Project Management-Transformational Corporate Strategy

Topics: Organizational culture, Innovation, 3M Pages: 17 (3857 words) Published: October 20, 2014
CRANEFIELD COLLEGE
Of
Project and Programme Management

INDIVIDUAL EXAMINATION
Transformational Corporate Strategy (M4)

CASE: Revitalising innovation at 3M

Declaration
“I hereby declare that this assignment is entirely my own work, and that it has not previously been submitted to any other Higher Education Institution. I also declare that all published and unpublished sources have been fully acknowledged and properly referenced. This includes figures, tables and exhibits. Where modified by me, this has also been indicated.”

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Table of Contents
1.

INTRODUCTION ......................................................................................................... 1

Overview of the case study.................................................................................................... 1 QUESTION 1: ........................................................................................................................ 2 QUESTION 2: ........................................................................................................................ 5 QUESTION 3: ........................................................................................................................ 9 2.

CONCLUSION ........................................................................................................... 14

3.

BIBLIOGRAPHY ........................................................................................................ 15

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1.

INTRODUCTION

Overview of the case study
The business environment is very competitive. Consequently, companies need to offer customers proficient and reliable service. If they do not, customers will switch to more consumer efficient companies. Furthermore, as companies grow in size, it becomes harder to keep track of the growing amount of sales and customer information. If a company does a poor job by not focusing and maintaining customer satisfaction, it can result in problems for both the company and the consumer. This study will focus on the Minnesota Mining and Manufacturing Company, more commonly known as 3M, and how it empowered its employees, improved its growth rate, customer service and sales by introducing a new approach to growth.

This study also provides critical interrogation on the approaches and strategies applied by Minnesota Mining and Manufacturing Company in its efforts to turn around the company after the loss of profit despite the reputable strong tradition of innovation culture. Firstly, the study provides critical elements of innovative methods applied in order to exploit the profitable gains from the excellent research practise. This is done by explicating innovation process that has been applied at the 3M Company leading to innovative strategic thinking coupled with the work done on the ground. It then identifies the curative recommendations in addressing the major problems that have been identified throughout the case.

The fundamental problem of the 3M Company was the inability to exploit profitable improvements by exploiting its excellent and reliable research practice to the advantage of the company. Consequently, the company could not diversify its products in relation to the demands of the fast changing and sophisticated markets at a worldwide level. The company needed to embark on a major example change without compromising its excellent research tradition but to seek turn around strategies in order to maximise its profits.

Recommendations and conclusions are clearly defined and they reveal what the author thinks about being an innovative leader who is able to support employees’ in their new ideas by implementing the company culture which is supportive to all of them to produce successful projects.

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QUESTION 1:
What are the main elements of the innovative process at 3M? Is it possible and desirable for other companies to emulate them?
“Richard Lynch defines Innovation as the generation and...

Bibliography:  Ernest Gundling, Author, The 3M Way to Innovation: Balancing People and Profit
 (European Commission, 1996): Goal Innovation
 Lynch, R. 2009. Strategic Management. (5th Edition). England; Pearson Education
Limited.
 McQuarrie, E.F. 1993. Customer visits. Building a better market focus. California:
SAGE Publication.
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