3M Company, full name known as, Minnesota Mining and Manufacturing, is a very famous American multinational conglomerate company. 3M company was founded in Two Harbors, Minnesota, in 1902, by five businessmen, Danley Budd, Henry Bryan, Hermon Cable, John Dwan, and William McGonagle. In 1909, the headquarter of the company moved to St. Paul, Minnesota until now. The headquarter of 3M company is still in St. Paul, Minnesota. Nowadays, 3M company has 74 branches in 65 countries. The largest subsidiary of 3M company is in India, founded in 1988. There are more than 84,000 employees all over the world. The company’s current CEO is Inge G. Thulin. He is also the president and chairman of the board.
3M company has a very short slogan. It just has one word “innovation”. The company’s mission statement is “ 3M is committed to actively contributing to sustainable development through environmental protection, social responsibility and economic progress”.
3M company produces more than 55,000 products, including adhesives, abrasives, laminates, passive fire protection, dental products, electronic materials, medical products, car-care products, electronic circuits, and optical films. The company’s products are available for purchase through distributors and retailers in more than 196 countries, and many products are ordered online directly from the company. 3M has a lot of famous brands, including ACE, Command, Filtrete, Futuro, Nexcare, Post-in, Scotch, and so on.
The products of 3M company are very popular in the world. They have a potential of four diverse target markets. The first target market is outdoor enthusiasts who enjoy hunting, camping, fishing, golfing, hiking, boating and outdoor sports. The second target market is families who encompass parents and children in outdoor activities. The third target market is the United State military where needs a lot of military equipment in army. The fourth target is outdoor workers who need to work outside all the time. These four groups as target markets are chosen because the company have the greatest buying potential.
3M company has own values. The first value is to provide investors an attractive return through sustained and quality growth. The second value is to satisfy customers with superior quality, value and service. The third value is to respect the social and physical environment. The fourth value is that being a company employees are proud to be part of. As a kind of 3M company culture, I think the most representative culture is innovation. For the development of the company more than a century, innovation has been the hallmark of 3M’s progress. That is why 3M can create more than 55,000 kinds of products. We are hardly to find another company that can produce so many kinds of products like 3M company. That is the motivation of innovation. No matter senior managers or employees, they all consider innovation as the core of the company’s development. 3M innovation enables 3M to create new products that can attract more consumers constantly. 3M company has many shared ideas and technology. 3M innovation enables 3M to continuously create practical and ingenious solutions to solve everyday problem.
3M company manufactures many types of products with 30 billion dollar in sales every year. The following is 3M’s financial statement:
• Profit & Loss
From above the form, we can know that Net Sales are 29,904 million dollar and Total Operating Expenses are 23,421 million dollar in the year ended December 31, 2012. And Net Income is 6,483 million dollar.
• Balance Sheet
From above the form of 3M company’s balance sheet, we can know that 12 months ending in December 31, 2012, the company’s assets are 33,876 million dollar, liabilities are 15,836 million dollar, and Equity is 18,040 million dollar.
• Cash Flows
References: For writing this paper, I have searched a lot of information about 3M on Internet. The following websites I mainly referred:
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