3M case analysis

1. Establish criteria for judging strategic performance by comparing past successes and strategies. Use a Balanced Scorecard framework to make sure that both financial and strategic controls are used to assess performance.

The strategic performance of 3M over the last one year has been impressive under George Buckley (CEO). The performance of 3M prior to George Buckley taking reigns of 3Mwasn’t impressive and it was kind of dwindling. There was a negative impact on the operations of 3M and there were other issues surrounding the operations of 3M, this could have been due to the strategies or the approach of the management under the previous CEO, this could backed up by the financial performance of 3M under George Buckley, as it was very impressive as compared to the pastperformance.

The Sales have increased, the profits have increased, the efficiency improved, new opportunities has been created and in addition to all these positives, there were constant innovations at 3M, which resulted in improvement in its operational and financial performance.

The net income margin of 3M has increased considerably and it was highest among all the other competitors. Its netincome margin was over 15% and the next best was around 11%. This shows the marked improvement in the financial performance of 3M. As far as the most innovative companies of the world in the year 2005 was concerned, 3M was among the top 5 companies in Asia, Europe, North America, and Globally, however, this could change to 3M being in top two by 2007, mainly due to the innovations at 3M under GeorgeBuckley.

On the whole, it can be said that the strategic performance of 3M over a period of last one year has been very impressive given the improvement in the operational performance, increase in efficiency and the financial performance. Moreover, the marked improvement in the innovations carried out at 3M has been very impressive. This suggest that the strategy adopted at 3M has been mosteffective and the strategic performance has also been impressive leading to all these positive results about 3M.

The drastic improvement in the past performance and the present performance of 3M can be attributed to the effective strategies adopted at 3M and these strategies has been adopted mainly under George Buckley and thus after analyzing the details and the financial performance of 3Mbefore and after George Buckley appointment as CEO of 3M, it can be rightly said that the strategic performance of 3M has been quite impressive over the last one year or so.

2. Define the company's core competency.

The core competency of any company is very important for is sustenance in the market and also its growth. The core competency of any company is very vital and its mainoperations play a key role in its growth, whereas all other minor operations play a supporting role.

The core competency of 3M can be identified from its operations, it is an invention and manufacturing company, which brings in about various innovations in the manufacturing processes, and these innovations help in improving the quality of various products and also the uses of these products. From abusiness’s point of view, innovations are very important in acquiring new business and also creating new business opportunities.

3M’s core competency is the use of technology and various technological innovations adopted in manufacturing processes to improve the quality of various products. It manufactures various products of different categories falling under different industries altogether.In spite of this, it is able to use a technological innovation in different products. The core competency of 3M also lies in applying coatings to backings. The coatings as well as backings were introduced in 3M. Experts believed that the main core competency of 3M lies in its innovations. But, the main growth can be from reinvention of some technological products, space science material and...