Minnesota Mining and Manufacturing Company: Institute of Business and Technology
Minnesota Mining and Manufacturing Company: Institute of Business and Technology
Minnesota Mining and Manufacturing Company: Institute of Business and Technology
Letter of Acknowledgment
I would like to state the warm appreciation to my instructor Mr. Khalid Jamal, who has the manner and the substance of a genius; he constantly and convincingly conveyed a spirit of adventure in the regard to explore, and an enthusiasm in regard to teaching. Without his guidance and determined help this report would not have been possible. In addition, I would like to thank my institute IBT for providing us such a platform to complete our management report on 3M, which increased our knowledge regarding management.
Table of CONTENTS
Executive Summary Introduction Background Purpose Vision Statement Mission Statement Scope Textual Discussion Conclusion And Findings Bibliography 4 5 6 8 8 8 9 10 11 12
EXECUTIVE SUMMARY
In the light of increasing competition, everyone has to work hard individually to achieve their goals. In this report we are going to conclude the introduction, vision, mission and the game plan have been stated by the renowned multinational organization 3M to achieve organizational goals and objectives. The company believes in innovation for the improvement and advancement among the peoples life to make their lives better. 3Ms 80,000 employees in different part of the world design manufacture and produce more than 50,000 different products in 200 countries to meet their objectives. In 1902 five businessmen decided to initialize an organization named Minnesota Mining and Manufacturing Co. to mine a mineral deposit for grinding-wheel abrasives but it proved to be of less value, and switched to focus on the sandpaper products. In the face of failure, they persevered and turned their investment into a profitable venture. After years of struggle company reached the position to master quality production and a supply chain. New investors have also be attracted towards the organization such as Lucius Ordway who moved the company to St. Paul in 1910. Early technical and marketing innovations began to produce successes and, in 1916. In 1920, the world's first waterproof sandpaper. Then masking tape in 1925 Scotch Cellophane Tape for box sealing. Scotchlite Reflective Sheeting for highway markings, magnetic sound recording tape, filament adhesive tape, 1940s. In 1950, Thermo-Fax copying process, Scotchgard Fabric Protector, videotape, Scotch-Brite Cleaning Pads. Dry-silver microfilm along with photographic products, carbonless papers, overhead projection systems, and medical and dental products, 1960s. In 1970s Pharmaceuticals, radiology and energy control. Post-it Notes, 1980s. Pharmaceuticals brightness enhancement films for electronic displays and flexible circuits used in inkjet printers, cell phones, 1990s. Optical films for LCD televisions and a new family of Scotch-Brite Cleaning Products that give consumers the right scrubbing power for a host of cleaning jobs, 2004. The Scotch-Brite brand introduced the first disposable toilet scrubber with built-in bleach, 2007. Ultra-compact LED-illuminated projection engine in 2008 Mpro 110 projector, In 2009. Stethoscope, Fiber Discs and Metal working Belts. For the sustainable development of society, 3M contributes an on large level in advancing technology, better products and new innovations. It describes what the company does for customers every day. It advance, enhance, improve and sets a stretch goal for growth of the company as well as employees, and have the capability to reach every company every home and every life all around the world. World-widely 3M have a very lean formation where one man is handling many situations which allow the employees to enjoy free in decision making; it also pulls them from immense stress. 3M believes in staying horizontal even if it comes at a huge cost. Employees are regularly reminded to strictly follow both local and international corporate practices and regulations. Innovation remains their forte and unique selling proposition and management strives hard to make sure they provide sufficient environment for create and out of the box thinking at all levels of the chain of command.
INTRODUCTION OF COMPANY
3M is the global innovation company that never stops inventing because they are passionate about making progress possible. Their people capture the spark of new ideas and transform them into thousands of ingenious products and practical applications that help make peoples lives better. Their culture of creative collaboration inspires a never-ending stream of powerful technologies that combine in unique and imaginative ways to create innovations that transform peoples experiences. With $30 billion in sales and operations in more than 65 countries, 3M employs more than 80,000 people worldwide who collaborate actively to design, manufacture and engage in the delivery of products & services spread across 35 3M businesses. 3M sells more than 50,000 products worldwide in about 200 countries and owns more than 45 technology platforms. Companys technology solutions hold leading positions in a variety of markets like Transportation, Hospitals, General Industry, Construction, Aerospace, Railways, Highways, Defense, Security, Mining, Health, Oil & Gas, Telecom, Marine and Homes. Our prominent brands include Scotch, Post-it, Scotchgard, Scotchprint, Nexcare, Scotch-Brite, Filtrete, Command and Vikuiti which can be found in most homes, retail and office spaces. Fact is, half the world's population today enjoys experiencing at least one of 3M's 50,000 products, either directly or indirectly, every day. So when you choose 3M, you can rest assured that you have chosen a company that pursues international standards of quality, reliability and consistency in every product & service detail, providing customer value like never before.
BACKGROUND OF COMPANY
3M was founded in 1902 at the Lake Superior town of Two Harbors, Minn. Five businessmen set out to mine a mineral deposit for grinding-wheel abrasives. But the deposits proved to be of little value, and the new Minnesota Mining and Manufacturing Co. quickly moved to nearby Duluth to focus on sandpaper products. Five industrious and tenacious northern Minnesota businessmen with diverse occupations founded 3M. They financed the company to mine mineral for grinding wheel abrasives. Like many others in the early 1900s, 3M's founders incorporated first and investigated later. In the face of failure, they persevered and turned their investment into a profitable venture. Years of struggle ensued until the company could master quality production and a supply chain. New investors were attracted to 3M, such as Lucius Ordway, who moved the company to St. Paul in 1910. Early technical and marketing innovations began to produce successes and, in 1916, the company paid its first dividend of 6 cents a share.
The world's first waterproof sandpaper, which reduced airborne dusts during automobile manufacturing, was developed in the early 1920s. A second major milestone occurred in 1925 when Richard G. Drew, a young lab assistant, invented masking tape an innovative step toward diversification and the first of many Scotch PressureSensitive Tapes. In the following years, technical progress resulted in Scotch Cellophane Tape for box sealing and soon hundreds of practical uses were discovered. In the early 1940s, 3M was diverted into defense materials for World War II, which was followed by new ventures, such as Scotchlite Reflective Sheeting for highway markings, magnetic sound recording tape, filament adhesive tape and the start of 3M's involvement in the graphic arts field with offset printing plates. In the 1950s, 3M introduced the Thermo-Fax copying process, Scotchgard Fabric Protector, videotape, Scotch-Brite Cleaning Pads and several new electro-mechanical products. Dry-silver microfilm was introduced in the 1960s, along with photographic products, carbonless papers, overhead projection systems, and a rapidly growing health care business of medical and dental products. Markets further expanded in the 1970s and 1980s into pharmaceuticals, radiology and energy control. In 1980, 3M introduced Post-it Notes, which created a whole new category in the marketplace and changed peoples communication and organization behavior forever. In the 1990s, sales reached the $15 billion mark. 3M continued to develop an array of innovative products, including immune response modifier pharmaceuticals; brightness enhancement films for
electronic displays; and flexible circuits used in inkjet printers, cell phones and other electronic devices.
In 2004, sales topped $20 billion for the first time, with innovative new products contributing significantly to growth. Recent innovations include Post-it Super Sticky Notes, Scotch Transparent Duct Tape, optical films for LCD televisions and a new family of Scotch-Brite Cleaning Products that give consumers the right scrubbing power for a host of cleaning jobs. In 2007, the Scotch-Brite brand introduced the first disposable toilet scrubber with built-in bleach. Other products such as Scotch-Blue Painters Tape for Corners and Hinges and the Scotch Fur Fighter Hair Remover designed to grip and trap pet hair embedded in upholstery (2008) continued to exemplify innovative products designed to enhance the home environment. 3M scientists developed a break-through, ultra-compact LED-illuminated projection engine in 2008 for integration in personal electronic devices, including the 3M Micro Professional Mpro 110 projector, which has since evolved through further generations and technical refinements. This was the same year when, in the wake of global concern around potential public health medical emergencies such as an influenza pandemic, various 3M respirators were the first to be cleared by the U.S. Food and Drug Administration for use by the general public. In 2009, 3Ms health care business introduced the 3M Littmann Electronic Stethoscope Model 3200, a next-generation auscultation device featuring Bluetooth technology that wirelessly transfers heart, lung, and other body sounds to software for further analysis. The broad footprint of 3M innovation not only made impact in the field of telemedicine in the health care industry this year, but also in the grinding industry with the introduction of 3MCubitron II Fibre Discs and Metal working Belts. Featuring a patented, ceramic abrasive grain shape, the structures of this product increased the life expectancy of the abrasive by as much as four times. 3M earned the ENERGY STAR award for the sixth consecutive year in 2010 as more energy-saving operational practices continued, not to mention more innovative products delivering ecoadvantages in support of the companys commitment to sustainability. In 2012, 3M's Renewable Energy Division and Gossamer Space Frames unveiled the worlds largest aperture trough using 3M Solar Mirror Film 1100 for concentrated solar power.
PURPOSE
Changes in the innovation frameworks are prompting radically in the traditional structure of the general industry worldwide. Being one of the key objectives of 3M to provide a vision of the innovation in the scope of 2020, the supply and demand forecasts will be complemented by a perspective view of the developing resulting industry and market structures. This Study Group will take accumulation of the work carried out in this report on strategic structures around the 3M and focus on their working scenarios. 3M first highlight the driving forces for structural changes in opening of the markets, separation of transmission from supply, growing role of technology and globalization of different markets, increasing ease and needs household products and, not least, growing environmental sensitivity. Finally, from a textual discussion approach, the Group will examine the kind of strategies inside the company for projected business environment, along the whole supply chain.
VISION STATEMENT
o o o Technology Advancing Every Company Products Enhancing Every Home Innovation Improving Every Life
MISSION STATEMENT
"3M is committed to actively contributing to sustainable development through environmental protection, social responsibility and economic progress."
SCOPE OF COMPANY
To contribute to society's move to sustainable development keeping the essence of 3M: technology, products and innovation. It describes what we do for our customers every day: advance, enhance and improve. And, it sets a stretch goal for all of us: we have the capability to reach every company every home and every life all around the world. Functional Strategy: 3M is along with top employers in the world. World-widely they have a very lean formation where one man is handling many situations; however this allows the employees to enjoy free in decision making, it also pulls them from immense stress. Corporate Strategy: A lot has been put into train and expand the staff. But they still need to think foreign and out local. 3M believes in staying horizontal even if it comes at a huge cost. Employees are regularly reminded to strictly follow both local and international corporate practices and regulations. Business Strategy: Innovation remains their forte and unique selling proposition and management strives hard to make sure they provide sufficient environment for create and out of the box thinking at all levels of the chain of command.
TEXTUAL DISCUSSION
3M is the global innovation company that never stops inventing. Their culture of creative collaboration inspires a boundless stream of powerful technologies that merge in unique and imaginative ways to create innovations that change peoples experiences. Technological solutions hold important positions in different markets like Transportation, Hospitals, General Industry, Construction, Aerospace, Railways, Highways, Defense, Security, Mining, Health, Oil & Gas, Telecom, Marine and Homes. Prominent brands include Scotch, Post-it, Scotchgard, Scotchprint, Nexcare, Scotch-Brite, Filtrete, Command and Vikuiti which can be found in most homes, retail and office spaces. In the increasing competition, one and all have to achieve their goals. The company believes in innovation for the improvement and advancement among the peoples life to make their lives better. 3Ms 80,000 employees in different part of the world design manufacture and produce more than 50,000 different products in 200 countries to meet their objectives. In 1950, Thermo-Fax copying process, Scotchgard Fabric Protector, videotape, Scotch-Brite Cleaning Pads. Dry-silver microfilm along with photographic products, carbonless papers, overhead projection systems, and medical and dental products, 1960s. In 1970s Pharmaceuticals, radiology and energy control. Post-it Notes, 1980s. Pharmaceuticals brightness enhancement films for electronic displays and flexible circuits used in inkjet printers, cell phones, 1990s. Optical films for LCD televisions and a new family of Scotch-Brite Cleaning Products that give consumers the right scrubbing power for a host of cleaning jobs, 2004. The Scotch-Brite brand introduced the first disposable toilet scrubber with built-in bleach, 2007. Ultra-compact LED-illuminated projection engine in 2008 Mpro 110 projector, In 2009. Stethoscope, Fiber Discs and Metal working Belts. 3M contributes an on large scale in improving technology, better products and new innovations. It advance, enhance, improve and sets a stretch goals for growth of the company as well as employees. World-widely 3M have a very lean formation where one man is handling many situations which allow the employees to enjoy free in decision making. Innovation remains their forte and unique selling proposition and management strives hard to make sure that they provide sufficient environment to create out of the box thinking at all levels.
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BIBLIOGRAPHY
1. http://solutions.3m.com/3MContentRetrievalAPI/BlobServlet?lmd=1360857502000&locale =en_WW&assetType=MMM_Image&assetId=1319246875548&blobAttribute=ImageFile 2. http://solutions.3m.com/wps/portal/3M/en_US/3MCompany/Information/Resources/History/ 3. http://www.referenceforbusiness.com/index.html 4. http://en.wikipedia.org/wiki/3M
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