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3m Company Case Study

Essay by   •  April 5, 2012  •  Case Study  •  1,079 Words (5 Pages)  •  1,386 Views

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Running Head: 3M COMPANY, MCS: REPORT 5

MCS: Report 5 of the 3M Company

3M Company's Mission Statement

The 3M Company's mission statement states, "To solve unsolved problems innovatively." The 3M Company's vision is to be the most innovative enterprise and our customers' preferred supplier. Innovation applies not just to their products but also to their whole business approach, encompassing social and environmental issues.

Business Opportunities, Viable Alternatives, and Consequences

Doug Hanneman (2008) discussed the overall growth strategy of the 3M Company by stating that the company's focus is on growing its core by building broader and better capabilities with complementary acquisitions, by capitalizing on emerging businesses opportunities in adjacent spaces, and by continuing to drive international growth. The 3M Company will continue to invest resources and energy in new product platforms like the aluminum composite conductor, which has the potential to significantly change the way electricity is distributed; and a new mobile projection engine, which can be integrated into virtually any personal mobile device or used as a stand-alone product (pg. 1).

The 3M Company have a mix different of businesses. The company serves a broad array of markets, providing many avenues for growth and cushioning the company from disruptions in any single market. They have well-known brands which represents quality, innovation, and reliability. Their brands earn customer loyalty, encourage repeat purchases and motivate users to try new 3M products. In order for the 3M Company to remain viable they have no problem in cutting cost such as selling some of their businesses, changing their products, or laying off to make their company come back into profitability. In Dee DePass (2007), she states that the 3M Company will look to "selectively restructure" its operations so that factories, distribution centers and potentially entire business units are moved to countries that promise higher growth and lower tax rates. Building plants closer to customers and moving some operations to lower-tax locations could help cut costs associated with transportation, inventories and labor (pg. 1).

Long-term Objectives

The CEO of 3M, George Buckley stated in the company's annual meeting that the company will continue to inspire and encourage innovation and creativity to accelerate growth and deliver excellent financial results. The 3M Company believes that active and responsible citizenship can make a strong company even stronger. They are committed to helping meet the needs of society today, while respecting the ability of future generations to meet their needs. At the same time, the 3M Company recognizes that only by continuing to be a viable and successful enterprise can we continue to be a positive contributor to sustainable development.

In the 3M 2008 Sustainability Progress Report it discussed the 3M Company's key business strengths are their strong technology base. 3M technologies and products in homes, offices, hospitals, dental offices, manufacturing facilities, cars, aircraft, traffic signs, LCD displays, and countless other places. The company draws on more than 40 technology platforms. The 3M Company has the leading market position when it comes to competition. The company is a world leader in most of its businesses (pg. 4). They have created and will continue to create many markets by developing products that fulfill unarticulated customer needs throughout the world.

The 3M Company will continue to have a international presence for the future because according to Dee DePass (2007) stated in her article that currently, about 61 percent of 3M's $24 billion in annual sales are made overseas. By 2012, 3M expects the percentage to grow to about 65. The company hopes to realize about $1 billion in supply-chain savings during the next six years by shifting manufacturing or distribution,

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