...Case Question 1: With reference to the case study, provide one example with a paragraph of not more than 5 lines, which clearly illustrate a link between topics or theory/ concepts drawn from at least 2 modules you have studied. SWOT Analysis concept is a structured planning method used to identify strengths and weaknesses and also broader opportunities and threats to assist 3M in making business strategic plans and decisions (Renault 2015). Whereas, opportunity-based theory is used to support the behavior of 3M’s leaders in discovering and taking advantages of possibilities in the business without regarding to resources currently controlled (Pramanik 2015). SWOT Analysis stands for strengths, weaknesses, opportunities and threats existing in the business of 3M. In term of strengths, 3M has a diversified business because of their broad range of products and 6 different types of business segments provided. For example, the various products include Post-It Notes, Scotch Tape, high-tech LCD films and so on while the business segments include Healthcare, Industrial & Transportation, Consumer & Office, Display & Graphics (D&G) and so on to figure 1 in appendix list. Besides, 3M has also a strong Research and Development (R&D) where they spend more than a billion dollars on R&D in a year, around 20% of this budget supports its 32 technology centers. At the same time, 3M also employed approximately 1000 researchers that work in each of the technology centers...
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...CHAPTER I INTRODUCTION 1. Background of Case Study Selection Differentiated strategy is the strategy pursued by the company to produce products that are different or unique compared to competitors' products. Researchers are interested in doing research on the company because researcher wanted to learn more about controls for differentiated strategies, both theoretical and practical. Minnesota Mining & Manufacturing Corporation (3M) is one of the companies that have successfully implemented differentiated product strategy that gives priority to innovation as a competitive advantage offered. This company believes that innovation to be the cornerstone of 3M’s future success. Current management has continued to embrace and expand these policies and philosophies. That is why researchers interested in evaluating policies and 3 M that philosophy is based on the innovation in the implementation of the strategy of differentiation 2. Motivation Motivation researchers conducted a study of control for differentiated strategies in Minnesota Mining & Manufacturing Corporation (3M) because the researchers wanted to know more about the factors that influenced the design of the system and also the policies and philosophy rooted in the innovations made by 3M Corporation. By studying and examining the existing policy and philosophy that is rooted in innovation from the company, researchers can get a clearer picture of how to do a proper evaluation and what steps...
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...International Management II (Core Competencies) Case Study Bank of America (A) by Alexander Beil Christoph Hillgärtner Florian Schlegelmilch Harvard Case Study: Bank of America List of Contents 1. 2. 3. 4. 5. 6. 7. 8. 9. Introduction / Definitions Overview “Bank of America” Product development processes Strength and weaknesses of the systems Learning through experimentation Conclusion / Learnings Summary Questions for group discussion References 1 Harvard Case Study: Bank of America 1. Introduction / Definitions Description of the case study “Bank of America (A)” * The case study describes how Bank of America is creating a system for product and service innovation in its retail banking business. Emphasis is placed on the role of experimentation in some two-dozen real-life "laboratories" that serve as fully operating banking branches and as sites for testing new ideas and concepts. Focuses on: 1) 2) 3) how learning from experimentation can be maximized; incentive and reward systems that motivate employees to experiment in "life" environments; the challenges of managing innovation in an industry that eschews risks, failure, and change. *Reference: http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=603022 Harvard Case Study: Bank of America 1. Introduction / Definitions Process: which activities are to be taken, in which order* Organization: who (person, team or department) is involved (who is responsible for what)?*...
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...International Management II (Core Competencies) Case Study Bank of America (A) by Alexander Beil Christoph Hillgärtner Florian Schlegelmilch Harvard Case Study: Bank of America List of Contents 1. Introduction / Definitions 2. Overview “Bank of America” 3. Product development processes 4. Strength and weaknesses of the systems 5. Learning through experimentation 6. Conclusion / Learnings 7. Summary 8. Questions for group discussion 9. References 1 Harvard Case Study: Bank of America 1. Introduction / Definitions Description of the case study “Bank of America (A)” * The case study describes how Bank of America is creating a system for product and service innovation in its retail banking business. Emphasis is placed on the role of experimentation in some two-dozen real-life "laboratories" that serve as fully operating banking branches and as sites for testing new ideas and concepts. Focuses on: 1) how learning from experimentation can be maximized; 2) incentive and reward systems that motivate employees to experiment in "life" environments; 3) the challenges of managing innovation in an industry that eschews risks, failure, and change. *Reference: http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=603022 Harvard Case Study: Bank of America 1. Introduction / Definitions Process: which activities are to be taken, in which order* Organization:...
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...Innovation, ideas and solutions for a modern world 1 Introduction – A Century of Innovation 3M is a global diversified materials science company and a powerful, diverse and integrated enterprise. Although 3M identifies its core competency simply as “applying coatings to backings”, the company’s operations extend far beyond this. 3M, famous for its consumer brands such as Scotch® Tape and Post-it ® Notes, also creates thousands of industrial products used by manufacturers and service providers to create their own products. From its beginnings in 1902 as Minnesota Mining and Manufacturing, 3M has grown to achieve sales revenue of $US25.3 billion and an operating income of $US3.5 billion in 2008. The company has over 79,000 employees with approximately 13 percent employed directly as technical staff. As a truly global presence, 3M services almost 200 national markets, and operates subsidiary companies, such as 3M Australia, in more than 60 countries. Almost 64 percent of 3M’s entire sales revenue originates from international operations. With a vision “to be the most innovative enterprise and preferred supplier in the markets we serve”, 3M prides itself on its history of innovation – reinforced through its brand promise, “practical and ingenious solutions that help customers succeed”. Key values underpinning 3M’s continual success include its commitment to: • Satisfy our customers with superior quality and value • Provide investors with an attractive...
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...Case study An analysis of 3M, the innovation company Introduction Any review of the literature on new product development and innovation management will uncover numerous references to 3M. The organisation is synonymous with innovation and has been described as ‘a smooth running innovation machine’ (Mitchell, 1989). Year after year 3M is celebrated in the Fortune 500 rankings as the ‘most respected company’ and the ‘most innovative company’. Management gurus from Peter Drucker to Tom Peters continually refer to the company as a shining example of an innovative company. This case study takes a look at the company behind some of the most famous brands in the marketplace, including Post-it® Notes. It examines the company’s heritage and shows how it has arrived at this enviable position. Furthermore, the case study attempts to clarify what it is that makes 3M stand out from other organisations. Background Originally known as the Minnesota Mining and Manufacturing Company, with its headquarters in St Paul, Minnesota, 3M was established in 1902 to mine abrasive minerals for the production of a single product, sandpaper. From these inauspicious beginnings, the company has grown organically, concentrating on the internal development of new products in a variety of different industries. The latest review of the company’s position reveals that it manufactures over 60,000 products, has operations in 61 countries, employs 75,000 people and has achieved an average year-on-year growth...
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...Case Studies in Entrepreneurship 3M 3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies, medical supplies and equipment to traffic and safety signs, magnetic tapes and CDs to electrical equipment. Originally innovation was encouraged informally by the founders, but over more than a century some of these rules have been formalised. But most important of all there has built up a culture which encourages innovation. And because this culture has built up a history of success, it perpetuates itself. 3M started life selling a somewhat inferior quality of sandpaper. The only way they could do this was by getting close to the customer - demonstrating it to the workmen that used it and persuading them to specify the product - an early form of relationship selling. This was the first strategic thrust of the fledgling business - get close to the customer and understand their needs. However, the company was desperate to move away from selling a commodity product and competing primarily on price and its closeness to the customer led it to discover market opportunities that it had the...
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...Question 1 There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’? Answer: This case study has highlighted some of the key activities and principles that contribute to 3M’s performance. Many of these are not new and are indeed used by other companies. In 3M’s case they may be summarized as an effective company culture that nurtures innovation and a range of management techniques and strategies that together have delivered long-term success. Many companies pay lip service to the management principles and practice set out in this case study. There is evidence that 3M supports these fine words with actions. 3M hire good people and trust them; this will bring about innovation and excellent performance. 3M ensured that developing new products is much higher on the agenda in management meetings than at other companies. Moreover, the success of the approach is due to the continual reinforcement of its objectives. Indeed, the performance of individual business managers is partly judged on whether they are able to achieve the objective. Question 2 In the 3M case study, what is meant by the statement: ‘the message is more important than the figures? Answer: The 15 per cent rule does not make so much sense, some employees use more than 15 percent of their time on projects of their choose, on the other hand some employees use less than that and some none at all. The figure is not so important as the message, meaning...
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...|PPE Case Study | | | | | |D Hazelwood | |Due 25JUN12 | Abstract This case study focuses on the treatment of property, plant, and equipment and how they are viewed by both GAAP and IFRS. We are provided with a situation in which we are required to apply both standards and determine the value of fixed assets IAW IFRS and GAAP in order to determined which accounting standard would be more beneficial in this situation; specifically, if it allows Old Line to be able to borrow more funds. The case study will also conclude with an opinion on whether the student’s preference is GAAP or IFRS in regards to acquisition contingencies. Background of the Situation: Old Line Manufacturing Company is having liquidity problems whereby the borrowing base is limited to 60% of net fixed assets. Given the different types of PPE, the...
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...Questions 1. There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’? 3M primary objective to be successful innovators in any company and that is one tradition which they have always followed and that is to combine variety of good management techniques such as outstanding communications, setting up clear objectives by nurturing and fostering creativity. 3M also uses the independence for its research and individual workers to explore ideas of their own choosing. 2. In the 3M case study, what is meant by the statement: ‘the message is more important than the figures’? The statement above simply suggest that as long as the 15 percent rule is used when a good idea is invented and willing to put it the hard work and the commitment to execute it. 3. Discuss the merits and problems with the so-called ‘15 per cent rule’. Consider cost implications and a busy environment with deadlines to meet. To what extent is this realistic or mere rhetoric? 4. Encouraging product and brand managers to achieve 25 per cent of sales from recently introduced products would be welcomed by shareholders, but what happens if a successful business delivers profits without 25 per cent of sales from recently introduced products? 5. Some people may argue that 3M’s success is largely due to the significance given to science and technology and this is the main lesson for other firms. Discuss the merits of such a view and the extent...
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...3M has been known for decades as an entrepreneurial company that peruses growth through innovation. It generates a quarter of its annual revenues from products less than 5 years old. Long before “reinvention” became a buzzword of American business, 3M already had made change a central part of its corporate culture [1]. Many say the company’s success over the years is linked to its ability to change as 3M, its products and the world marketplace evolves. Once 3M top management has long felt that the 3M innovation process was being focus on incremental improvements to existing product lines. They urgently wanted to improve matters, and wanted especially to improve 3M's ability to respond to the "unarticulated needs" of customers by providing breakthroughs and services. Among many methods of innovation that the 3M used to improve their capability of making breakthroughs, The Lead User process offered a promising solution to that problem. Von Hipple (1999) marks that the Lead User market research method is built around the idea that the richest understanding of new product and service needs is held by just a few "Lead Users." They can be identified and drawn into a process of joint development of new product or service concepts with manufacturer personnel. In this research after a general description of innovation definition, the 3M Company is introduced as the research case study. In the fourth part the culture and methods of innovation that made or used by the 3M is discussed. And...
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... The first quarter of the current financial year found hikes in monetary policy rates in India to be followed by upward shifts in the domestic term structure, which adversely affected the G-Sec portfolios of the market participants. This paper wants to find out how term structure responds to monetary policy actions in India. Literature Review There are a number of studies in USA on how term structure responds to the expectations about the central bank’s monetary policy actions. Cook et al (1989) found that changes in the federal funds target rate (FFTR) in the 1970s caused large movements in short term interest rates, moderate movements in medium term rates, and small movements in long term rates. Kuttner (2001) estimated that the bond rate’s response to expected changes in monetary policy is negligible, while their response to unexpected changes is significant. Faust et al (2002), as reported by Goukasian et al (2006), using prices from federal funds futures contracts derived the unexpected component of Federal Reserve policy decisions and assessed their impact on the future trajectory of interest rates. 1 Goukasian et al (2006) measured the expected and unexpected components of the changes in the FFTR and the sensitivity of the term structure of zero rates to those changes. They used two alternative models of term structure – the NelsonSiegel model and the extended Vasicek model. They calibrated both models along with data on changes in the FFTR and studied the impact...
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...1. Introduction 1.1 Executive Summary This project focuses on how the Singapore government helps its citizens to pay for their healthcare needs. The primary policy that will be discussed will be the Ministry of Health’s 3M framework and a policy analysis will be conducted based on it. A brief introduction of the development of this policy will be provided followed by an evaluation of the policy and recommendations on how to improve the policy. The report will be concluded with a discussion on the impacts that the policy brings about. 1.2 Background Public health care is an emotive issue that remains a major concern of the public in our country. With the rising costs of financing public healthcare systems and the pressing aging problem issue, how our government finances our public health care systems becomes a major issue and debate within our public sector. Hence, I have decided to study on the Singapore’s Ministry of Health and how it plans to help Singaporeans to finance for their health care in a framework known as the “3M Framework”. This was also specially mentioned in the Budget 2008 announced recently and I will also discuss about changes to this framework in the report. 1.3 Objectives This project aims to study the effectiveness of the 3M framework as a financial means to help Singaporeans finance for their healthcare. 1.4 Scope This project will cover a brief history of the Ministry of Health and the 3M framework as well as the framework’s role in Singapore’s...
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...For the exclusive use of Q. WEI2015. 9-699-012 REV: JULY 23, 2002 STEFAN THOMKE Innovation at 3M Corporation (A) On the evening of October 23, 1997, Rita Shor, senior product specialist at 3M, looked across the conference room at her team from the Medical-Surgical Markets Division. She wondered when to draw to close the intense ongoing debate on the nature of the team’s recommendations to the Health Care Unit’s senior management. A hand-picked group of talented individuals, the team had embarked on a new method for understanding customer needs called “Lead User Research.” But this initiative to introduce leading-edge market research methods into 3M’s legendary innovation process had now grown into a revolutionary series of recommendations that threatened to rip apart the division. While senior management wanted the “Lead User” team to execute a manageable project involving surgical draping material to protect surgery patients from infections, the team now wanted to rewrite the entire business unit’s strategy statement to also include more pro-active products or services that would permit the upstream containment of infectious agents such as germs. This went against the incrementalist approach that for so long had pervaded 3M. After all, as Mary Sonnack, division scientist and an internal 3M consultant on the new Lead User methodology, noted “3M gets so much revenue from incremental products . . . like a blue Post-it note instead of just a yellow one.” ...
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...130023326 University of Dundee College of Arts and Social Sciences School of Business April 2014 Content Abstract ................................................................................................................................................... 2 Chapter 1 Introduction .......................................................................................................................... 3 Chapter 2 Literature review.................................................................................................................. 6 Chapter 3 Data and Methodology....................................................................................................... 10 3.1 Data.............................................................................................................................................. 10 3.2 Methodology ............................................................................................................................... 10 Chapter 4 Four Central Banks’ Unconventional Monetary Policy Announcements Details ........ 13 4.1 Important Announcements........................................................................................................ 13 Table 1 Important announcements by the Federal Reserve ............................................................ 13 4.2 Quick Summary: ........................................................................................................................ 22 4.3 Differences between...
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