3M Corporation Business Analysis
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 came from products that had been introduced during the prior four years and
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McKnight introduced a number of formal and informal controls to enable the corporation to innovate consistently and achieve its goals. The current management has continued to expand and embrace these controls, believing innovation to be the cornerstone of 3M's future.
1. 3M promoted intrapreneurship This is a very good control. 3M was the leader in intrapreneurship and encouraged its employees to practice entrepreneurship within the established corporation. This is a very big financial and non financial motivation for employees as it allows them to proceed with their plans and contribute towards the growth of the company. It also gives them a chance to take risks without the fear of reprisals. This often fosters new business developments which benefit the employees as well as the company. This control ties up with the "15% option" in which employees have the option of spending up to 15% of their workweek pursuing individual projects of their choice. They don't have to disclose or justify the project to a manager. This control definitely supports the strategy of 3M by giving the employees the freedom and motivation to innovate regularly. 3M Corporation should continue with this
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| The customers would be influenced because if the company are financially struggling the customers are there only hope to stay profiting. If the company was to go bust it means customers will no longer be able to shop there. The customers would be an external stakeholder, they can get information by advertisements and even check their annual report on the businesses website.
If you want to export goods to a particular country, make sure they have a need for your particular services or product. Most international businesses find multiple countries or locations that have a need for these items in order to ensure a steady and profitable revenue stream.
There are several different types of business ownership which are most commonly used in business’ and company’s today, these include; Co-operative which is a business owned by its employees, Partnership which is a business owned by between 2 and 20 people, Private limited which is a business owner by a small groups of people who have shares and a Public limited business is owned by private individuals by shares bought and sold on the stock market. A charity is a business with the purpose to help the public, the government is a business owned by the government and lastly a sole trader which is a business owned by only one person.
To organize and prioritize the current and future projects in the pipeline in a way that fits into the PMB budget of $5B, and ensures projects that increase sales, growth, and stockholder value are of top priority, whereas projects that are not beneficial are either put on hold or discarded.
Please note that this Assessment document has 8 pages and is made up of 7 Sections.
A way of doing this task efficiently would be to keep a log setting out of the roles that you and the other members of the team have within the team in which you are working as a part of.
P3 - Describe the main physical and technological resources required in the operation of a selected organisation.
M1 - Compare the purposes of the different documents used in the selection and recruitment process
M2(Unit 37) - Assess the social implications of business ethics facing a selected business in its different areas of activity
Comcast Corporation, based in Philadelphia, Pennsylvania, is the largest cable company in the United States. Comcast develops broadband cable networks and are involved in electronic retailing and television programming content.
The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision-making. Management is process of administrating and coordinating resources effectively and efficiently in an effort to achieve the goals of the organization.
1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
Q1. How has 3M’s innovation process evolved since the company was founded? Why, if at all, does 3M, known as the “hothouse” of innovation, need to regain historic closeness to the customer?
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.