Essay on the Analysis of 3M Company
Number of words: 1367
3M is a technology company that has ventures in various fields. In 2003, the company realigned its operations into several business units, which include consumers and office, Industrial and transportation, healthcare, Graphics and display, Safety, Electronics and communication, security and protection. The company was known as Minnesota mining and manufacturing company from its inception until 2002 when it was rebranded to 3M. 3M company started as a small enterprise, when five entrepreneurs came together to mine corundum in shores of Lake Superior, Minnesota in 1902. However, the alleged corundum was just anorthosite rock, which had no real economic value (3M Company). Their decisions might have been catapulted by the flurry of mining activities that were taking place in Minnesota at the time. That was not to deter the five investors as they established a sandpaper factory in Duluth in 1905. However, the company faced stiff competition from other players in the industry. It was not until Edgar B.Ober invested in the company that the company started having, unprecedented growth. The company’s tremendous growth in over 60 countries and 29 States is captured in the company’s mission, vision and core values.
3Ms mission statement is to solve the unsolved innovatively. This is best captured in the about section of the company’s website where 3M company is described as a worldwide innovation enterprise that is continually inventing new products that are aimed at making consumer’s life better. The company uses its 46 technological platforms and secure integration with customers to come up with breakthroughs. In line with its mission statement, 3M spends 1 billion US dollars annually on research and innovation. The main difference between 3M and other enterprises is its emphasis on research and innovation. William L. McKnight and A.G. Bush developed the aggressive salesmanship model used by 3M. This is reflected in most of the products offered 3M. For example, when Henry Ford designed new automobile assemblies that generated excessive friction for the existing sandpapers; one of 3M sale staff went with the findings to the company’s headquarters in St Paul, which led to the development of new and tougher sandpaper. The first 3M large-scale consumer product, mobile tape dispenser was an invention of the company’s sales representatives. In 1932, 3M Company set out at least 45 % of its profit in the creation and development of new products. Currently, one-third of the 50000 products produced by 3M in the last five years are as a result of innovation. Evidently, with worldwide brands such as Post-it and a global presence, it is apparent that 3M Company has been successful since its inception. The vast amount 3M puts into research and innovation differentiates it from other companies.
3M Vision is captured in three statements: 3M Technology advancing every company, 3M products enhancing every home, 3M innovation improving every life.
3M technology advancing every company
Since the inception of 3M wet or dry sandpaper, the company has had a long-standing relationship with the automotive industry. The company has developed various products that have helped OEM to come up with fuel economies using distinct and unique lightweight solutions. The company’s various adhesive products have revolutionalized how various industries do their painting.
3M has also sought to help industries improve the overall safety of the work environment. Its various products under the domain of safety and security are designed towards making the workplace safe and hazard free.
3M products enhancing every home
Whether it is the 3M adhesives or Go to Filtrete brand, 3M Company has developed a plethora of products that are geared towards enhancing homes. The fact that the company in 2003 realigned its operations to cater for the consumer in 2003 shows 3M commitment to improving the homes of its consumers. Whether it is the floor scrubbing tools or the 3M home energy products, all these products are designed to improve homes.
3M innovation improving every life
Though it’s various products that span from healthcare products to security and protection it is apparent that all 3M products are geared towards improving lives of individuals. In 2011 with the widespread implementation of the healthcare systems in the United States, 3M rolled out healthcare systems that were aimed at promoting healthcare experience. Again, in 1975 3M Company was the first major manufacturing company to divert its resources into taking care of the environment. Besides the company has a 400,000 US dollars corporate program that it grants to budding scientists.
By examining the various products offered by 3M, it is evident that the organizations incorporate its vision in its daily operations. The fact that also, 3M has been able to diversify its products from old products such as abrasives into new products such as the healthcare systems; this is a testament of the organization’s success concerning its mission statement (Herrera.2015).
3M Company operations are bound by a list of values, which are broken down as follows
Satisfy customers with Innovative technology and superior quality, value and service
Since its inception, 3M has strived to produce its consumers with innovative technologies that never existed. In fact, the company has a goal that states at least a quarter of its total annual sales should come from products that did not exist five years earlier. The company also has the freedom to fail policy that ensures employees are not punished even if their various inventions do not materialize. The scotch masking tape that was developed in 1925 by Drew is a product of the freedom to fail policy. The company also has a unique policy that allows its staff to spend at least 15 % of their time working on the projects of their choice. In the end, this has availed new and quality products to the customers (Sweeney, 2016). This is consistent with the company’s values of developing its employee’s talent, initiative and leadership.
Provide our investors with an attractive return through sustainable growth
Between 2017 and 2018 3M Company earnings per share is expected to increase by 6 % or more. Besides, the sales are expected to grow at a similar rate. Since 3M debut into the New York stock exchange market, 3M has continually provided good dividend returns to its investors. Save for the few up, and downs brought about by the great depression, 3M performance has been better compared to other players in the industry. Again, the company’s innovation policy ensures that investors are certain of future earnings due to the company’s sustainable growth model.
Respect our social and physical environment around the world
In 1975, 3M Company was the first major manufacturing company to voice its support of environmental care and protection. The same is still applicable today as it can be captured from the company’s sustainability reports.
The company’s other values :Act with uncompromising honesty and integrity in everything we do, Earn the admiration of all those associated with 3M worldwide, have been as a result of the company’s other values of promoting innovation, sustainable growth and taking care of the environment.
In conclusion, from the analysis of 3M mission, vision and core values we have seen that the organizations daily operations encompass the three. 3M adherence on innovative solutions has differentiated it from other players in the industry. It is apparent this mode of operation has contributed to the company’s overall success.
Herrera, M. E. B. (2015). Creating competitive advantage by institutionalizing corporate social innovation. Journal of Business Research, 68(7), 1468-1474.
Sweeney, J. B. (2016). The 3M Company: Applying the Theory and Changing the World. Journal of Corporate Citizenship, (64), 37-46.
3M company. (n.d.). 3M Science,Applied to Life. Retrieved March 20, 2018, from https://www.3m.com/3M/en_US/company-us/about-3m/