1. There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’? Answer: This case study has highlighted some of the key activities and principles that contribute to 3M’s performance. Many of these are not new and are indeed used by other companies. However‚ in 3M’s case they may be summarized as an effective company culture that nurtures innovation and a range of management techniques and strategies that together have delivered long-term
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Innovative Widgets Innovative Widgets is small firm with about 50 employees. The firm provides widgets‚ which serve as components for machinery used by companies across industries. Innovative Widgets is a very customer centric company. Since it is small company with a specific focus on providing components‚ it needs to pay attention to the requirements of its customers. Their business model relies heavily in loyal customers‚ which lead repeat purchases over time. To achieve this‚ the company has
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Competency Model: An Internally Developed Solution • 133 3M’S LEADERSHIP COMPETENCY MODEL: AN INTERNALLY DEVELOPED SOLUTION Margaret E. Alldredge and Kevin J. Nilan This article describes the development of an executive-level global competency model at 3M. The work on this model was completed in partnership with the company’s top executives and a global team of in-house professionals. The competency model itself consists of 12 competencies and generalizable behavioral anchors for each competency. The
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3M Corporation Company Background: The Minnesota Mining & Manufacturing Corporation (3M) was founded in 1902. It reported sales revenues of $16.7 billion during the year 2000. These revenues came from 3M ’s six business divisions: industrial; transportation‚ graphics‚ and safety; healthcare; consumer and office; electro and communications; and specialty materials. All business divisions were profitable in 2000. The same year‚ the company made more than 60‚000 products and about $5.6 billion sales
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Six Sigma at 3M 1. What are the potential benefits and risks of implementing Six Sigma at 3M? Benefits: Six sigma not only provides a platform to improve existing processes but also enables 3M to design new processes in an efficient manner so that it results in lowered costs‚ increased sales‚ improved customer satisfaction‚ improved managerial development‚ increased cash flow and increased pace of development of 3M. 3M Acceleration was implemented by 3M to improve efficiency and pace of product development
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Marketing Technology Analysis Overview of the Product/Service/Technology Instagram is a program that designed for social networking and photo sharing‚ which was launched in 10th 2010. Till April 2012‚ there were over 30 million registered users on instagram (Galle‚ 2012). In early 2012‚ Facebook bought instagram for one billion dollars‚ which has made Instagram a hot topic. What’s more‚ famous B2C brands such as Starbucks and MTV dominant on Instagram currently‚ and 25% of the brands are posting
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Strength : 1) Since 3M Co. holds its consistency in the industry for 80 years of operation‚ rendering good qualities of their products and services satisfying the needs of their customers and clients. 2) Taking risk in expanding of subsidiaries in the global market. Recruiting thousands of employees to be part of the company. Weaknesses: 1) No formal organizational chart was formulated in company. 2) Not advisable to put a word “ AUTONOMOUS” which is subject to its own laws or regulation only
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"Hopkins’ Innovative Style displays his Struggle with what he believes to be Fundamental Truths" Reading this statement it was impossible to eagerly have various examples of Hopkins’ innovative style spring to mind. It is beyond reasonable doubt that this statement recognises Hopkins’ superb use of innovative style in his entire body of poetry. Although undoubtedly present‚ Hopkins’ struggle with fundamental truth lies mostly within his Terrible Sonnets‚ as he struggles with the presence of God
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refers to creating more effective processes‚ products and ideas. Innovation is crucial to the continuing success of any organisation. Businesses that can innovate create more efficient work process and have better productivity and performance. Being innovative doesn’t mean inventing new product or services. Changing business model and adapting to changing environment to give better services is also innovation. Innovation acts as the catalyst for economic growth as the development of new technology has
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Case: Innovation at 3M Corporation What had been 3M’s traditional approach to innovation? Product developers at 3M generally relied on more traditional methods of seeking marketing input. They collect data from sales representatives‚ focus groups‚ customer evaluations‚ site visits‚ and data on risk factors for diseases. Product developers mainly focused on finding new angel or twist on early trends and basically didn’t have direct access to customers. In 3M‚ Sales representatives contacted with
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