Preview

3m Strategy: Business and Corporate Values

Good Essays
Open Document
Open Document
875 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
3m Strategy: Business and Corporate Values
3M’s Corporate Values * Act with uncompromising honesty and integrity in everything we do * Satisfy our customers with innovative technology and superior quality, value and service * Provide our investors an attractive return through sustainable, global growth * Respect our social and physical environment around the world * Value and develop our employees' diverse talents, initiative and leadership * Earn the admiration of all those associated with 3M worldwide
Business Strategy in 3M
In order to motivate the employees and in order to increase the speed with which they were working, certain decisions had to be taken which were made strategic objectives and they had to be achieved by adhering to those rules. Thus business level decisions were taken. a) 15% rule – At 3M, innovation is a must. It is a compulsory strategy. There are certain scenarios where they have had to choose between innovation and profit. Profits and innovation both are important because profits are required so that the organisation can grow and sustain whereas innovation can lead to a product which can create history. So instead of devoting complete time to profit and zero innovation or instead of giving them complete freedom and sacrifice on profit, they created 15% rule wherein employees can devote 15% of their work time for a work or research of their own choice. This rule led to increase in the speed of innovation at 3M. People not only started to work on new ideas but also helped each other during that time to solve other’s problems. b) 30/4 rule – To take care of the profit part and to make sure that there are innovative products introduced at regular intervals, another rule was made namely 30/4 rule. It was a financial strategic decision which said that 30% of the profit in 3M should come from the products which weren’t present 4 years back. This rule made sure that innovation always remains in the veins of 3M. c) The 7 cent rule – another rule which

You May Also Find These Documents Helpful

  • Good Essays

    Corporate Strategy

    • 3375 Words
    • 14 Pages

    28. A taxpayer is considering three alternative investments of $10,000. Assume the taxpayer is in the 28% marginal tax bracket for ordinary income and 15% for qualifying capital gains and dividends in all tax years. The selected investment will be liquidated at the end of five years. The alternatives are:…

    • 3375 Words
    • 14 Pages
    Good Essays
  • Powerful Essays

    Revolution

    • 1570 Words
    • 7 Pages

    Gary Hamel mentioned in the article that there are three kinds of companies in any given industry; the rule makers, rule takers and rule breakers. In this article is more specifically base on rule breakers; which tend to gear towards being out of the ordinary different and often become revolutionaries in their field (Prahalad and Hamel ,1990). Thus, as a revolutionary to their field company or person Hamel (1998) states every organization must apply innovation on their own way and instil the culture of a way of thinking innovative and thus, aligning to the corporation’s core competences and culture Shieh (2011).…

    • 1570 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    D1 unit 4

    • 1506 Words
    • 4 Pages

    Strategic decisions are the decisions that are concerned with whole environment in which the firm operates the entire resources and the people who form the company and the interface between the two. In this task I will talk about the appropriateness of business information used to make strategic decisions. Having correct information before you make a decision that affects the whole company is vital for the company in the economic environment we are currently in at the moment.…

    • 1506 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Law 421 Week 3 Analysis

    • 809 Words
    • 4 Pages

    The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard…

    • 809 Words
    • 4 Pages
    Good Essays
  • Good Essays

    In this case, the problem in the department level increased due to lack of communication with their employees. The supervisor was considering an enriched job design to improve the productivity. Notwithstanding, he did not tell his subordinates about this decision making before it came out, and he also did not help his subordinates understand the purpose and process of this change. In addition, this reformation was not favored by most of his subordinates. On the contrary, this sudden change of job enrichment had left…

    • 783 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Wells Fargo

    • 5824 Words
    • 24 Pages

    financially, be the premier provider of financial services in every one of our markets, and be…

    • 5824 Words
    • 24 Pages
    Powerful Essays
  • Satisfactory Essays

    Aims of Mcdonalds

    • 292 Words
    • 2 Pages

    to wage its customers with matter of a broad standard, hurried assist and continuance for…

    • 292 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Unit 4 P4

    • 180 Words
    • 1 Page

    P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context.…

    • 180 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    Outline the external drivers and hindrances for innovation in relation to your chosen organisation (or product).…

    • 272 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Devry Sbe 330 Case # 2

    • 801 Words
    • 4 Pages

    1. Some people may argue that 3M’s success is largely due to the significance given to science and technology and this is the main lesson for other firms. Discuss the merits of such a view and the extent to which this is the case.…

    • 801 Words
    • 4 Pages
    Good Essays
  • Better Essays

    There are many different opinions on what makes up the fundamental functions of business; but the majority of experts consider planning, organizing, leading, could also be called directing, and control the most widely used to run a successful business. In this paper I will be defining the four different functions of business and give examples on how they used in business. One example of a business that used these is Ford Motor Company. Henry Ford was a visionary like no other in his time. He used and developed management skills and developed methods that were unheard during his time. When…

    • 1198 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Business-level strategies are designed to pursue success in the industry in which a company competes. CITATION Tyl14 \l 1033 (Lacoma, 2014) Business level strategy focus with the question, “how do we compete?” Competitive strategy plays the main role in business level strategy, which helps company to differentiate their product and service from their competitors to increase market share. Business-level strategies also concern on fulfilling the strategic plan. For example, if company wants to create a new product line, the strategic decisions…

    • 812 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Nucor

    • 983 Words
    • 4 Pages

    • The strong leadership at all levels by being able to make quick decisions and be accountable for it as well as share their success and failures with each other. This approach towards employee benefit and welfare, compensation based on group performance and production quality, training and job rotation to ensure all employees know all areas of work and an approachable management which practices open communication as well as top to bottom risk taking and innovative culture complemented each other to have created a highly motivated, productive, flexible and innovative workforce.…

    • 983 Words
    • 4 Pages
    Good Essays
  • Good Essays

    3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies, medical supplies and equipment to traffic and safety signs, magnetic tapes and CDs to electrical equipment. Originally innovation was encouraged informally by the founders, but over more than a century some of these rules have been formalised. But most important of all there has built up a culture which encourages innovation. And because this culture has built up a history of success, it perpetuates itself.…

    • 553 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    TGM Corporation is the top company in life skills, which organizes life skills courses and publishes the bestselling books about life skills with the slogan “Help 1 million people to be happier and more successful”.…

    • 1716 Words
    • 7 Pages
    Satisfactory Essays

Related Topics