3M company Essay Example

3M Company

3M Company

Introduction

3M Company is a diversified technology organization that has a presence in transportation and industrial, health care, consumer and office, display and graphics, safety services, security and protection services. The company’s products are sold through many distribution channels. Its product can be sold directly to users through many wholesalers, retailers, jobbers, dealers and distributions in a variety of trades in several countries. 3M Company is always committed to active contribution to sustainable growth through social responsibility, environmental protection and economic development. 3M Company normally values diversity in the workforce and in the international markets and communities being served (Brumberg & Axelrod, 2006).

Background information

3M Company was started in 1902 at the lake Superior Town of Harbors, Minn. It was started by five businessmen who set out to extract mineral deposit for grinding-wheel abrasives. The deposits later proved to be of little value. This caused the new Minnesota Mining and Manufacturing Company to quickly move to the nearby Duluth to concentrate on sandpaper products. Years of struggle followed until the organization was able master quality production and supply chain. Blythe and Zimmerman (2005) argue that this therefore attracted new investors to 3M Company. Investors such as Lucius Ordway were attracted and participated in moving the company to St. Paul in 1910. Early marketing and technical innovations started to produce achievements and later, in 1916, the company was able to pay its first dividend of six cents per share. In 1920s, the globe’s first waterproof sandpaper that was able to minimize airborne dusts during automobile production was developed. In 1925, another major milestone happened when Richard G. Drew, a young lab assistant, devised a masking tape. This was an innovative move toward diversification and the first of several Scotch Pressure-Sensitive Tapes.

For several years, technical development resulted in Scotch Cellophane Tape for box sealing and soon after, hundreds of practical uses were realized. In early 1940s, 3M Company was redirected into defense materials for World War II. This was followed by new ventures such as Scotchlite Reflective sheeting for highway markings, filament adhesive tape, magnetic sound recording tape and the beginning of participation of 3M Company in graphic arts field with offset printing plates. In 1950s, 3M Company came up with Thermo-Fax copying process, Scotchgard Fabric Protector, Scotch-Brite Cleaning pads, videotape and many current electro-mechanical products. Dry-silver microfilm was discovered in 1960s together with photographic products, overhead projection systems, carbonless papers and a fast growing health care business for medical and dental products. Markets developed further in 1970s and 1980s into radiology, pharmaceuticals and energy control. In 1980, 3M Company started Post-it Notes that created a whole current category in the marketplace and changed forever communication and organization behavior of people. In 1990s, the sales hit $15 billion mark.

The company continued to create a collection of innovative products. The products included the immune reaction modifier pharmaceuticals, brightness improvement films for electronic displays and flexible circuits applied in inkjet printers, cell phones and other electronic apparatus. For the first time in 2004, sales topped $20. In the same year, the new innovative products contributed significantly to development. Current innovations incorporate Post-it Super Sticky Notes, LCD televisions’ optical films, Scotch Transparent Duct Tape, and current Scotch-Brite Cleaning Products’ family that provide consumers the right scrubbing strength for cleaning jobs’ host.

Objectives and goals of 3M Company

The objectives and goals of 3M Company are to:

  • Consistently express their promise, personality and values.

  • Control the value of its product, instill product’s familiarity, reinforce its experience and protect its equity.

  • Provide tools that assist in consistent delivery of the products’ promise with all points of contact.

  • Enhance products’ identity familiarity through continuous application of company’s identity standards worldwide.

  • Develop equity in identity assets that are internationally recognized.

  • Create market leadership in all the markets that the company operates (Pride & Ferrell, 2007).

B2B marketing that 3M Company is currently involved in

In order to serve B2B market or business markets effectively, business marketers of 3M Company need to understand their customers. Business marketers or business to business marketers normally go ahead in understanding and reaching their customers so that they can give better services and create and maintain a long lasting customer relationship. Similar to customer marketers, business marketers are concerned with satisfying their customers. A business to business market consists of persons or groups that buy a particular kind of commodity for either reselling, direct use in manufacturing other products or apply in general daily operations. Business to business or B2B markets can be categorized as producer, government, reseller, and institutional (Nemati & Barko, 2004).

3M Company is currently involves in producer marketing category, that is, they normally sell their products to individuals or organizations that purchase the products for the purpose of making profit. Pride & Ferrell (2007), note that individuals or organizations normally utilize the 3M products so that they can either produce other products or utilize them in their operations. Business to business markets that the company is currently involving in, incorporates buyers of raw materials and buyers of semi finished and finished products. A business to business marketer, in 3M Company, is always fully informed about the product and services the company produces. The understanding normally covers the technical details of providing and extended offers, which incorporates after sales service, resolution of problem and client management team. The B2B sale is always a technical sale. This implies that salespeople in B2B markets are always extremely skilled and originate from technical regulation within the organization.

According to Harrell (2008), the success of the whole business to business product line that 3M Company is currently involving in, largely relies on abilities of salespersons. 3M Company’s business to business markets normally display a customer distribution that verifies Pareto Principle. The company involves in business to business marketing that is segmented. Through segmentation business to business marketer usually identifies customers’ groups that are graded by their sales capability and can be categorized based on several criteria. By leveraging this intellect, marketers are able to profile their perfect customer and forecast results for marketing programs (Brennan & Canning, 2010).

Conclusion

From the discussion, 3M Company has been operating since 1902. Over the years the Company has been concentrating in innovating different products. Of late the Company has innovated Post-it Super Sticky Notes, Scotch Transparent Duct Tape, LCD televisions’ optical films and Scotch-Brite Cleaning family products. 3M Company normally involve effectively in business to business marketing since they always understand their customer very well. 3M Company is currently involving in a business to business marketing that consists of individuals or groups that buy a particular type of commodity for either reselling, direct use in manufacturing or apply in general daily operations. The company involves in a business to business marketing in which the marketer is fully informed about the products and services the company produces.

Bibliography

Brumberg, B., & Axelrod K., 2006, Watch It Made in the U.S.A.: A Visitor’s Guide to the Best Factory Tours and Company Museums, New York: Avalon Travel.

Nemati, R. H., & Barko D. C., 2004, Organizational data mining: leveraging enterprise data resources for optimal performance, New York: Idea Group Inc (IGI).

Brennan R., & Canning E. L., 2010, Business-to-Business Marketing, New York: SAGE Publications Ltd.

Blythe J., & Zimmerman, A., 2005, Business-to-business marketing management: a global perspective, New York: Cengage Learning EMEA.

Hutt D.M., & Speh, W. T., 2009, Business marketing management: B2B, New York: Cengage Learning.

Pride M.W., & Ferrell, C. O., 2007, Foundations of marketing, New York: Cengage Learning.

Harrell, D. G., 2008, Marketing: Connecting with Customers, New York: Chicago Education Press, 2008