Minnesota Mining & Manufacturing Company
Table of contents
Table of contents Page 1
Introduction to 3M Page 2
Market and products Page 2
Performance over the last 5 years Page 3
International Marketing Activities Page 4
Miscellaneous Topics Page 6
Appendix 1 Page 7
References Page 8
Introduction to 3M
3M Company, the Minnesota Mining and Manufacturing Company, was founded in 1902 by five businessmen. They wanted to make a profit out of minerals for grinding wheel abrasives, but this failed to really take off. Their real success lay in the encouragement towards innovative employees, which resulted in several exclusive products such as waterproof sandpaper and masking tape. The search for new products and innovations became their core business from then on. Despite several failures in the first years 3M continued growing and coming up with new innovative products such as the now famous Scotch tape. In 1929 3M went international as well as traded their first stock and in 1949 they became listed on the New York Stock Exchange [3M Timeline]. By the 1950s it had international sales amounting to $20 million. In 1960 and 1970 it kept growing and released a line of board games which was very successful. They also produced their only traffic signal around this time, one that is still being used today. In the late 1970s the company was involved in some of the first digital audio recordings and in the 1980s it invented the Post-it notes [Haeg 2002]. The company is still growing today and now has over 130 factories employing some 67.000 people. Its international sales increased tenfold since 1950, now amounting to a staggering $22 billion [3M Press Release 2006]. 3M is currently working on focusing on its core businesses and they intend to sell some of their product lines. Their current business model focuses on “the ability to not only develop unique products, but also to manufacture them efficiently and consistently around the world” [3M Timeline]. Markets and products
The market position of 3M depends on which market you look at. Its consumer and office business products are sold in more than 80 countries. Some of the worldwide-known products of 3M in this market are Scotch®, Post-it®, Scotch-Brite®, Scotchgard, Filtrete™, Command™ and Nexcare™. 3M distinguishes their products from other products by providing high quality and value for money. In the display and graphics business 3M has three core businesses which all hold the market-leadership position and are registering solid growth. The three core businesses of 3M in this market are the commercial graphics market, the transportation safety market and film market. 3M is the market leader in the health care business providing medical, dental and orthodontic products, and drug delivery and health information systems. In this market 3M is registering strong growth with the sale of branded pharmaceuticals. An example of a product in the medical market is 3M’s Petrifilm plates which are used by food processors to help provide healthy food. In the industrial and transportation market 3M is not holding a leadership position. They are showing solid growth in this market by building core businesses and by expanding into large adjacent markets. 3M believes that the oil, gas and do-it-yourself car-care are two markets that will contribute to their growth. In 2005 they acquired CUNO Inc., a global leader in the liquid filtration market, which gave 3M the possibility to grow into a new market segment. 3M is also a market leader in the safety, security and protection service business. Especially due to the large demand for safety nowadays the company is doing very well in this market. They generate more than 60 percent of their sales outside the U.S. by selling occupational health and environmental safety products, security systems and building safety solutions. The company is doing well internationally and their global presence is...
References: " K-12 Education Giving." 3M. 3M. 31 Mar 2008 http://solutions.3m.com/wps/portal/3M/en_US/CommunityAffairs/CommunityGiving/US/K12/.
"What 's in a Name?." This Issue (2007) 31 Mar 2008 http://www.wnim.com/archive/issue2504/WhatsNewInMarketing-3M.htm
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