3M COMPANY Case Solution
Introduction
3M Company is a conglomerate U.S based corporation which is headquartered in Maple wood (Minnesota). It has over 88,000 employees who are responsible to produce over 55,000 products on daily basis. The products include: adhesives, laminates, orthodontic products and etc. It has vast operations in more than 65 countries around the world with partnership with 29 international companies who are involving in manufacturing concerns. The main sources of 3M Company are the distributors and retailers all around the world.
The History of 3M Company was developed by five businessmen who together founded the corporation in 1902. It was a mining industry especially focused on corundum,however it failed to produce as the problem of a north site was developed with no commercial value at all in that period. John Dawn was one of the co-founder of 3M Company who focused on maximization of the proposed performance in the future.
The main goal of each co-founder was to supply the level of corundum into different manufacturing Companies all around the world. After the success of supply to the proposed companies, the co-founders fixed a meeting in 2 har bours office which was the main office of 3M Company. The meeting was held by John Dwan and it was decided that the company would take the shape of the corporation and name it as Minnesota Mining and Manufacturing Corporation.
3M Company produced innovative products such as it introduced waterproof sandpaper in 1921 as well as Masking tape in 1925. Moreover, it produced scotch tape which was usedfor car materials. 1951 was the year of success for 3M as its sales were over 20 million as compared to the projected revenues. It had some other innovative products in the late 1970 and it produced more than its expected growth rate in the upcoming years.
3M Company is very innovative in producing different kinds of products such as consumer, electronics and energy, health care, industrial as well as safety products all around the world. The market analysts determined the expected increase of these products with new features, which would take competitive advantage for the company over other corporations.
Nowadays, it is one of the most successful companies all around the world ranked 97 in Fortune 500 list. It has expanded more than 132 manufacturing plants operated by more than 88000 employees. Its expected sales ratio will be over $30 billion in 2017 with 58% ratio from international sales.
Macroeconomic Analysis
The current market situation in the field of consumer and health care is big and shows intense competition among different multinational companies. The market analysts indicate huge growth in the upcoming period of developed economies as compared to developing countries. It has been nearly a century since 3M was founded therefore,it has the advantage of brand loyalty to expand in saturated markets.
The market consists of many giants operating indifferent regions all around the world. In healthcare industry, Proctor and Gamble is dominating with its healthcare products, as well as Unilever also gives tough competition in the world of healthcare products.
3M’s performance has been brilliant in the past century and this indicates that it will perform even better due to its technological innovations in the field of Healthcare. Moreover, consumer market is bigger than healthcare and shows intense competition among different companies.
3M Company may different hurdles in the field of consumer electronics and that it might under perform due to perfect competition of different industries and already established customer loyalty among them. The challenges can be from developed economies where customers are looking for brand performance and product awareness. Sony has covered different regions of the world due to its innovations in electronic market. Furthermore, Samsung is the top company to produce mobile phones around the world........................
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