« Minnesota Mining and Manufacturing Minn »
Presentation of the company
Description of the Businesses/products
Influence made by the different types of environment
Type of structure in relation with the type of business
Brief Financial analysis and trends (3 years):
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 grew up in 110 years. Today the company has its headquarter in Maplewood, Minnesota. This huge company counts 80 057 employees worldwide, has 132 plants and sales offices in over 200 countries. Its worldwide sales are over 20$ billion: 26,662$ billion in 2010.3M is one of the 30 companies included in the Dow Jones Industrial Average. In this case, we will analyze the 3M Company. To do it we divided the analysis in 4 parts: First we will present the company, its history and its products/businesses; in a second part we will focus on the marketing of the company; then we will study its organization and finally we will make a 3 years financial analysis.
Presentation of the company
In 1902, at the creation, the original aim of 3M’s founders was to sell the mineral corundum to manufactures in the East for making grinding wheels. The problem was that they sold the worthless mineral anorthosite instead of corundum. After this fail, they tried to make sandpaper with the anorthosite, but this was not a big success. In 1910, the founders decided to import better minerals like Spanish garnet and the sales of sandpaper grew. In 1921 the company introduced the first waterproof sandpaper, which reduced airborne dusts during automotive manufacturing. In 1925, they invent the masking tape and the brand Scotch®. In the following years the Scotch Cellophane tape is created. The company continued to invest in researches. In 1940s 3M was diverted into defense material for II World War. In the 1950s 3M introduced the Thermo fax copying process, Scotchgard fabric protector, videotape, scotch-Brite cleaning pads and several new electro-mechanical products. Moreover, they expanded their operations in other countries. In 1951 international sales represented approximately 20$ million. 3M was getting bigger and bigger and the main interests were focused on a line of board games, under the 3M BOOKSHELF GAME SERIES brand. The games covered a variety of topics, from business and sports simulations to word and abstract strategy games. In 1969, 3M introduced its first and only traffic signal, the model 131, and this signal had the unique ability to be programmed so it was visible from certain angles. These signals were sold where a very bright indication was needed. 3M became a billion-dollar in the process and its range of products became bigger. In 1970, 3M expanded its market into pharmaceuticals, radiology and energy control and it was also involved in the first digital audio recordings. In 1979, the company introduced a digital audio recording system called the 3M DIGITAL AUDIO MASTERING SYSTEM. It was a commercially available digital audio system which consisted of a 32 track digital audio tape recorders and then 3M sold other commercially available models. In spite of these different successes, the company had, between the 60s and the 80s, difficulties with consumer products. They lost, for instance, the market shares for the cassette tape, this sector was dominated by two Japanese companies, TDK and Maxell. Other problems are, for example, the big completion. For example one of the most important innovations appeared in 1980 when the company introduced Post-it notes, which...
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