We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

3m Strategic Management Essay Sample

essay

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

Resource based plan involves a situation where by a firm mainly focuses on its internal environment in making its strategic decisions concerning the capabilities and resources than the external environment. The resources can be tangible or intangible and they may include the human resources, capital and patents. The capability is the firm’s ability to integrate its resources to produce products or perform tasks that the competitors can not imitate nor understand and eventually the firm is usually at competitive advantage.[1]

Input-output plan is one where by firms within an industry are dependent and a firm output is used by another firm as input. The input-output model focuses on accumulation of resources and making strategic decisions as dictated by the external environment of the firm.[2] 3M is a resource based firm because it mainly focus on efficiency and creativity and make decision based on the resourced it has at its own disposal rather than comparing with those of competitors.

SWOT analysis means strengths, weaknesses, opportunities and threats of a firm. The strengths and weaknesses pertains the firm’s internal environment whereas the opportunities and threats pertains the firm’s external environment in reference to the competitors in the industry. The SWOT analysis are aimed to assist a firm to become more competitive in

the market and eventually have a bigger market share and a growth in sales volume that is reflected

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
by the increase in sales volume. The SWOT analysis needs to be carried out cautiously so that the correct strengths, weaknesses, opportunities and threats are identified.[3]

            One of the strengths of the firm is the introduction of the performance review process that was aimed at improving the efficiency in 3M. This brought about good results since the firm was able to control its expenditure.

One of the threats of 3M is that innovation has been overtaken by the need for efficiency hence the firm has not been spending much in innovation yet initially identified by innovation.

One of the great opportunities for the firm is its ability to hire very qualified personnel and the ability to train its employees so that they can meet the demand of the firm. These highly skilled workers are able to produce goods very efficiently and there fore have a bigger and growing market share.

One of the threats facing the firm is the decrease in the rate of innovation due to introduction of the six sigma and there fore the firm ending up losing part of the profits despite becoming more efficient in its operations

            The major challenge facing George Buckley is the issue of returning the lost glory of 3M as a very innovative company since it has always been identified with innovation and creativity, this is because Mcnerney had invested a lot I ensuring efficiency and putting innovation aside. George Buckley can only achieve his objective by investing a lot in the research and development.

REFERENCES

New Paradigm: Resource-Based Theory, retrieved on 20th September, 2007, available at http://www.1000ventures.com/business_guide/mgmt_stategic_resource-based.html   [1]

SWOT Analysis, retrieved on 20th September, 2007, available at,

www.quickmba.com/strategy/swot

Wikipedia, the free encyclopedia, retrieved on 20th September, 2007, available at,

http://en.wikipedia.org/wiki/Input-output_model

1New Paradigm: Resource-Based Theory, retrieved on 20th September, 2007, available at http://www.1000ventures.com/business_guide/mgmt_stategic_resource-based.html   [1]

[2] Wikipedia, the free encyclopedia, retrieved on 20th September, 2007, available at,

http://en.wikipedia.org/wiki/Input-output_model

[3] SWOT Analysis, retrieved on 20th September, 2007, available at,

www.quickmba.com/strategy/swot

We can write a custom essay on

3m Strategic Management Essay Sample ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

Important agents of innovation

Creativity can be defined as the production of novel and useful ideas in any domain(Stein,1974; Woodman, Sawyer & Griffin, 1993). Creativity cannot be separated from entrepreneurship which in turn is the process of creating, exploiting and developing an opportunity.Millard, Pretorius and Kruger(2005) mentions that “creativity is clearly part of parcel of the entrepreneurial skills and is required to successfully start a venture” (p. 56). Entrepreneurs and their ventures are considered to be “important agents of innovation”(Bosma & Harding,2007, p. 16), not simply in terms of the products and services they provide, but also in terms of the technologies and processes that they utilise(Bosma & Harding;Watson et al.,1998) creativity is seen as going beyond new products, new services and new and improved processes (Cook, 1998; here, 2006) Creativity Sternberg & Lubart, 1999 Amabile (1983) Csikszentmihalyi (1996, 1999) Entrepreneurship Richard Cantillon Schumpeter Body: Key points for creativity: Identify your motives Seek flow:...

Harnessing Creativity and Innovation in the Workplace

Creativity plays a critical role in the innovation process, and innovation that markets value is a creator and sustainer of performance and change. In organizations, stimulants and obstacles to creativity drive or impede enterprise. Creativity has always been at the heart of human endeavor. Allied to innovation, which creates unexpected value, it is now recognized as central to organizational performance. (Some hold that the capacity to harness intellectual and social capital—and to convert that into novel and appropriate things—has become the critical organizational requirement of the age.) The shift to knowledge economies has been abrupt and there is a flurry of interest in creativity and innovation in the workplace. Innovation is considered, quite simply, an imperative for organizational survival. It may even be the key to some of the biggest challenges facing the world, such as global warming and sustainable development. Notwithstanding, we are still far from a theory of...

Disruptive Innovation

Outline Introduction Types of Innovations Development Phase of Disruptive Innovation-Literature Review Examples of Disruptive Innovation MP3 as a Disruptive Technology Conclusions Disruptive Innovation Introduction In order to maintain their competitive edge, product suppliers endeavor to improve their products by improving quality and performance. This includes incorporating new development, adding new models, keeping a watchful eye on their competitors’ products and listening to the expectations of their customers. These sustained innovations maintain and/or expand their market share and improve their profitability.  Christensen pointed out the existence of another type of innovations which disrupt the existing order by presenting a new technology or by introducing a metamorphosis in providing a service and upsetting the existing providers of services and products, in many cases causing the existing giants to fail or the existing technology to become obsolete [Christensen, 1997]. These innovations are called disruptive innovations. Christensen used the example of steel mini-mills, which...

Popular Essays

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?