3M Case Notes - 3M: Cultivating Core Competency CASE...

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3M: Cultivating Core Competency CASE ASSIGNMENT As the end of his first year comes to a close, George Buckley (CEO) is evaluating his strategic approach and its ability to drive desired results for 3M during the upcoming year. He has asked you to prepare a report assessing strategic performance during 2006 and to make recommendations for enhancing strategic competitiveness in 2007. You will have a ten-minute meeting with Buckley to highlight your findings, so you should prepare three to five PowerPoint slides to provide an overview of your written report and to summarize the results of your analysis and supporting exhibits. Your report and overview should address the following key strategic issues: 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. 2. Define the company's core competency. 3. Determine if the company has a sustainable competitive advantage. If you determine that a sustainable advantage exists, support your claim. If you find it lacking, recommend actions that would secure a sustainable competitive advantage. 4. Identify any external environmental forces that have strategic implications in the future. 5. Evaluate the success of 3M's strategy in 2006 based on the criteria identified for judging strategic performance. 6. Evaluate 3M's acquisition strategy. 7. Recommend an integrated and coordinated set of commitments and actions which will exploit the company's core competencies, strengthen its competitive advantage, and maximize value. 1
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3M: Cultivating Core Competency STRATEGIC MANAGEMENT INPUTS 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. Criteria for assessing strategic success can be determined by looking at the company's historical strengths, performance, problems (weaknesses), and strategic goals. The following table is an extensive look at the historical competencies and successes of 3M. [This table is available on the Instructor's CD in an Excel spreadsheet, which includes a worksheet with a blank template that can be provided for the student.] 2
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3M: Cultivating Core Competency Strengths Performance Problems Strategic Goals 1907 McKnight/ Bush 1923 1930s 1940s 1952 Carlton 1980s Aggressive, customer- oriented salesmanship Niche in growing auto industry One of first corporate Understanding markets Product research Innovations Major product innovation Product discovery First large-scale consumer product Tripled in size $100 million sales 10,000 employees Low-tech marvel: Post-it Notes Lost cassette tape market Major competitor threats on multiple fronts Filling market niches Abandoning markets where it could not set its own prices 1991 DeSimone
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3M Case Notes - 3M: Cultivating Core Competency CASE...

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