3M: Gaining Success Through Key Presentations & More - Essay Sample

Introduction

3M Company which was formally called Minnesota Mining and Manufacturing Company is originated from America, it operates in various fields of consumer goods, industry, work safety, and health care (Mujtaba, 2010). This company yields different products that include laminates. Personal protective equipment's, adhesives, insulation materials, and many others. However, this company uses some methods that make sure it gains success, some of the methods the company uses are; the key presentation indicator (KPI) is the computable value that determines how professionally a company is achieving the key business aims.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

The 3M Company uses the KPI in varies was such as; the company keeps track of the losses and profits on the innovation of their products. It then analysis all the profits and losses it has received at the end of a period, this helps it to detect its achievements. Secondly the company analysis the rate by which their products are being shipped to other regions. When the rate of shipping is low this is a sign that there were some issues with the production of the commodity and vice versa. Thirdly, the 3M Company innovates a ridiculous amount of products and when they fail to get them to the market, they are anxious with the product that they essentially launch performing well. This shows how the company pays attention to all their products.

The SWOT examination is vital considered planning that is used by the 3M Company managers to do a different analysis of the company. It is one of the best techniques to analyze the strengths, weakness, opportunities, and threats that the 3M Company might be facing (Mujtaba, 2010). SWOT analysis an enormously collaborating procedure and needs effective direction among the different field in the company such as operation, marketing, strategic, finance and organization information system.

The SWOT examination is vital considered planning that is used by the 3M Company managers to do a different analysis of the company. Being one of the foremost body in its industry, the 3M Company have multiple strengths that enable it to flourish in the bazaar place. The strengths of the company do not only assist it to protect the shares in effect in the markets but also aid in probing fresh markets. Some of the strengths in the company are; solid dealer civic, strong Product Portfolio and many more (Mujtaba, 2010). Weakness is the areas that the 3M Company needs to improve in.

SWOT analysis helps the company improve in the strategic placing and competitive benefit. However, the company gets some opportunities in the marketing of their products. Some of them are, when the consumers have new trends in their behavior it makes it possible for a new market to be opened in the 3M. On the other hand, the company faces some threats such as; shortage of skilled workers, new technology growth by the market or the competitors. It also faces a threat when it changes the customers buying behavior from the online channel, this would cause the departing physical infrastructure stock chain mode to lower. This threat might be very serious causing the company to go through some losses.

The Internet of Thing (IoT) is a technology that keeps the human being connected to the people who are important to them. Moreover, the 3M Company uses this technology in monitoring the most important processes, recording data, and transferring data. IoT gives the company new perceptions, boost effectiveness and gives it a chance to make more knowledgeable decisions (Atzori, Iera, & Morabito, 2014). This type of technology has improved all the services in the company and made them perfect. Moreover, technology solves many challenges whereby it comes with multiple solutions. This solutions improve the quality of the company and enable new capabilities. Other benefits of IoT in the company are it improves the inventory, stock, and supply chain. This is where data is gathered about cross-selling opportunities and common products.

Conclusion

All three methods assist the 3M Company to gain its profits. The SWOT analysis is an important aspect that helps the company acknowledge whether it is liked or hated by the people how to use their products. Moreover, by use of IoT technology the company is able to accomplish most of its goals. This technology helps to make sure that everything is perfect and comes with solutions where needed. When the company attains its set goals the KIP analysis and gives record if it has attained them. All the three methods work hand in hand in the 3M Company to make it a success.

References

Atzori, L., Iera, A., & Morabito, G. (2014). From" smart objects" to" social objects": The next evolutionary step of the internet of things. IEEE Communications Magazine, 52(1), 97-105. Retrieved from

https://www.semanticscholar.org/paper/From-%22smart-objects%22-to-%22social-objects%22%3A-The-next-Atzori-Iera/3e84c0833e042502945dc5ef9f01622c36e141de

Mujtaba, B. G. (2010). The value of creating, maintaining and sustaining an intrapreneurial culture: an analysis of 3M's strategic positioning. International Journal of Arts and Sciences, 3(13), 332-346. Retrieved from

Chrome extension://oemmndcbldboiebfnladdacbdfmadadm/https://www.researchgate.net/profile/Nile_Khanfar/publication/281973432_The_Value_of_Creating_Maintaining_and_Sustaining_an_Intrapreneurial_Culture_A_Case_Analysis_of_3M's_Strategic_Positioning/links/560049ac08aec948c4fa7850.pdf