You are going to apply the three-step writing process that we learned about in class to write a business report. For this assignment, you are free to write an informational report, an analytical report, or a proposal. Choose a business that you are interested in and write either an informational report or an analytical report about the company. Or, if you want, you can write a proposal for a new business you would like to start (as long as you still complete secondary research and include references).
Additional Guidelines:
Your final report must be presented in APA style. -You must use at least 3 secondary sources. -Your paper must contain a clear statement of purpose (topic sentence). -Your paper must contain at least 5 pages of content. Informational Report: -Statement of Purpose -Company Desсrіption -Background and History -Mission Statement -Products and Services -Major Competition -Marketing Strategy -Diversity Plan Analytical Report In addition to providing information about the business, you may include the following types of analysis: -Industry/Market Analysis -Customer Analysis -Competitive analysis -Market Analysis -SWOT Analysis: -Strengths -Weaknesses -Opportunities -Threats Proposal: (You may also write a proposal for a business you would like to start.) -Statement of Purpose -Executive Summary (in one or two paragraphs, summarize your business concept) -Mission and objectives -Company and industry -Products or services -Market and competition.
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3M Company Informational Report
Company Description
3M Company is a Minnesota-based Multinational company founded on June 13th, 1902,
as a mining company, then known as Minnesota Mining and Manufacturing Company (MMM),
as indicated in its ticker symbol in the US Security Exchange Commission (3M, 2020). Over
time, 3M Company has heavily invested in Research and Development through its innovative
and inventive venture across its operational sectors to the market. For example, the collaboration
between the company and Mr. Francis Okie to develop the waterproof sandpaper was one
primary innovative idea that the company engaged in during its initial operation stages (3M,
2020). Since then, the company has operated exclusively across four significant sectors that
target consumers from the domestic market and in the international spectrum (3M, 2020). These
sectors include Safety & Industrial sectors, Transportation & Electronics, Consumer Business,
and Healthcare Sectors. This paper is a comprehensive informational report about the 3M
Company’s operational model, including the internal and external company analysis.
Background and History
3M Company has relied exclusively on research and innovation to develop most of its
products across all sectors. The company has been operational for over a century and has gained
stability alongside challenges over its operational periods. Operating in 70 countries, 3M
Company has extensive sales hubs across 200 states committed to enhancing consumer needs
and providing the best services and products for its customers (3M, 2020). Between 1902 and 2002, the company had not been incorporated under its new name 3M and was still operating
under Minnesota Mining and Manufacturing Company (MMM) (3M, 2020). Later in 2002, 3M
became the company’s new identity with MMM as the ticker symbol. 3M is not trading as MMM
under the New York Security Exchange as a Conglomerate Headquartered in Maplewood,
Minnesota in the United States. In 2020, the company realized $32.18 billion and a net operating
income of $7.161 billion (SEC, 2021).
Mission Statement
3M Company is committed to impacting the market through its diverse products and
actively contributing to holistic development incorporating social responsibility, economic
progress, and environmental protection. Its mission statement comprises a key market: its target
market, its products, and the critical distinction between its products and the target market.
Products and Services
As of 2020, the company produced about 60,000 products across its four production
sectors. The company acquires approximately 3,000 patents annually, with 3M surpassing the
100,000 patent maximum. In this regard, 3M produces several categories of products from
Abrasives, Adhesives, Sealants & Fillers, Advanced Materials, Automotive Parts & Hardware,
Building Materials, Cleaning Supplies, Coatings, Communication, Compounds and Polishes,
Dental & Orthodontics, Electrical, Electronics, Films & Sheeting, Filtration & Separation,
Home, Insulation, Labels, Lab Supplies & Testing, Lubricants, Medical, Office Supplies,
Personal Protective Equipment (PPE), Signage & Marking, Tapes, and Tools & Equipment.
These products are classified under Safety & Industrial sector, Transportation & Electronics, Consumer Business, and Healthcare Sectors. The company serves its customers through a
diverse product line.
Major Competition
The company faces competition from different operators in the consumer market across
the four sectors to serve. Nevertheless, it faces substantial competition from companies like
General Electric, founded in 1892 and specializes in energy & Utilities, Manufacturing &
industrial, aerospace, engines, and medical imaging products (SEC, 2021). The company
supersedes 3M’s employees at 174,000 and a revenue proportion of $79.6b, gross profit of $19.2
billion, and Net Income of $5.5 billion. Another competitor is Emerson Electric dealing in
technology and engineering products. Emerson is valued at $55.4 billion, revenue amounting to
$16.8 billion, gross profit of $7 billion, and net profits of $2 billion as of 2020 (SEC, 2021). The
third top competitor is Honeywell international, dealing in manufacturing and industrial,
technology, aerospace, safety products, and chemicals. The company is valued at $149.1 billion,
with total revenues of $32.6 billion, gross profits of $10.5 billion, and Net Income of $4.9
billion. Comparing these values with 3M Company’s values, it has over 94,987 employees, a
valuation o $111.1 billion, revenues of $32.2 billion, Gross profits of $15.6 billion, and Net
Income of $5.4 billion in the year ending 2020 (SEC, 2021).
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The competing firms offer almost equal and similar product proportions to the market.
For instance, the top competitors deal in electrical, engineering, mechanical, health, aerospace,
and safety products. This creates a competitive market metric in the consumer perspective as
joining up for such services has been significantly hectic. Consumers have a hard time making choices in the products to purchase. Comparing the 2020 financial performances of the
companies, 3M realized the highest net income amidst the ravaging covid-19 implications
affecting most production lines across companies. From 3M, the health sector realized a
substantial increase in the net profits and net incomes for the 2020 fiscal year than other sectors,
which mostly realized significant declines in profit margins (SEC, 2021). The losses are
attributed to the straining covid-19 implications that led to the lockdowns and closure of
businesses in the US and other parts of the world. 3M’s healthcare sector is managed by
producing N95 masks used to contain the covid-19 spread among healthcare providers and the
public (SEC, 2021). This accrues to the high net profit margins 3M realized ahead of its
competitors.
Marketing Strategy
Most of the products produced and sold by 3M Company are described as new-to-the-
world products as they are unique products when they are unveiled, thus having no substitutes at
the time of their launch (Dipowicaksono & Wibowo, 2013). The unique products keep the
company free from possible imitations by other companies. These products are further classified
under business products and consumer products. Besides, the company’s brand identity is
achieved through consistency in product uniqueness and marketing techniques (Dipowicaksono
& Wibowo, 2013). These products are also tailored to satisfy diverse consumer needs in the
market. For instance, products are distributed across all four sectors of operations.
On the other hand, the company’s products have a price range typically affordable for
low-income earners and high earners. However, the prices of these new-to-the-world products
rely exclusively on the estimation of the incremental utility proportions in the product marketing
procedure (Dipowicaksono & Wibowo, 2013). These prices are also tailored to satisfy
consumers’ demands and convenience as they are consumer-centered with higher qualities. The
prices attract more significant sales for the company, which explains the higher profit margins of
the company at about 23% to 24% in a single operating period (Dipowicaksono & Wibowo,
2013).
The geographic location that 3M’s products are sold is the entire domestic and global
market. The company supplies major retailers and wholesalers in the United States and other
countries as its primary supply chain (Dipowicaksono & Wibowo, 2013). Besides, the supply
chain process targets a wide range of customers as the products supplied represent a wide range
of needs. Therefore, in terms of place, the company operates in numerous countries, either
directly or indirectly, thus availing its customers across the global spectrum to maintain
competitive advantages over its competitors.
The company spends billions in product marketing, especially advertising and
Merchandising, as the popularly used promotion methods by 3M. Advertising is the primary
product promotion technique adopted in the company’s integrated communication plan, being
that the products at the company are newly designed and launched in the market (Dipowicaksono
& Wibowo, 2013). With its unique offerings, 3M’s promotion is exclusively captivating in the
market as consumers such as healthcare facilities are attracted to high quality and unique
products (Dipowicaksono & Wibowo, 2013).
Diversity Plan
3M is dedicated to empowering a diverse and inclusive cultural formation incorporating
non-discriminative, non-racial, and non-prejudice companies where equality and equity measure
the company’s success in the public domain (SEC, 2021). Besides, 3M has an employee
population comprising 39.7% women, 8.7% racial balance and ethnic equality, 1.4% of
employees are disabled, 6.7% are from diverse national origins, and 0.5% are LGBTQ+
individuals. In the executive slots, total diversity is 69.3%, with 34.7% as women, 31.7% as
diverse nationalists, and 24.8% as racial or ethnic divisions (SEC, 2021). The company is
provisionally progressing in gender balance and racial inclusion in its operations (SEC, 2021).
Therefore, 3M stands as one of the most balanced companies in diversity in the workplace.
Conclusion
3M Company’s operation scope has been a wide-base operation model which includes a
quadric-production line. These sectors have been instrumental in keeping the company at a
strategic market location as most of the products are designed to serve the diverse needs and
wants of the customers. The company competes along its major production lines proficiently,
thus keeping up with its higher competitive advantage. Moreover, 3M’s marketing strategy is
exclusively based on the 4Ps of marketing, and the company is highly diverse in its inclusivity
ratio.
References
SEC. (2021). 3M Company Annual Report 2020. United States Security and Exchange
Commission.
https://www.sec.gov/ix?doc=/Archives/edgar/data/66740/000155837021000737/mmm-
20201231x10k.htm
Dipowicaksono, F., & Wibowo, S. A. (2013). Marketing Strategy For 3M Personal Protective
Equipment At Coal Mining In East Kalimantan. Bandung Institute of Technology.
https://journal.sbm.itb.ac.id/index.php/IJBA/article/viewFile/653/523
3M, C. (2020). A century of innovation. The 3M Story.
https://multimedia.3m.com/mws/media/171240O/3m-century-of-innovation-
book.pdf?fn=3M_COI_Book.pdf
