Review the products 3M offers httpwww3mcom and the markets i

Review the products 3M offers (http://www.3m.com/) and the markets it serves. Select one or more 3M businesses and comment on their business diversification strategies

Solution

3M industry

Re-inventing of products

3M Company is a robust company that keeps on reinventing its products in the market. many firms may have their own way of doing business and keep its position in the market. However, 3M choice to keep re-inventing its products, enables this firm to remain a leading Company in the market.

Re-invention of products is done to keep up with the market trends and meet the customer specific needs. Generally, successful firm shifts their attention from seller oriented as opposed to buyer oriented. This is just one of the current changes experienced in the market. The customer dictates what is to be offered into the market. This is done in order to meet the needs of the specific customers better than any other competitor would do.

This is exactly what the 3M Company has tried emulate. The company has been involved in high level of research and development in order to determine what the customer needs in the market. The CEO of the company was quoted saying that his company would increase research and development budget from 4% to 6% because they believe in tailoring and improving their current business products into meeting the requirements of the market. Example the market for touch screen phones has exploded in the market and therefore firms needs to keep up with this technology advancement if it has to remain in the market.

Physical designing and manifestation of the company’s products speaks a lot to both existing and potential customers. This helps the company to maintain its current market share and possibly increase it. This has seen the 3M Company outgrow its competitors and remain one of the leading manufacturing and mining company in United States of America. The company reported revenue growth of 2.9% year-end 2102 to $7.8 billion. This shows how flexible the firm is to adapt to current market trends.

Some of the industries in which 3M Company’s products are widely used includes power utilities, e-publishing and air and water purification among others.