3M+Cultivating+Core+Competency

3M+Cultivating+Core+Competency - 1 3M Cultivating Core...

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1 3M Cultivating Core Competency MGT-625-0962-Strategic Management 12 March, 2011 Fernando Bello
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2 Establish criteria for judging strategic performance by comparing past successes and strategies. o Use a Balanced Scorecard framework to make sure that both financial and strategic controls are used to assess performance. An effective criterion for assessing the strategic success of 3M would be to look at the company’s historical strengths, weaknesses, performance, and strategic goals. Balanced Scorecard Performance Measure Control Type Sustainable Sales Growth Financial Sustainable Profit Margins Financial Increased Solutions to Customer Needs Strategic - Customer Number of New Patents Internal Business Processes Number of New Products from Customer Collaboration Customer Sales from New Products Financial Number of New Market Niches Served and Market Share Strategic - Customer Markets Abandoned after Margins Prove to be Unsustainable Strategic - Internal Business Processes Innovation Measured by: Achievement of 15% Rule Internal Business Processes Financial Sales, Debt, and Related Cost Measures for Acquisitions Financial Investments in Core Competency and Competitive Advantage Strategic - Learning & Growth and Financial 2. Does the company have a sustainable competitive advantage? o If you determine that a sustainable advantage exists, support your claim. 3M has been able to maintain as a strong company throughout the years because it does have a sustainable competitive advantage. The fact that 3M is known worldwide based on its brand or logo alone gives it a competitive advantage. People around the world have seen and
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3M+Cultivating+Core+Competency - 1 3M Cultivating Core...

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