Sustainability Marketing Plan: Minnesota Mining and Manufacturing Corporation - Speech or Presentation Example

? Sustainability Marketing Plan -- 3M Corporation Table of Contents Introduction 3 Thesis ment 4 Marketing Mission and Corporate Sustainability 4 Reducing Environmental Footprint 5 Bringing Greater Opportunities to Employees 5 Engaging Stakeholders 6 Community Giving 6 Environmental Analysis 7 Political Factors 7 Economic Factors 8 Social Factors 8 Technological Factors 8 Legal Factors 9 Environmental Factors 9 Competitor Analysis 10 Stakeholder Analysis of 3M 11 Promotion Plan 12 Action Plan 14 Conclusion and Recommendations 16 Works Cited 17 Introduction Minnesota Mining and Manufacturing Corporation (3M) was established in 1902 by five businessmen namely, Henry S. Bryan, William A. McGonagle, John Dwan, Hermon W. Cable, and Dr. J Danley Budd in a small town in Minnesota, United States. Over the years, the corporation has achieved several milestones and it has constantly been involved in continuous innovations that are apparently an integral part of the corporation’s strategies (3M Company “A Global Innovation Company”). Currently, it is one of the premier manufacturing corporations. The corporation manufactures diversified products including more than 60000 different products which are observed to dominate in their respective markets. The corporation operates with 81 manufacturing sites in 28 states in the United States of America. 3M operates in more than 133 manufacturing and converting facilities in over 60 nations globally (3M Company, “Inspired innovation”). The corporation is engaged in various technology oriented segments. It manufactures products for wide-range of industries such as transportation, healthcare, safety, security and protection services, consumer and office, displays and graphics as well as electro and communication businesses. In addition to this, the corporation sells its products through various channels such as through the involvements of distributors, wholesalers, retailers, dealers, as well as directly to the costumers nationally and internationally across the world (Reuters, “Profile: 3M Co (MMM)”). Thesis Statement The discussion intends to critically identify the initiatives of 3M Corporation for ensuring sustainable growth and economic progress. It also intends to provide sustainable marketing plan for the corporation keeping in consideration the integral aspects such as promotion. Marketing Mission and Corporate Sustainability 3M Corporation is a global manufacturer and technology innovator successfully operating across the world primarily in six different operation segments. The corporation’s prime mission is to earn customer loyalty and respect by effectively differentiating it from its competitors. Moreover, the company is determined to operate with uncompromising authenticity and integrity in its all operational activities. It also aims at satisfy diverse customers with innovative technologies and superior quality products and services. Furthermore, it intends to place deep respects for its investors and provide them high and attractive returns through sustainable and global growth. The corporation in relation to its mission concentrates on continuous development of social, physical and economic environment around the world. Least but not last, the company intends to develop employees skills and leadership qualities through its continuous initiatives (3M Company, “Sustaining Future”). The corporation’s sustainability strategies are primarily focused on customers’ satisfaction and its overall commercial success within social, economic and environmental values and frameworks. Its strategies are directed towards promoting healthy environment and safety measures at its different locations worldwide. The corporation’s sustainability strategies also emphasize on pollution prevention endeavors through continuous development of new and efficient technologies and products to be offered to its wide range of customers. As a part of its sustainability strategies its focuses on acquiring and retaining a pool of competent and skilled workforce as well as in indulging itself in communities support activities (Article 13 and CBI – CSR Case Study Series, “Invigoration Through innovation”). In order to obtain a broader perspective of 3M’s marketing sustainability, economic, social, and environmental factors related with the sustainability of the corporation is being briefly discussed below: Reducing Environmental Footprint 3M Corporation is constantly involved in bringing continuous improvement in vital components of its environmental aspects. The corporation has set-up priorities to be achieved in order to reduce environmental footprints including reduction of volatile air emissions, improving energy efficiency, reducing waste generated during its manufacturing process and it has established Environmental, Health and Safety (EHS) management system to promote healthy environment at its different locations across the world (3M Company, “Sustaining Future”). Bringing Greater Opportunities to Employees 3M Corporation has achieved several milestones globally which can be attributed to its talented, skilled and competent workforce. The corporate culture emphasizes on the integrity of its workforce and excellent innovation, further it aims to promote and help its dedicated employees to develop their skills and competencies by providing equal opportunities to every employee. It also appreciates and encourages employees dedicated initiatives to motivate and enable them face any kind of future challenges effectively and efficiently (3M Company, “Sustaining Future”). Engaging Stakeholders 3M Corporation strives to maintain open discussion with its shareholders, employees’ communities and other concerned parties with regard to economic, social and environmental issues related to the operations of the corporation including its past achievement and future sustainability objectives and goals. The corporation has partnered with other organizations in order to acquire knowledge from the success and the failures of the corporate peers along with ensuring better understandability of its stakeholders’ positions and requirements (3M Company, “Sustaining Future”). Community Giving The success of 3M’s business over the years has enabled the corporation to make significant investment in innovative community programs to ensure brighter future for everyone. Community giving is an important part of corporate sustainability strategy. The corporation has decentralized community giving programs in different countries of its operations and the programs initiated by the corporation consistently endeavor in meeting local, cultural and community needs (3M Company, “Sustaining Future”). Environmental Analysis 3M is a globally expanded technology company based in Minnesota of USA. The corporation’s brand like Post-It TM and Scotchgard TM are renowned throughout the world in more than 200 selling nations. 3Ms corporate social responsibility (CSR) and sustainable development are closely integrated with its values (Article 13 and CBI – CSR Case Study Series, “Invigoration Through innovation”). 3M’s sustainability initiatives as well as CSR initiatives are crucial factors for its success throughout the global marketplace. The investors and the customers have been rewarding the corporation owing to the fact that it has embraced sustainability initiatives with an increased sales and superior shareholders value. In order to understand the environment that has influenced the corporation, it will be more appropriate to conduct PESTLE i.e. Political, Economic, Social, Technological, Legal and Environmental analyses of the corporation. Political Factors 3M operates in more than 60 countries across the world. Hence, the risks associated with the political instability of any of the countries may have an unfavorable impact on its operations. At the same time, due to the multinational dimension of its operations the vulnerability to trade fluctuations may tend to increase as a result of political policies practiced by each different country. Consequently, trade barriers may evolve in its course of operations which may reduce the profit earning capacity of the corporation (Scribd, “Management that is Destructively Critical when Mistakes Are Made Kills Initiative”). Economic Factors The changing business environment and the recent global recession have resulted increased costs of raw materials as well as transportation costs due to the rise in the price of fuel. Nonetheless, the corporation’s sales grew by 11.1 percent during the year 2011 which depicts that it has been able to significantly deal with the unpredictability prevalent in the market (Scribd, “Management That Is Destructively Critical When Mistakes Are Made Kills Initiative”). Social Factors Society’s values have constantly been changing over the time. People are now more concerned about the environment and the ways the corporation utilizes energy for its operations. In order to use energy efficiently with minimum influence to environment, 3M Corporation is slowly but steadily moving towards renewable sources of energy (Scribd, “Management That Is Destructively Critical When Mistakes Are Made Kills Initiative”). Technological Factors With advancements in technologies, everyday new invention is witnessed by general people and the corporation itself. Contextually, the technological features incorporated by the corporation at times have short span and may quickly get obsolete. Hence, 3M needs to update its manufacturing technologies and adopt them as quickly as possible (Scribd, “Management That Is Destructively Critical When Mistakes Are Made Kills Initiative”). Legal Factors From the observation of the operations of 3M Corporation, it is recognized that the corporation operates in many countries and its compliance with stringent law of various countries may not be an easy task for the corporation. The ever increasing barriers placed by each country’s regulatory provisions may pose a serious threat for the corporation to conduct its business process smoothly (Scribd, “Management That Is Destructively Critical When Mistakes Are Made Kills Initiative”). Environmental Factors 3M has always been cautious towards ensuring that its operations create minimum damage towards the environment. At present, 3M has consistently been striving to respond towards climate change. The corporation with its tremendous efforts has been able to reduce absolute volatile air emissions by 95%, 545 reductions in the greenhouse gas emissions and 57% reduction in its solid waste released over the last two decades (Scribd, “Management That Is Destructively Critical When Mistakes Are Made Kills Initiative”). Competitor Analysis The competitive advantage posed by 3M lies in the way in which the company tends to manage to stay ahead of competition by investing huge amount of funds and resources into the research and development for the purpose of administering a strong position in the industry. With the assistance of optimum utilization of resources, it is capable of creating new products and augmenting the existing products. In the present times, it is noted that there has been a sudden increase in the R&D expenses. It is because of the fact that the company invests huge amount of money into R&D activities along with other related expenses, they are capable of generating products with superior quality. By investing heavily in the development of brand image, the company is capable of maintaining competitive advantage. The company is well known for its quality and exceptional performance. Although the company may not always maintain lowest price, 3M’s products are made in such a way that they tend to outshine competition (3M Company, “3M Company - 2011 Sustainability Report”). 3M is essentially a diversified company endeavoring to become the pioneer in terms of product innovation in comparison to its competitors. It implements differentiation strategy so that it can provide different kinds of products to its customers. It is the diversifications of the product variety which is permitting 3M to focus upon a few factors that can assist them to compete with numerous other products of their rivals (3M Company, “3M Company - 2011 Sustainability Report”). The various competitors of 3M are General Electric Co, United Technologies Corporation, Air Liquide, Eaton Corp, Dover Corporation, Sandvik AB and Alstom SA among others (Reuters, “Profile:3M Co (MMM)”). Stakeholder Analysis of 3M In an attempt to attain sustainability, 3M Corporation also endeavors to administer a continuous as well as open communication with the shareholders, employees, community as well as other related parties regarding the past achievements of the company and future sustainability strategies. With the assistance of the environmental outlook, societal requirements as well as market opportunities, 3M is capable of bringing regular re-examination and sustainable development. Since 3M is a diversified technology based company with thousands of products which are made in large as well as small communities all over the world, it is capable of attaining its business goals with the active involvement of its stakeholders in the business. By discussing with the stakeholders, the company is capable of keeping itself abreast with the surmounting issues and consequently is able to shape its responses. The company creates involvement plans and therefore communicates regarding its plans at the corporate and the local levels. It attempts at meeting the expectations of the stakeholders on a global basis so that they are further capable of delivering effective services to the company (Reuters, “Profile: 3M Co (MMM)”). It has been observed that 3M created a new, local as well as regional stakeholders involvement process. This new method was established by making use of the Six Sigma tools and is considered to be a formalized process with the assistance of which manufacturing facilities are capable of creating a dependable, documented along with practical system to drive involvement. The new system is considered to be the element of 3M’s Environmental, Health and Safety Management System. Each manufacturing facility of the company tends to create a stakeholders involvement process by making optimum use of the 3M system. The involvement tactics that have been utilized by each location are developed in order to meet the requirements of the local stakeholders. The company also has made plans regarding its corporate stakeholders’ involvement as a complement to its local as well as regional participation process. Partnership is also considered to be a significant component of 3M’s sustainability strategy. The company partners with different types of organizations so that they can assist 3M with a different set of viewpoints related to sustainability, a better comprehension regarding the positions of the stakeholders along with the methods to learn from the successes as well as the failures of its colleagues (Humad, “3M”). Promotion Plan From the assessment of the internal and external environmental aspects observed related to 3M Corporation, a sustainable marketing plan is depicted. A promotion plan tends to demonstrate the promotional tools or tactics that the company plans to make use of in order to attain the marketing objectives. In order to ensure the sustainability of the company it is vital for it to make the customers’ aware of the products and the services. This is possible by means of advertising through print media, direct mail, outdoor advertising as well as broadcast advertising on radio and television. 3M can also make use of other promotional tools such as brochures, newsletters, flyers and posters. Since, 3M is a diversified company with numerous segments, it becomes imperative for it to promote wisely highlighting each segment of the company with the objectives to strengthen the existing competences and ascertain sustainability (3M, “Promotion, Program & Events”). Use of social media in the present day context is also considered as a beneficial aspect for 3M. Utilization of social media marketing strategy is significant for different reasons that might range from quality reassurance to accountability. Social media is considered to be a technological application that assists in proper communication, sharing and linking brands with the customers. People usually prefer to purchase products from the companies that they trust and believe to be offering greater value to them, thus it is the responsibility of the social media to create, maintain and enhance this association. It has been noted that 3M has successfully made its presence in one of the extensively used social media platforms Facebook which can help in creating long-term transactional association with the brand. With the assistance of the benefits provided by social media, 3M is capable of generating huge amount of information regarding the kinds of products and services that the potential customers may be interested in. Furthermore, it can be noted that the social media sites tend to act as a word-of-mouth. Owing to the fact that the information regarding the product is being put over the social media sites and tends to get repeated, thus 3M can attain more traffic towards its products as well as services. With the help of the comments generated from such social media sites, the company is capable of improving the quality of the services and products offered to the customers (Lieberman, “Sustainability Marketing Plan”). Action Plan Both the pertinent dimensions i.e. sustainability and efficiency are clearly associated in the global supply chain. The companies such as 3M those aiming to enhance its sustainability need to become efficient so that it can minimize fuel consumption as well as emissions. It is quite significant for 3M to look at the current economic condition not as an issue but as an opportunity to improve the organization. Since 3M tends to operate in numerous countries, there is a greater likelihood of it facing with adverse economic downturns. During such conditions, it is imperative for the company to stay focused upon its enduring sustainability goals and hence realize the fact that with certain creative ideas, it can enhance the sustainability as well as efficiency of the organization (Scribd, “3M”). It is further essential to monitor the performance of the company and its employees regularly in order to ensure that there is no lacuna in the entire manufacturing system of the organization. In case the performances of the employees are considered to be weak or a few of the manufacturing units are not operating well then in such circumstances it becomes essential to bring significant improvements in the overall system. Minimizing the use of the energy is also significant because if the energy and other relevant renewable resources extinct then it shall become difficult for all the companies to sustain for longer period of time. Furthermore, it also essential for 3M to reduce the usage of raw materials or to make optimum use of such materials because it might lead to high cost and the company’s sustainability might be at stake. By enhancing the production equipment efficiency 3M shall be capable of minimizing raw material usage (Thomas Publishing Company, “Improving Sustainability in Your Supply Chain”). 3M places greater emphasis upon innovation and product development. As the companies initiate their plans to create new products and services and change the existing products for the purpose of minimizing usage and waste, it is generally noted that the swiftness of the entire manufacturing method tends to be enhanced. The capability to quickly adapt the prevailing methods and equipment so that the production of the new and improved products can take place is quite imperative to maintain the competitive position. It is quite significant for 3M to identify that the production management as well as implementation solutions are not only restricted to the performance management aspects of sustainability but also offer advantages in numerous other keys areas. 3M must also make an attempt at investing heavily in promotional activities to make the people aware of its products and services. Furthermore, it needs to offer certain incentives to the suppliers so that they can offer the raw materials at low cost. This will assist the company to maintain competitive position in the marketplace. The sustainability of the company is generally hampered if it is not capable of maintaining competitive advantage. 3M needs to closely monitor the actions and the strategies of its rivals and hence make use of the improved tools to deal with the ever-increasing competition. Retention of customers is also significant for 3M in order to ensure sustainable business operations in the near future. 3M can ensure customer loyalty if it is capable of offering the customers with quality products and services which is possible through continuous innovations (Texas Tech University, “3M Equity Valuation”). Conclusion and Recommendations Minnesota Mining and Manufacturing Corporation (3M) was established in 1902 by five businessmen. 3M is a global manufacturer and technology oriented company operating across the world. Currently, 3M operates in more than 60 countries and its products are sold in more than 200 countries. The corporation has six business segments including healthcare, displays and graphics, security and protection service, consumer and office, transportation and industrial. The corporation has been continuously striving for sustainable development through environmental protection, social obligation and economic progression. Contextually, the corporation is able to achieve the organizational objectives by meeting social needs and fulfilling environmental obligation along with considering the interests of its stakeholders. In order to attain sustainable development 3M should critically consider the issue of climate change and direct its efforts towards inventing energy efficient technologies and it should also make use of more and more renewable sources of energy. It is equally important for the corporation to recognize the interests of customers as well as stakeholders and it should aim at yielding maximum satisfactions to its discriminating customers along with providing fair returns on the investments made by its shareholders. The corporation should also closely track the activities of its competitors and neutralize any likely threat rendered by its competitors. The sustainability marketing plan related strategies should also strive to consolidate its marketing promotional activities to retain its existing customers and attract new customers. Precisely, the corporation’s sustainability strategies should be formulated on the basis of current global scenario as well as it should focus on long-term sustainability of the corporation. Works Cited 3M Company. 3M Company - 2011 Sustainability Report, 2011. Web. 18 Oct. 2012. 3M Company. Sustaining Future, 2008. Web. 18 Oct. 2012. 3M, Promotion, Program & Events, 2012. Web. 18 Oct. 2012. 3M Company. A Global Innovation Company, 2012.Web. 18 Oct. 2012. 3M Company. Inspired innovation, 2011.Web. 18 Oct. 2012. Article 13 and CBI – CSR Case Study Series. Invigoration Through innovation, 2005.Web. 18 Oct. 2012. Humad, Aditya. 3M. Abstract, 2005. Web. 18 Oct. 2012. Lieberman, Cynthia. Sustainability Marketing Plan. Goal Statement, 2009. Web. 18 Oct. 2012. Reuters. Profile: 3M Co (MMM), 2012.Web. 18 Oct. 2012. Scribd. Management That Is Destructively Critical When Mistakes Are Made Kills Initiative, 2006.Web. 18 Oct. 2012. Scribd. 3M, 2012. Web. 18 Oct. 2012. Texas Tech University. 3M Equity Valuation, 2012. Web. 18 Oct. 2012. Thomas Publishing Company. Improving Sustainability in Your Supply Chain, 2012. Web. 18 Oct. 2012. Read More