Synopsis, Key Issues, Problems, Opportunities, Solution

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  • Topic: Leadership, Chief executive officer, 3M
  • Pages : 5 (1579 words )
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  • Published : April 2, 2011
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Synopsis, Key Issues, Problems, Opportunities, Solutions, & Recommendations of “Boss Talk” Video

Title Page
TOPICPAGE
INTRODUCTION………………………………………………….………… 3 VIDEO REVIEW
Synopsis……………….……………………………………………... 4
Key Issues…………………………………………………….………. 4
Definition of the Problem and the Opportunity…………….………… 5
Alternative Solutions……………………………….………………….6
Selected solution………………………………………………..……...7 Implementation/Recommendations……………………………………7 CONCLUSIONS………………………………………………….…….……..8 WORKS CITED………………………………………..……………………...9

Abstract
Since the lauch of the 3M, on the basis of finding a suitable grinding wheel abrasive, in 1902, the company has seen its fair share of economic ups and downs until finally finding its niche in the supply world. Early technical and marketing innovations of its numerous products has allowed 3M to grow into a multinational company with an impressive CEO George W. Buckley. Mr Buckley prides himself on his ability to focus on leadership training. He helped move the company from slot 15 to slot number one in regards to training. This paper intends to analyze the problems, opportunities, solutions, of 3M in the world market. It will also touch on George’s Buckley’s ideas of leadership.

Video Review

Synopsis of the Situation
The video is a snapshot of a larger interview with 3M CEO, George Buckley conducted by the Wall Street Journal. 3M is a diversified technology company serving customers and communities with innovative products and services. 3M is an innovative company that never stops inventing. With $27 billion in sales, 3M employs about 80,000 people worldwide and has operations in more than 65 countries. (3M, Our Company) Dr. Buckley is the Chairman of the Board, and has been the President and Chief Executive Officer since December 2005. Prior to his employment with 3M he lended his services as Chairman and Chief Executive Officer of Brunswick Corporation. (Forbes, 2008 through 2010) His skills in business and financial matters, and his experiences as a director at the public companies along with his leadership qualities, qualified him to serve as director and Chairman of the Board of 3M. He now shares his wealth of leadership knowledge through seminars and personal interviews with the likes of USA Today and ABC News just to name a few. Key Issues

When the video was recorded in 2009, 3M was facing a small decline in profits. Dr. Buckley exclaimed in his interview that recently he had told his leaders that they just overcame the worse recession in 85 years. During the time of this interview there was a 10% layoff of the manufacturing force followed by a net sales decline from 2008 to 2009. (Stock Analysis on Net, 2010) This turn for the worse was nothing more than another minor hurdle for Dr. Buckley to conquer. In his own words, in an interview with ABC News he said , “You have to focus on what's left, not on what's gone. You're unlikely to do that well if you back off on training and leadership development.” In such an economically depressed state it was more important than ever for 3M to continue its leadership development and to up its focus on its long history of product innovation. Problem and the Opportunity

The key to 3M’s success in their economic downturn will be their longstanding core foundation of innovation. According to CNN Money, 3M has long been synonymous with innovation, It has deployed a range of practices to promote out-of-the-box thinking. (CNN Money, 2010) The strain associated with producing multiple products has the upside of gaining markets that were previously unchartered. Thereby, giving them a large opportunity for growth and lending itself to the success of 3M’s survival in the business world. Without capitalizing on new products and new markets 3M is unlikely to succeed in the business world. This was evident from 2001-2005 when the company was under the watchful eye of then CEO James McNerney. He might have been...
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