...CHAPTER I INTRODUCTION 1. Background of Case Study Selection Differentiated strategy is the strategy pursued by the company to produce products that are different or unique compared to competitors' products. Researchers are interested in doing research on the company because researcher wanted to learn more about controls for differentiated strategies, both theoretical and practical. Minnesota Mining & Manufacturing Corporation (3M) is one of the companies that have successfully implemented differentiated product strategy that gives priority to innovation as a competitive advantage offered. This company believes that innovation to be the cornerstone of 3M’s future success. Current management has continued to embrace and expand these policies and philosophies. That is why researchers interested in evaluating policies and 3 M that philosophy is based on the innovation in the implementation of the strategy of differentiation 2. Motivation Motivation researchers conducted a study of control for differentiated strategies in Minnesota Mining & Manufacturing Corporation (3M) because the researchers wanted to know more about the factors that influenced the design of the system and also the policies and philosophy rooted in the innovations made by 3M Corporation. By studying and examining the existing policy and philosophy that is rooted in innovation from the company, researchers can get a clearer picture of how to do a proper evaluation and what steps...
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...Innovation at 3M Corporation INNOVATION AND KNOWLEDGE ECONOMY - GROUP C 1 Contents 1 1 2 3 4 Background Source of Innovation Innovative Culture Lead User Research 5 Impact of Lead User Method 6 2 Click to add title in here Companies in Indonesia Background of “ Lead User Innovation” “ Traditional strategic planning does not leave enough room for innovation “ understand leading _edge customer needs to change the basis of Competition working closely with customer & understanding market need LEAD USER INNOVATION Definition of lead users Lead users refers to users who are ahead of the majority of the market on a major market trend, and who also have a high incentive to innovate. Producers seeking user innovations to manufacture try to source innovations from lead users - because these will be most profitable to manufacture 3 Milestone of 3M in Innovation 1902 The Minnesota Mining and Manufacturing Company (3M) founded The company has a long and famous history of innovation. They are known for such products as the Post-it which revolutionized the way individuals communicate, masking tape, and waterproof sandpaper. 1961 Medical Products Division, the first 3M division dedicated solely to health care, founded. The Health Care Unit was an important component of 3M’s business model, contributing a large percentage to the company’s revenue streams The unit had failed to introduce a successful product in almost a decade 3M is third in...
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...Internship Report Summer 2002 By: Danielle Cauthen Company: 3M Internship Dates: May 2002 - July 2002 Table of Contents 1. Biographical Sketch 2. Company Background 3. Internship Program pg. 3 pg. 3 pg. 3 4. Internship Project 4.1 Project Overview 4.2 Project Relevance 4.3 Project Timeline 4.4 In-House Training 4.5 Project Tasks and Results 4.6 Project Evaluation 5. Technical Products 5.1 Design Description 5.2 Code 5.3 Sample Outputs 6. Professional Growth 6.1 Challenges 6.2 Technical Skills Acquired 6.3 Business/Management Skills Acquired 6.4 Lessons I Would Apply to Next Internship 7. Summary/Conclusions pg. 3 pg. 4 pg. 4 pg. 4 pg. 5 pg. 5 pg. 5 pg. 5 pg. 5 pg. 6 pg. 6 pg. 6 pg. 6 pg. 7 pg. 7 pg. 7 pg. 7 2 1. Biographical Sketch I am originally from Silver Spring, Maryland, located in the Washington, DC metropolitan area, and am currently a graduating senior at Florida A&M University, majoring in Computer & Information Sciences. After graduation, I will be attending graduate school, in the Fall 2003, to pursue my master’s degree in Computer Science, at, hopefully, New York University. As far as previous internships, I have had three summer internships with 3M, starting the summer after my freshman year, and, in this report, I will be discussing my third and last internship with 3M this previous summer. 2. Company Background 3M, which stands for Minnesota Mining and Manufacturing, is headquartered in St. Paul, MN, and is a diversified manufacturer of...
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...For the exclusive use of Q. WEI2015. 9-699-012 REV: JULY 23, 2002 STEFAN THOMKE Innovation at 3M Corporation (A) On the evening of October 23, 1997, Rita Shor, senior product specialist at 3M, looked across the conference room at her team from the Medical-Surgical Markets Division. She wondered when to draw to close the intense ongoing debate on the nature of the team’s recommendations to the Health Care Unit’s senior management. A hand-picked group of talented individuals, the team had embarked on a new method for understanding customer needs called “Lead User Research.” But this initiative to introduce leading-edge market research methods into 3M’s legendary innovation process had now grown into a revolutionary series of recommendations that threatened to rip apart the division. While senior management wanted the “Lead User” team to execute a manageable project involving surgical draping material to protect surgery patients from infections, the team now wanted to rewrite the entire business unit’s strategy statement to also include more pro-active products or services that would permit the upstream containment of infectious agents such as germs. This went against the incrementalist approach that for so long had pervaded 3M. After all, as Mary Sonnack, division scientist and an internal 3M consultant on the new Lead User methodology, noted “3M gets so much revenue from incremental products . . . like a blue Post-it note instead of just a yellow one.” ...
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... Profitability & Effectiveness (ttm) ROA 10.12% ROE 22.75% Profit Margin 12.41% Oper Margin 18.8% Gross Margin 46.6% ANALYST NAME Leslie Moore Lcmp77@mail.missouri.edu Company Background 3M is a diversified global technology and manufacturing company offering a broad range of products. It was founded in 1902 along the north shore of Lake Superior in Minnesota by Henry Bryan, Herman Cable, John Dwan, William McGonagle and Dr. J. Danley Budd. The original plan for the company was to mine the mineral corundum which would then be sold to manufacturers of grinding wheels. The company first began its product portfolio with sandpaper and has grown it to over 55,000 products today. Some of the most recognizable brands include Filtrete, Nexcare, Scotch, Post-It and Scotch-Brite. It is currently headquartered in Maplewood Minnesota, a suburb of St. Paul, and has over 76,000 employees worldwide. 3M Corporation was originally known as Minnesota Mining and Manufacturing Company and is an America Multinational Conglomerate Corporation. It is one of 30 companies listed in the Dow Jones Industrial Average and is also a component of the Standard and Poor’s 500 index. 3M is a very diversified globally and continues to look for opportunities to grow its international businesses. Some of the major acquisitions over the past year have occurred in markets outside the US. International sales currently account for...
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...Case study An analysis of 3M, the innovation company Introduction Any review of the literature on new product development and innovation management will uncover numerous references to 3M. The organisation is synonymous with innovation and has been described as ‘a smooth running innovation machine’ (Mitchell, 1989). Year after year 3M is celebrated in the Fortune 500 rankings as the ‘most respected company’ and the ‘most innovative company’. Management gurus from Peter Drucker to Tom Peters continually refer to the company as a shining example of an innovative company. This case study takes a look at the company behind some of the most famous brands in the marketplace, including Post-it® Notes. It examines the company’s heritage and shows how it has arrived at this enviable position. Furthermore, the case study attempts to clarify what it is that makes 3M stand out from other organisations. Background Originally known as the Minnesota Mining and Manufacturing Company, with its headquarters in St Paul, Minnesota, 3M was established in 1902 to mine abrasive minerals for the production of a single product, sandpaper. From these inauspicious beginnings, the company has grown organically, concentrating on the internal development of new products in a variety of different industries. The latest review of the company’s position reveals that it manufactures over 60,000 products, has operations in 61 countries, employs 75,000 people and has achieved an average year-on-year growth...
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...Week 4 Marketing What are the characteristics of the target market for the 3M Greptile Grip golf glove? The primary target market for the 3M Greptile Glove are the baby boomers; those born from 1946-1964. These consumers are the first target market for 3M because these consumers have reached their prime earning potential; which allows them to spend more money on leisurely activities, like golf. Second, 3M has observed the geographic switch of golfing population from East and North to South and West. These changes have occurred because the climate in the South and West stays consistent year round, allowing for golfers to engage in games throughout the year. Third, golf course development has increased in the U.S. to 17,000 courses in 2006, giving golfers an opportunity to play just about any time and any place. Finally, golf has become popular among all age groups and ethnicities. Women now account for 25% of all golfers and minorities have increased by 10%. With the market segments widening each year, 3M has an opportunity to capitalize on many different segments of the marketplace. (Roger, 2009, pp.276-277) Resource: Roger A. Kerin (). Marketing [9] (VitalSource Bookshelf), Retrieved from http://devry.vitalsource.com/books/0077590457/id/P10-241 Compare the product life cycle described by BMW for its cars to the product life cycle shown in Figure 11-1. How are they similar? How are they dissimilar? They do not release every product at the same time; staggering...
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...The world has become more and more competitive from the rapid development in recent decades. Some corporations have suffered from the failure of transformation, but some companies successfully overcame the challenge, and furthermore, dominated in their field and have had continuously expended until now. What makes them different are some crucial factors of business like strategy, structure of organization, leadership. Most of these play important roles during the development of enterprises and interact with each other. However, in a heavily competitive field, the key factor must be strategy. On the one hand, for huge corporations, strategy can not only guide the corporations on the correct track but also can even explore additional possibilities which bring up the positive effectiveness of development. On the other hand, for some immature companies, strategy is a suitable way to prevent disorder or disorganization, and it also helps them to define the location clearly in their field. The most importance feature of good strategy is: building up the core value of enterprise. Nowadays corporations face numerous issues of development which include human resources, supply chain, manufacturing and other relative fields. There are some external influences which keep changing the conditions of the environment. In the business field, globalization is a significant trend which has gradually become the most effective phenomenon and the most enormous challenge in the global market. This...
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...Group Case Study 1 Report HAS 6149 Group 3 Florida International University Background Information Yunnan Baiyao Group Co., Ltd. (YB) is a state-owned enterprise in China. Through more than a hundred-year history, Yunnan Baiyao had become a household brand in China for its unique traditional herbal medicines that were effective in the treatment of open wounds, fractures, contusions and strains. However, along with the rapid changes of the pharmaceutical industry in China and the maturity of YB’s products, they are reaching a bottleneck. In order to help YB to extend its life cycle and stabilize its profit, YB had to look for new growth areas. The options of product diversification and market diversification have risen. In this case study, our mission is to decide which option above is better for the development of YB based on our analysis. SWOT Analysis Strengths Long history and respected reputation in China and other Asian countries. Year 2012 is the 100 anniversary of YB, as a brand with 100 years history, YB is well-known in China, as well as in Singapore, Malaysia, Thailand, and Vietnam. For a long time till now, this respected brand always with the image of trustful, healthy, and organic. In 1996, Yunnan Baiyao Company integrated other three producers into a sole owner of Baiyao-Yunnan Baiyao Group Co. (YB). By this means, YB can strengthen its brand reputation and standardize the products’ quality. A diversified and vertically integrated player...
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...access and a more predictable commercial environment. In 1984, 3M established its China branch and was the first foreign-invested enterprise established outside the Shenzhen special economic zone. Then, the US multinational 3M Company developed its business and worked on developing a research and development (R&D) center in Shanghai like many other MNCS (158th set up in Shanghai by multinationals). Recently, 3M even doubled its China's R&D center size and staffing, giving birth to an important R&D hub for 3M's global business enabling the company to better supply products needed in the industries of electronics, telecommunications, automobiles, shipping, aviation, medical care, housing and leisure," company officials said. Today, 3M has 11 companies and 19 offices across the country, employing more than 5,000, showing a long-term commitment for the Chinese market. Through those trends, we can notice how R&D is now important in the globalization process. Li-Hua and Khalil (2006) argue that the international business environment is affected by globalization and this emphasizes the importance of studying synergies and differences between Western and Eastern management concepts. The present essay will analyze the reasons, benefits and drawbacks of this significant increasing level of foreign invested R&D conducted in the Chinese environment. It could then contribute to the decision for a company to create and develop its...
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...1. Introduction 1.1 Purpose of report In order to generate business growth in the near future, the Industrial Business Division (IBD) of 3M Canada has considered changing its focus of serving original equipment manufacturers (OEM’s) to serving maintenance, repair and overhaul (MRO’s) customers. However this strategic decision comprises of many opportunities and challenges. The prime goal of IBD is to increase its organic growth from (3-5) per cent, to (12-15) per cent by 2008 (Hutt & Speh, 2010). The purpose of this report is to provide a plan of action that will assist IBD to achieve its new business growth mandate. 1.2 Company Background The Minnesota Mining and Manufacturing Corporation which is now known as 3M, was established in 1902. 3M is a multinational company with over 50 divisions worldwide. Its first subsidiary was set up in Canada. The Industrial Business Division of Canada caters for a broad range of industrial markets. Its success can be attributed to its customer focus approach which has resulted in beneficial transactions, particularly with OEM customers. By 2006 IBD had become the second largest division in terms of sales (Hutt et al., 2010). However the company’s growth and development was slowly approaching a stand still. The maturity of the OEM segment meant that IBD needed to asses other market options and opportunities. Could inroads into the unfamiliar MRO segment provide sustainable growth? This is the question that IBD needed to answer. 1.3...
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...3M Marketing Audit Jeremiah Lindgren University of Mary 3M Marketing Audit 3M was founded in 1902 in Two Harbors, Minnesota by five businessmen, with diverse occupations, who wanted to mine a mineral deposit for grinding-wheel abrasives (3M, 2012). The founders did what many others did in that time and that was incorporate first and investigate later so soon after their start the company moved to Duluth, Minnesota to focus on sandpaper products because the mineral deposit was of little value (3M, 2012). 3M struggled for many years, then they got the quality production and supply chain down they attracted new investors. The company moved to St. Paul, Minnesota in 1910 and in 1916 they paid their first dividends of 6 cents a share (3M, 2012). In 2004, their sales topped $20 billion for the first time and currently they are in 25 different countries worldwide. When most people think of 3M they think of Post-It notes and Scotch tape but 3M actually has many other businesses besides office supplies (3M, 2012). They currently have a very high technology platform which gives them the ability to have a graphics business that people rely on every day along with an electronic and communication business that contribute reliable sources of electrical power to markets around the world (3M, 2012). They supply innovative and reliable products that are used by health care professionals. These products make them a global leader in medical and oral care products, and drug deliver and...
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... | Abstract This case study focuses on the treatment of property, plant, and equipment and how they are viewed by both GAAP and IFRS. We are provided with a situation in which we are required to apply both standards and determine the value of fixed assets IAW IFRS and GAAP in order to determined which accounting standard would be more beneficial in this situation; specifically, if it allows Old Line to be able to borrow more funds. The case study will also conclude with an opinion on whether the student’s preference is GAAP or IFRS in regards to acquisition contingencies. Background of the Situation: Old Line Manufacturing Company is having liquidity problems whereby the borrowing base is limited to 60% of net fixed assets. Given the different types of PPE, the CFO is entertaining the idea of changing from GAAP to IFRS in order to be able to borrow more funds. Specific PPE: 1. Land A – carried at historical cost of $4M, with a fair value of $5M. In accordance with GAAP, “the historical cost of acquiring an asset includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use” (ASC...
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...having our Annual Meeting in Austin for the second time. We will also provide a live webcast of the meeting. Details regarding admission to the meeting and the business to be conducted are provided in the accompanying Notice of Annual Meeting and Proxy Statement. We will report on Company operations and discuss our future plans. There will also be time for your questions and comments. We sincerely hope you will be able to join us at the Annual Meeting. The fine attendance of our stockholders at annual meetings over the years has been very helpful in maintaining good communication. For information on how to attend the Annual Meeting, or listen to the live webcast, please read ‘‘Annual Meeting Admission’’ on page 1 of the accompanying Proxy Statement. Your vote is important. Whether or not you plan to attend the Annual Meeting, please vote as soon as possible. You may vote your proxy on the Internet, by telephone, or, if this Proxy Statement was mailed to you, by completing and mailing the enclosed traditional proxy card. Please review the instructions on the proxy card or the electronic proxy material delivery notice regarding each of these voting options. Thank you for your ongoing support of 3M. Sincerely, 7MAR201222590816 2015 ANNUAL MEETING OF STOCKHOLDERS NOTICE OF 2015 ANNUAL MEETING AND PROXY STATEMENT TABLE OF CONTENTS Notice of 2015 Annual Meeting of...
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...FORM : 104/01-F05/INT/LTN REV : 0 INSTITUT TEKNOLOGI PERTAMA Programme Name Module Name Module Leader Name Internal Verifier Name FOUNDATION IN BUSINESS BUSINESS MATHEMATICS Module Code Assessment Type / Reference No. Lead Officer (Assessment Committee) Student Identification IC/Passport No. I hereby certify that this assignment is my own work and where materials have been used from other resources, they have been properly acknowledged. I also understand I will face the possibility of failing the module if the content of this assignment are plagiarized. Signed: ________________________ Outcome(s) / Assessment Criteria covered Date: _________________ PMT 1353 ASSIGNMENT MR LEE HAR SAN Ms NG SIEW FENG MR LEE HAR SAN Student Name Student’s declaration LOC 1: Use the knowledge of key mathematical concepts and topics and applying them to the solution of business problem. LOC 2: Identify business problems, abstract the essentials of problems and formulate them mathematically and in symbolic form so as to facilitate their analysis and solution. LOC 3: Use mathematical concepts to analyze multidisciplinary data and to integrate these into a problem solving process. Submission Due Date Student’s work assessed by / date 31/03/2014 Marks obtained 03/03/2014 Release Date Date Received FORM : 104/01-F05/INT/LTN REV : 0 Module Leader’s Feedback. Module Leader’s comments / feedback Student’s comments FORM : 104/01-F05/INT/LTN REV : 0 Coursework...
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