An Analysis of 3m, the Innovation Company Essay

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1 There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’? 3M has an impressive performance when it comes to developing new products. 3M hires good hardworking people and puts trust in them; this brings about innovation and excellent performance. 3M ensured that developing new products is much higher on the agenda in management meetings than in other companies. Moreover, the success of the approach is due to the continual reinforcement of its objectives. 3M has concentrated the internal development of new products in a variety of different industries. 3M manufacture over 60,000 products; they have operations in 61 countries and have achieved an n average year-on-year…show more content…
4 Encouraging product and brand managers to achieve 25 per cent of sales from recently introduced products would be welcomed by shareholders, but what happens if a successful business delivers profits without 25 per cent of sales from recently introduced products? If the successful company returns profits without the 25% of sales then that company takes a loss. They would loose money from that product that was not successful, (pull it from the market and revamp/reintroduce), as well as from having to pay what they promised to those shareholders. If they do not deliver what they promised, then they are more than likely to loose their backing for future products. 5 Some people may argue that 3M’s success is largely due to the significance given to science and technology and this is the main lesson for other firms. Discuss the merits of such a view and the extent to which this is the case. 3M were formed around one technology, sandpapers. Now a days 3M make use of hundred technologies & more like the membranes, the biotechnology, the artificial intelligence, the high vacuum thin films & also the superconductivity. Such technology underpins products which company develops & manufactures. “While the company is technology-intensive, this does not imply a single-minded, technology-push approach to innovation” (Trott 545). Even though the company has invested 6.5 percent of

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