INNOVATION AND CHANGE

Innovation and change

Innovation and change

Introduction

3M was founded in 1902 in the U.S, state of Minnesota . Prior to 2002, was known as Minnesota Mining and Manufacturing Company. In 1925 the corporation has invented and began producing the first adhesive tape or paper tape. In 1947 the company developed the first magnetic tape and in 1968, the first color copier. In 2002, the company has launched a composite wire ACCR. Today at the company's enterprises in 60 countries produced more than 50 thousand kinds of products for medicine and various industries. Brand 3M combines several brands which include Filtrate (Products for filtration), Scotch (Adhesive tape for home and office), Scotch-Brite (household sponge for dishes and other cleaners ). (Ehigie McAndrew 2005, p.925)

Discussion

In 2005 George W. Buckley became 3M Chairman, Chief Executive Officer and President. Buckley explained four elements of strategic focus that comprise the company's emerging strategy for growth. These strategies are: Present business growth enhancement, matching acquisitions to sustain the expansion into adjoining markets, Building of original business via rising Business Opportunities, and extensively increase investments in international opportunities. (Watson, DeYong 2010, p.66)

Product Development Life Cycle

By Life Cycle Development, we understand the complete control over the lifecycle of a product. Controlling the impact on the environment, health, safety and energy committed to the entire lifecycle of the product, not only during production but also in the treatment of waste. The Life Cycle Development is an integral part of the EHS Management System. Controlling our impact on the environment, health, safety and energy no longer confined to the production process but focuses on the entire lifecycle of the product. 3M has adopted a Life Cycle Development Policy requiring all entities to establish balance LCM for new and existing products according to predefined priorities. A balance must be developed for LCM all products by the end of 2010. (Roy Henrik Hakan 2006, pp.282)

Innovative Corporate Cultures

3M's culture is based on innovation, without it, could hardly achieve its goal of 30 percent of annual sales come from products launched during the last 4 years, and besides, 10% of sales made on products sold in the past year. The engine of innovation for 3M is to provide solutions to customers and consumers in any industry or market. 3M's global strategy is to differentiate emerging markets with developed economies. When operating business in rising economies, the company emphasize on ...