The 3M company is a United States mega, conglomerate corporation headquartered in Maplewood, Minnesota. Founded in 1902, the iconic company distributes products which span the globe, demonstrating its product dominance in 65 countries. It operates 29 international companies integrated with manufactories and possesses laboratories located in 35 countries, according to Wikipedia.
One of the keys to massive organizational success, for any company, is to possess a gigantic product line that expands across a variety of markets. The 3M company is this entity.
Through constant innovation and acquisitions, The 3M company has become the dominate force in the marketplace, reaching Fortune 500 status. This iconic giant is set to grow even more expansively in the future. In fact, its potential for more growth is vast.
10 Keys to 3M’s Massive Success
• Creativity, innovation, commitment
• Expanding into new geographic markets
• Expanding product line to reach more customers
• Acquiring rival firms or companies
• Entering into joint ventures to boost competitive capability
• Creating Broad customer base
• Strong brand-name image
• Strong global distribution capability
• Knowledge and experience curve over rivals
Any organization with the above business repertoire will be a dominating giant in any industry. Such company represents the ultimate business model for massive success.
Who are 3M Company’s Customers?
The 3M company caters to both individuals and businesses. Regardless of race or culture, the goal of this iconic company is to reach a worldwide customer base. Supplying and distributing products which are in constant demand is 3M’s strategy for winning the hearts of its customers.
3M’s Selection of Products in High Demand
• 3M High Visibility Signals
• Electronic Monitoring
• Auto Motive Body filter
• Hockey Gear & Scotch Tape
• Multimedia projectors
• Adhesives and abrasive
• Car shampoo
• Medical products
• Healthcare software
When it comes to products, the above is just a tip of the ice berg. The 3M company sells over 55,000 products and earns $30 billion in annual sells. The US net income was $5.050 billion in 2016.
Dedication to Growth and Customer Satisfaction
The goal of the 3M company is to continue to expand by increasing its assets and investments. In addition, the 3M company will continue to provide customers with quality products that exceed the best merchandise of its rivals and establish long term relationships with customers.
No other Fortune 500 worthy company can boast about its national and international dominance in terms of products, companies, and operations in the marketplace. If 3M continue down this road, its greatness and name brand will never fade.