3m Strategy

Topics: Marketing, Supply and demand, Innovation Pages: 1 (259 words) Published: March 21, 2013
As to the strategy of 3M, the company mainly focuses on its innovation. The company improves its products through industrial, electronic market and transportation. The examples of the products of the company are waterproof sand paper (the company’s first product) and post-it-notes. The company performance on management is considered visionary because it offered innovative products which holds higher quality and is more convenient in the matter of usage. The CEO of the company has a rule which stated that its employees are to spend 15% of their work hours to work on the development of products. Additionally, the company 5% of its annual sales is use for R&D and the company also recruit new employees to develop its products with creative ideas. The company also looks closely with the feedback of its consumers on new products and the result of this is a better understanding through consumers demand. 3M solves their problem through their technical abilities which helps developing its products that are matched with its consumer needs. 3M usually develop and diversify its product in order to stay in the course of their business model. For instant, when its new products are launched, 3M is able to grasp the needs and loyal from its customers. In addition, the reward of the company through promotion encourages its employees to be creative and to come up with new ideas for the products. This ensures that the company’s members will contribute more to the company and to work harder because all companies succeed through their employees.
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