10th edition by Charles W. L. Hill. Case 3M-The Second Century (Pg. CC). https. View Homework Help - Case 02 from FINANCE at BRAC University.: GROUP 3 CRACKED 3M:THE SECOND CENTURY Introduction Financial (Fahim Adnan) Value Chain (Ragib Islam) External Analysis SWOT.
It is exciting to celebrate 3M’s ﬁrst Century of Innovation with the extended 3M family. There are many reasons for 3M’s hundred years of progress. 3M is known to have one of the most innovative work cultures. Over the years it has developed values and norms that are geared toward innovation.
3M believes its innovative work culture is a huge factor in its success. 3M Values To .Download