ENT 419 Midterm Exam.docx - ENT 419 Professor Babu Midterm...

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ENT 419 Professor Babu Midterm Examination Paper 3M Innovation is one of the most important “new” concepts that has been becoming more and more popular as the twenty first century continues. As the world moves away from the industrial age and into the technology age, every company and every person need to understand that to innovate is not only to survive but to thrive. For 3M to continue to survive a hopefully start thriving again, I have a few ideas that will be implemented and hopefully take the company to the next level. My first idea is to reach out to loyal customers. This could be through social media or if we have the knowledge, reach out to specific buyers. Especially the staff of the companies that purchase large amounts of our product each year. We need to ask them what they need. I know personally that if a company reached out to me and asked me what I needed and then within the next year I saw that product on the market, I would certainly purchase it. And it would improve my day to day life! I would implement this idea by creating a special innovation task force. They would travel around the world and especially the united states and they will ask every day customers what they would like to see come out of 3M. The task force would be in charge of hearing and understanding the requests and weeding out the good ideas with the not so good ideas. There is never a bad idea. Then they will take a look at our highest selling products and think up 5-10 improvements they, with an understanding from the customers, would make to the product. The next thing the task force would do is take a longer look at the products that aren’t selling within the first 5 years. They will work with customers that did buy it and our other loyal customers and understand why didn’t purchase it. I will then require 10-15 ideas on how to improve the products. Every 3 months I will hold a meeting with the task force and our top innovators and the new ideas will be presented and judged. After that, the ideas will be decided on and implemented. I believe that 3M should acquire at least one-third of the new products through acquisitions. While keeping costs low and being efficient, losing innovation is a great way to lose
loyal customers. Innovation is the better way of life, that’s why it only makes sense to innovate our way of thinking.

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