3M Business Analysis III Steve Phelps MGT/521 April 23‚ 2012 3M Business Analysis III To answer the question of how current economic trends are affecting 3M and what strategies 3M is using to adapt to the those economic trends‚ it is necessary to understand what the current state of the United States economy is‚ then define what economic trends exist. The Economy The best ways to understand what encompasses the economy in the United States is to first
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specialization in tapes and adhesives are 50%-60% division turnover and abrasives are 40%-50% ■ Access to experience and knowledge pool of the worldwide organization and profiting from close connection in the marketing strategies of over 50 divisions in 3M ■ Natural fit with the culture of the Special and Niche categories ■ Groomed employees grow and develop to become product experts Weakness ■ IBD had not concentrated on the MRO segment because it was fragmented with slight brand loyalty ■ Sales
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SWOT analysis III. Organizational focus: 1. Organizational structure 2. Type of structure in relation with the type of business IV. Brief Financial analysis and trends (3 years): 1. Liquidity 2. Equity 3. Debt ratios 4. Profitability ratios 3M Company was founded in 1902 by five businessmen‚ a lawyer‚ a doctor‚ two railroad executives and a butcher. The first headquarter was in the Lake Superior town of Two Harbors. Its completed name is Minnesota Mining and Manufacturing Minn. The company
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Art Fry was in search of a bookmark for his church hymnal that would neither fall out nor damage the hymnal. Fry noticed that a colleague at 3M®‚ Dr. Spencer Silver‚ had developed an adhesive that was strong enough to stick to surfaces‚ but left no residue after removal and could be repositioned. Fry took some of Dr. Silver’s adhesive and applied it along the edge of a piece of paper. The
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emerged over time? 3M goes back to 1902 when five Minnesota businessmen established the Minnesota Mining and Manufacturing Co. to mine a mineral that they thought was corundum‚ which is ideal for making sandpaper. The mineral‚ however‚ turned out to be low-grade anorthosite‚ nowhere near as suitable for making sandpaper‚ and the company nearly failed. To try and salvage the business‚ 3M turned to making the sandpaper itself using materials purchased from another source. In 1907‚ 3M hired a twenty-year-old
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3M is one of the thirty businesses of the Dow Jones Industrial Average and Standard & Poor’s 500 Index. The company has worldwide sales of $29.6 billion‚ and international sales of $19.6 billion‚ which makes up about 66% of the company’s total sales. After analyzing 3M’s annual balance sheets for the past five financial years‚ we can compare the company’s assets and liabilities and predict its future progress. 3M’s current ratio is positive because its current assets are all higher than that
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3M’s rhythm of change: 3M started as a mining and manufacturing company but soon developed into and moving toward technological innovations and products an example of steady rejuvenation. This kind of change was continuous throughout the life cycle of the company. The change started when a young book keeper named William L.McKnight took the place of 3M’s sales manager and observed the quality problems with company’s products. He started with a systematic change which eventually took effort after
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Case Analysis- 3M Corporation Case Analysis- 3M: Profile of an Innovating Company Introduction Relevant Facts The next invention was the wetordry waterproof sandpaper‚ which came about when an ink manufacturing named Francis Okie asked for samples of every mineral supply in the house. Mr. Okie was persuaded to join 3M as the company first product developer. The wetordry found immediate acceptance in automobile plants and repair shops. The next critical event occurred in 1925 when
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SIGMA TELECOM COMPANY 1. What steps would you suggest to the company management for reversing the downward trend in their profits? Ans. The following are our suggestions to the company management: Product innovation and after sale service: The company should focus on research of new technology and product as well as make sustained effort to harness foreign technology to better meet customer requirement and gain customer loyalty. Another important aspect the
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............................................................... 3 2 - Culture of Innovation ......................................................................................................................................... 6 3 - Pillars of 3M Innovation Process ....................................................................................................................... 8 4 - Breakthrough Innovation and Lead User approach .......................................................
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