Case Studies 3M1: Rethinking Innovation Background Large (70K employees‚ $15bn sales)‚ global operations (200 countries)‚ multi-product (50K range)‚ multi-market business. Innovation ‘Claim to Fame’ This company has been around for just over 100 years and during that period has established a clear reputation as a major innovator. Their technical competence has been built up by a long-term commitment to R&D on which they currently spend around $1bn p.a.; this has yielded them a regular position
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Innovation at 3M 3M attributed much of its growth to its innovative products and incremental/extensions of existing products. However‚ of late they hadn’t come up with anything significant and they were stagnating. At this point‚ Ms. Rita Shor implemented the “Lead User Research” methodology to come up with four recommendations on new innovative products and strategy. In my opinion‚ Ms. Shor should put forward their first three recommendations to Mr. Dunlop. They consisted of development of three
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brief synopsis that describes the background information about the case‚ an overview of the case. This video is about George W. Buckley‚ 64 year old Chairman of the Board‚ President and Chief Executive Officer of 3M since December 2005. The video is about his advice and philosophy on a management. 3M‚ headquartered in Minnesota‚ is a diverse technology driven public company offering various products. Before becoming a CEO of 3M in December of 2005‚ George Buckley was Chairman of the Board‚
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1. How the 3 M innovation process evolved from the time the company was found? Answer: The innovation process at 3M has typically been a focus area for the upper management. The company had taken a getoutoftheway attitude towards the product developers who in turn have worked accordingly towards innovation. Along with technicians each team had a process engineer to ensure that the product was efficiently made. The entire team did not face any risk if the product failed.
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3M and Norton Evolutionary vs. Classical Strategic Management A Case Study from Jim Collins & Jerry Porras‚ Built to Last‚ 1997 Questions for Discussion (1) 3M’s strategy contradicts nearly everything that an MBA program is supposed to teach you about planning and control. Explain: a. How would marketing studies and product planning benefit 3M in producing more successful products? b. How 3M can expect to survive in the long run if it is unable to compute the return on investment and cash
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pursue their inventions. Having said that‚ low rankings employees can’t always get their products up the ladder‚ this is certainly the case for 3M. Products don’t die at 3M‚ but this case study does suggest that many good ideas never materialize to a good product. After all‚ the Post-It success looks a bit miraculous‚ and miracles don’t happen very often. 4. Every 3M researcher gets to spend up to 15% of his time pursuing his own interests. This policy is immeasurable because of the very nature of
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CASE #4: 3M Canada: Industrial Business Division PROBLEM RECOGNITION * The target is to increase growth rate from 3-5% to 12-15% in 18 months * OEM market is mature with limited prospects of expansion * Ultimately shifting overall focus from OEM market to MRO market * High unfamiliarity and low exposure to the MRO market * IBD’s share of distributor sales was 2% of distributors’ revenue * Transitioning focus from Special and Niche accounts to Large National accounts
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3M Strategy 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
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New companies entering the market‚ mergers‚ and globalization‚ on pricing and the sustainability of profits Sustainability at 3M grew from a commitment to both innovation and ethical conduct. By continually increasing sustainability at the economic‚ social‚ and environmental levels‚ we believe we are building a strong‚ vital company today‚ and leaving a rich legacy on which future generation. We recognized early that doing business in new‚ smarter ways would not only create a more viable
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Leadership Development at 3M: New Process‚ New Techniques‚ New Growth Margaret Alldredge‚ Cindy Johnson‚ Jack Stoltzfus‚ 3M;Al Vicere‚ Smeal College of Business‚The Pennsylvania State University; and the 3M ALDP Design Team F rom the moment she first shook his hand in a receiving line after his arrival at 3M‚ Margaret Alldredge‚ staff vice president‚ Leadership Development and Learning‚ knew Jim McNerney was passionate about developing leaders. McNerney was fresh from an enormously
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