Minnesota Mining and Manufacturing (3M)
Minnesota Mining and Manufacturing (
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Minnesota Mining and Manufacturing (3M) is a diversified manufacturer whose products include tapes, adhesives, coatings, sealants, roofing granules, graphic arts and photographic supplies, magnetic media and office supplies. The company is incorporated in Delaware, but has a global marketing presence with operations throughout the world. In 1992, international sales accounted for 50 percent of 3M's total revenues; this compares to 48 percent in 1991 (Vohra, August 30, 1993, p. 1503A). This research examines 3M's management strategy in the global economy, with an emphasis on identifying the factors that are significant contributors to 3M's success. Since 1983, 3M's profit margins have remained above 8.5 percent (reaching a peak of 10.9 percent in 1988). Sales have increased at the annual rate of 10 percent over the past five years, and at the annual rate of 8.5 percent over the past 10 years to projected sales of $13.89 billion in 1993. Earnings have increased at 10 percent and 7 percent during the same periods, respectively (Egan, December 3, 1993, P. 1888). The company's current position has fallen somewhat from a ratio of 2.6 in 1983 to a low of 1.7 in 1990 and 1991; it moved upward to 1.9 in 1992. This represents a healthy current position for a company which invests a significant amount of resources in research and development of new products (Vohra, August 30, 1993, p. 1503A).
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g coordinated federation lines. Japanese companies, entering the international market during the 1970s, evolved into centralized hubs. Bartlett and Ghoshal label these multinational, international and global, respectively, with regard to their strategic approaches (1992, p. 521).
3M managed to avoid the American path and evolved into a true transnational company. As such, it is characterized by distributed resources and capabilities, large flows of resources and information among otherwise independent units, and a complex process of coordination and cooperation in an environment that encourages shared decision making (Bartlett & Ghoshal, 1992, p. 524).
In the transnational company, centralization is not completely lost. Instead of imposing the central company's direction and will on the international components, the centralization consists of the parent company's ability to intervene directly in relation to certain decisions (Bartlett & Ghoshal, 1992, p. 525). At 3M, this intervention can take the form of the business plan that each strategic business unit follows, or the intervention may be in the form of moving operations from one country to another in order to take advantage of certain characteristics in the second count
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Some common words found in the essay are:
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Approximate Word count = 2956
Approximate Pages = 12 (250 words per page)
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