STRATEGIC AUDIT 3M- CSUF 2014

2014
BY: Anthony Younis, Edna H. Ruiz, Sandra
Hernandez, MalolefouaIuta Geddes, Jerick Galang,
Karina Hernandez, Fred Ngo

3 M STRATEGIC AUDIT
I. CURRENT SITUATION
A. Current Performance
 Financially 3M is growing. Overall annual growth of the company is 5%1
 3M revenue breakdown is: 1/3 Domestic USA and 2/3 International 2
 3M’s Beta is at 1.24 this is a ratio far more volatile than major competitor Johnson
and Johnson whose beta remains at 0.56. 3
 3M has a 0.87:1 debt to equity ratio. This means that the company could pay off its
debt with current assets but might not be leveraging its profits to expand company
growth efficiently.4
 R&D remains 3M’s competitive advantage and is used through-out each business
segment.5
 The company has a large a large dependence on inorganic growth (through
acquisitions)6
 The use Six Sigma through-out the company has both positive and negative effects.
1. Positive: Six Sigma helped supply line costs minimize and become more efficient.7
2. Negative: The use of Six Sigma in the innovation process has hindered
innovation.8
 Despite many core problems; financially, the company is showing higher than
expected profits in its last quarter. 9
 3M’s unfunded pension plan to the tune of $666 Million is a financial problem. 10
 The large number of lawsuits due to recalls has the ability to hinder the cash flows of
the company.
B. Strategic Position
1. Mission
 “To solve unsolved problems innovatively”11
2. Strategies
 Alignment of the organization to become more relevant and responsible to
our customers.
 Commitment to increased funding in innovation
 Driving growth through new capabilities in marketing, sales, and e-platforms
 Strengthening operational excellence through focus on acquisition integration
and Lean Six Sigma
3. Financial goals & Business Strategies:
 • Grow earnings per share 9-11 percent per year, on average12
 • Grow organic sales 4-6 percent per year, on average12
 • Maintain return on invested capital above 20 percent12
 • Free cash flow conversion of 100 percent.
4. Policies
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 Innovation through acquisitions
 R&D HR – acquisition of talent is a core business strategy.
 Diversification to reduce risk
II. STRATEGIC MANAGERS
A. The Board of Directors-
1. The Board of Directors is largely made up of prestigious retired CEO’s whose main
focus is the growth of 3M. The Board is a catalyst board who are actively focused
on the vision of the company through 3M’s R&D competitive advantage method
of innovation.
2. Responsible for 3M’s inorganic growth through acquisitions.
B. Board of Directors Composition13
 Inge G. Thulin, Chairman of the Board, President and Chief Executive Officer
 Linda G. Alvarado, President and Chief Executive Officer, Alvarado Construction, Inc.
 Thomas K. Brown, Retired Group Vice President, Global Purchasing, Ford Motor Company
 Vance D. Coffman, Retired Chairman of the Board and Chief Executive Officer, Lockheed
Martin Corporation
 Michael L. Eskew, Retired Chairman and Chief Executive Officer, United Parcel Service Inc.
 W. James Farrell, Retired Chairman and Chief Executive Officer, Illinois Tool Works Inc.
 Herbert L. Henkel, Retired Chairman and Chief Executive Officer, Ingersoll-Rand plc
 Muhtar Kent, Chairman of the Board and Chief Executive Officer, The Coca-Cola Company
 Edward M. Liddy, Partner, Clayton, Dubilier & Rice, LLC
 Robert S. Morrison, Retired Vice Chairman, PepsiCo Inc.
 Aulana L. Peters, Retired Partner, Gibson, Dunn & Crutcher LLP
 Robert J. Ulrich, Retired Chairman and Chief Executive Officer, Target Corporation
C. Top Management
1. Very experienced in the industry.
2. 3M’s Top Management expertise is varied in business fields making it expertly
broad and able to handle diverse problems.
3. Responsible for the current situation in regards to product recalls and
D. Top Management Composition13
 Inge G. Thulin, Chairman of the Board, President and Chief Executive Officer13
 Julie L. Bushman, Senior Vice President, Business Transformation and Information Technology
 Joaquin Delgado, Executive Vice President, Health Care Business Group
 Ivan K. Fong, Senior Vice President, Legal Affairs and General Counsel
 Ian F. Hardgrove, Senior Vice President, Corporate Communications and Enterprise Services
 Christopher D. Holmes, Senior Vice President, Supply Chain
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3 M STRATEGIC AUDIT
 Michael A. Kelly, Executive Vice President, Electronics and Energy Business Group
 Frank R. Little, Executive Vice President, Safety and Graphics Business Group
 Marlene M. McGrath, Senior Vice President, Human Resources
 David W. Meline, Senior Vice President and Chief Financial Officer
 Frederick J. Palensky , Executive Vice President, Research and Development and Chief
Technology Officer
 Michael F. Roman, Senior Vice President, Business Development
 Brad T. Sauer Executive Vice President, Industrial Business Group
 H.C. (Hak Cheol) Shin , Executive Vice President, International Operations
 Jesse G. Singh, Senior Vice President, Marketing and Sales
 Michael G. Vale, Executive Vice President, Consumer Business Group
 James L. Bauman, Senior Vice President, Asia Pacific
 Patrick Deconinck , Senior Vice President, West Europe
 Nicholas C. Gangestad, Vice President, Corporate Controller and Chief Accounting Officer
 Scott D. Krohn, Vice President and Treasurer
 Gregg M. Larson, Vice President, Deputy General Counsel and Corporate Secretary
 David G. Werpy, Vice President and General Auditor
 James M. Zappa, Vice President, Associate General Counsel and Chief Compliance Officer
 Russell Campanello, Senior VP Human Resources
 Alison Dean, Executive VP, CFO Treasurer
 Dr. Paolo Pirjanian, Chief Technology Officer
III. EXTERNAL ENVIRONMENT – COMPETITION (EFAS TABLE: SEE EXHIBIT 1)
A. Natural Environment
 High barriers to entry.
 Extreme competition on a global scale in all market segments.
 Heavily invested in international markets.
 Manufacturing investments in 70 countries.
 Product Sales in 200+ countries.14
 Highly competitive external environment.
 Domestic problems with class action lawsuits of product recalls.
 Growing pains of newly acquired companies (acquisitions)15
 Emerging technologies like 3D printing are can make “high” barriers to entry a thing
of the past.
B. Societal Environment
1. Economic :
a. 3M’s participation in the over 70 global markets makes it especially
susceptible to the global economies volatility. (T)16
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b. 3M’s participation in 70+ global markets gives 3M a larger customer reach.
(O)14
c. Trade and manufacturing operations are susceptible to the instabilities of the
developing world. (T)14
d. Currency exchanges and Market prices make prices and profit margins volatile
in exports of finished goods and imports of raw materials. (T)17
e. 3M is susceptible to tariff and international trade transaction fees. (T)
f. 3M’s localized raw materials supply chain minimizes costs (O)
g. 3M’s talent source is comprised of a large diverse word population. (O)18
2. Technological
a. 46 Technology Platforms. (O)19
b. Nanotechnology: including use in professional bike frames (O)
c. Designed solar lamps with special reflective film to help families in third world
countries. (O)
d. Architectural glass panels: used for buildings in high altitudes, can withstand
more than 60 degrees Celsius while offering stunning views of landscape (O)
e. Innovative ways of disposing old technology (O)
f. Specific adhesives give architects the ability to turn heavy metal into light,
free-flowing forms (O)
g. Block-buster – indium tin oxide film for use in all touch enabled technology.
(O)20
h. Time model – extremely competitive (T)
i. Volatile – extremely high competition for innovative products (T)
j. Non successful products can spell high losses in time and money (T)
3. Political & Legal
a. 3M is currently named as a defendant in over 2,260 individual class action
claims. (T)
b. The majority of these claims are related to the damages respirator masks and
poor safety in 3M manufacturing facilities (asbestos). (T)
c. Payments for past litigation cases just in mask/respirator damages have
amounted to $47 Million Dollars – in 2013 these payments rose to $127
Million Dollars. (T)21
d. IP and Patent of 3M technologies. (O)
e. 3M industry leader in technology means a chance for being used as a
“precedence setter” and makes 3M a high target. (T)
f. The United States has free trade agreements in force with 20 countries. These
are: Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, Dominican
Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Korea, Mexico
Morocco, Nicaragua, Oman, Panama, Peru, Singapore. (O)22
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g. The United States is also in negotiations of a regional, Asia-Pacific trade
agreement, known as the Trans-Pacific Partnership (TPP) Agreement with the
objective of shaping a high-standard, broad-based regional pact. (O)22
h. Navigating the political arena in different countries can be time consuming
and taxing. (T)23
4. Sociocultural
a. Automotive: (opportunity)
1. Growing global automotive manufacturing market could drive the
demand for products; countries like China and India are growing and
are looking for automotive innovation.
2. Has grown in value and volume
3. Expected to grow at a moderate to strong rate till 2017 despite a
slowdown in 2011 and 2012.
4. Expected to have a value of $1,831.3 billion in 2014, and increase of
8.9% over 201324
b. Global Renewable Energy Market: (opportunity)
1. With the current trend of consumers and businesses interested in
preservation of natural resources in recent years, the global renewable
energy market is experiencing good growth.
2. According to MarketLine, the renewable energy market will continue
its good growth and is expected to have a value of $632.8 billion by
the end of 2017 (increase of 20% over 2014)25
c. 3M’s renewable energy segment offers a robust portfolio of new and existing
products including
C. Task Environment
1. Focus on R&D- This is the company’s competitive advantage. (O)
2. Core competence – Innovation (O)
3. Financial Performance (O)
4. Liquidity Position (O)
5. New product launches (O)
6. Strategic Contracts (O)
7. Acquisitions (O)
8. Intense Competition – (T)
9. Threat of substitutes is high (T)
10. Government Regulation and Public policy (T)
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3 M STRATEGIC AUDIT
IV. INTERNAL ENVIRONMENT (EFAS TABLE; SEE EXHIBIT 2)
A. Corporate Structure
1. Organic Structure: Almost 100 profit centers with each division managed
separately. (S)26
2. Self-Directed Work Teams: Employees are in charge of the managing and decision
making process on top of their duties on the job. 27
3. Separation of Industries in five Business Segments.
B. Corporate Culture
1. Culture of Innovation: Commitment to provide solutions to life’s everyday
problems through innovative products, services, and technology. (S)
2. McKnight Principles: the Company’s corporate culture is based on the chairman
William L. McKnight’s philosophy, “delegate responsibility and encourage men
and women to exercise their initiative”. The process of initiation and trial and
error is what builds the cultivation of a product. (S)28
3. 3M New Acquisitions: Collaborating and acquiring companies that share the same
vision of innovating. (S)
4. Acquisitions carry “growing pains” associated with the indoctrination of the
corporate culture (W)
C. Corporate resources
1. Business segments:
a. Consumer & Office, Electronics & Energy , Health Care , Industrial &
Transportation, Safety, Security, Personal Protection and Displays and
Graphics (S)
b. Six Sigma in every business sector and process (S)(W)
c. Electronics and Energy Segment is underperforming from, there is a decrease
of 2011-2013 $339 Million in sales.29
d. Sales & Operating Income (O) - (chart continued on next page)29
NET SALES OPERATING INCOME
(Millions) 2011 2012 2013 2011 2012 2013
Industrial 10584 9943 9629 2296 2236 1983
Safety and Graphics 5657 5471 5458 1239 1217 1237
Electronics and Energy 5393 5458 5732 954 1026 1140
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Health Care 5334 5138 5011 1672 1641 1484
Consumer 4435 4386 4230 945 943 855
Corporate and Unallocated 8 4 9 -322 -471 -420
Elimination of Dual Credit -540 -496 -458 -118 -109 -101
Total Company 30871 29904 29611 6666 6483 6178
D. Marketing
1. Strong brand identity (S)
2. Decrease of $86 Million in Advertising budget from 2011-2013 .(W)29
E. Finance
1. The company’s current ratio is 1.7, which shows us that the company is capable of
paying off current liabilities using short term assets. (S) 29
2. Highly Liquidity Ratio(S) 29
3. Highly capable of paying off all their debt (S) 29
4. Most of the equity in the firm is financed internally. (S) 29
5. Company’s stock buyback program (S)30
6. Unfunded pension plan $666 Million. (W)30
7. Large class action lawsuits – 2600 claims (W)31
F. R&D
a. Talent Capacity in R&D- 8500 Employees (S)32
b. IP and Patents – 3000+ Patents current. (S)
c. Competitive advantage in R&D expenditures $1.715 Billion (S)33
V. ANALYSIS OF STRATEGIC FACTORS
A. Situational Analysis (SWOT) (SFAS Matrix; see Exhibit 3)
 Strengths
1. R&D department highly regarded and capable.
2. Human resources strategies
3. New Product development.
4. Revenue steady growth from 2011-201334
5. Use of Six Sigma in the manufacturing and repetitive business Processes.
 Weakness
1. Inorganic Growth
2. Six Sigma in the early Innovation process
3. Involved in class action law suits regarding consumer safety and recalls.
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4. Competing with large conglomerates (in comparison to 3M size)
5. Product recalls
6. Safety in manufacturing
 Opportunities
1. New product launches which are market changers. Indium Oxide film.
2. Free trade agreements in emerging markets.
3. Introduction to New markets – for example: architectural market.
4. Acquisition of specific company in line with 3M mission.
 Threats
1. Volatility of global economy
2. Instability of developing countries where 3M manufactures.
3. High competition is increasing and ever changing in the innovation technology
market.
4. Rapid technological changes.
5. Economic Markets volatility
B. Review of Current Mission and Objectives
As a company that is focused on innovation 3M is constantly racing against competition to
release the latest greatest product. There are a few major issues that 3M is dealing with
however; the major burning issue that 3M is facing is the constant need to renew its push for
innovation. This may not have been the case for other companies similar to 3M however;
because 3M is so innovation focused they live and die by their ability to produce new
innovative products. 3M uses a R&D strategy or a strategy that deals with product and process
innovation and improvement, a strategy that selects the proper mix of basic, product or process
innovation and how new technology should be made available. 35 3M prefers to be the
technological leader or company that is pioneering innovation however because they are so
diversified in their product lines sometimes they are technological followers, or companies that
imitate the technological leader.36 Strategy is truly dynamic for 3M because they are in such a
high intensity fast paced race with other competitors such as Johnson and Johnson that if a
small company releases an innovative product it may cause a bidding war between these two
global giants. 3M would have to change their R&D strategy to focus on something else because
they would have been bested by a smaller firm. At this point the corporation would have two
choices for that particular situation:
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1. They would need to focus R&D to continue pursuit of a product that would place them
as a technological follower. The negative effect of this would be that they are going to
make fewer profits on that product or they may make no profits at all. The positive of
this would be that they can focus R&D elsewhere and no longer dedicate as much
resources to that particular product.
2. The second option that 3M could have is to try to use a financial strategy to possible
purchase the company. 3M like GE is known for buying other companies for a strategic
gain. Financial strategy examines the financial implications of corporate and business-
level strategic options and identifies the best financial course of action.37
The two functional areas of 3M that are very closely related to how they deal with their
burning issue are R&D strategy and financial strategy:
1. On R&D strategy 3M’s main goal as mentioned is to strive to be a technological leader as
much as possible. To achieve this on a reoccurring basis is extremely difficult and
requires immense amounts of dedication and resources. “Management that is
destructively critical when mistakes are made kills initiative. And it’s essential that we
have many people with initiative if we are to continue to grow.”38 3M must strive to
continually employ leading innovators this means having a top notch human resource
department with a well thought out selection process and compensation strategy that
rewards innovation. Among those mentioned you also need commitment from
leadership to reach the goal of continually being a tech leader. The CEO of 3M Inge
Thulin recently announced that he would increase the yearly budget for R&D by 1% of
revenue which comes out to an additional 1 billion dollars per year. Essentially the goal
for 2014 of this function is to continue to innovate and push towards being a tech leader
in every segment they compete in. Reaching this goal is a never ending battle. A
continuous implementation of a needed resource budget as well as a continuous
investment into the human resource function. The strategy that 3M uses as a company
is innovation centered. A business strategy that is based on innovation is in fact a
human resource strategy. With that being said 3M should continue to not only groom
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and promote a culture of superior R&D but they should continue to do the same for
their HR department. A leading human resource department is the recipe to a successful
R&D team.
2. Regarding financial strategy 3M must continue to be vigilant. The goal of this function is
to ensure that each company 3M owns continues to stay profitable. If a segment has a
business that is not performing to an acceptable standard it should be dealt with. “The
most challenged group of businesses are under "strategic review," and will either be
fixed, combined or exited, Thulin said.”39 As the CEO states monitoring of financial
performance will help decide strategically what to do with each challenged business.
Corporate 3M must adequately staff a talented workforce that can monitor each
segment effectively. The measures for this function are privileged this type of
information should be kept private. The reason for the needed secrecy is that standards
set and strategies planned for the future of companies would be extremely valuable to
competition as it would give them the ability to plan tactics that would possibly hinder
successful completion of this financial function. Ideally the performance of the stock of
the company would determine how well this function is being carried out. The better
the stock is doing directly correlates to how well this company is performing.
To conclude the effective implementation of an HR strategy that promotes high quality R&D
consistently combined with the effective management of financial strategies will help to solve
the major issues of continuing innovation at 3M.
VI. STRATEGIC ALTERNATIVES AND RECOMMENDED STRATEGY
A. Strategic Alternatives
The strategic alternatives we suggest for 3M are found in the following balanced score card
analysis- We believe these to be relevant as they address key areas 3M needs to address to be
successful.
1. CONSUMER:
 Being one of the industry leaders plays a key factor in consumer preferences.
Objective: Move into second place in consumer electronics.
Measure: Market share analysis.
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Target: Increase market share by 6%
Initiative: Aggressively marketing new electronics. Specifically indium tin oxide film
for use in all touch enabled technology.
 Consumer perception is an important goal for the company and being able to be
recognized as a positive company will be key factor in gaining consumer confidence.
Objective: Strengthen Media Relations.
Measure: Number of positive vs. negative news headlines in a 3 month period
Targets: 30% increase in headlines, 30% increase in philanthropy.
Initiative: Marketing campaign and philanthropy in the affected product recall 3M
sectors.
 3M customer satisfaction is important to help build brand loyalty and improve the
perception of quality of its products.
Objective: Improve customer satisfaction of products.
Measure: Observe the increase or decrease in the amount of recalls.
Target: 10% decrease in the number of recalls.
Initiative: R&D efforts to improve defective products, such as Filtrete Room Air.
 3M Customer Service Excellence Initiative could help support the company’s mission
of making life better. One of the major goals of 3M is to make business and
household life better through innovation. They can help make this process more
memorable for customers by increasing the likableness of their employees through
an initiative.
Objectives: Train employees to better communicate with customers, both business
and households
Measure: Introduce training courses to help practice better communication
Target: Employees that interact with customers be certified through this training
course
Initiative: 3M Customer Service Excellence Initiative
2. FINANCIAL
 To support the idea of organic growth, the company must grow internally. To accomplish
this 3M needs to increase the capabilities of its research and development.
Objective: Increased R&D capability.
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Measure: Increase R&D workforce and facilities by 20%
Target: Increased R&D budget by 1% of sales
Initiative: Increase R&D budget.
 Since 3M is heavily invested in different business segments it is important for them as a
company to minimize supply costs.
Objective: Cost minimization through Six Sigma in the supply line.
Measure: Increased ROI measured with growth
Target: 5% cost minimization in the supply line
Initiative: Minimizing costs in logistics and procurement through localization efforts.
 Reducing costs internally will be a key component to helping 3M with its need for organic
growth
Objective: Cost minimization through organic growth.
Measure: Increased ROIC (Return on invested capital) and growth.
Target: 10% cost minimization by acquiring less.
Initiative: Increased ROIC through core competencies and minimizing acquisitions.
 3M will place companies that do not meet a return of 5% under review. If there is no
tactical purpose to the company and 3M is unable to develop a plan to fix the lack of
return, the company should be sold.
Objective: Increase profits of 3M subsidiaries
Measure: Meeting a 5% return within plan
Target: Have 100% of 3M subsidiaries participating this this process
Initiative: 3M Profit Management Initiative
3. LEARNING AND GROWTH
 Avoiding unnecessary errors can help the company reduce costs, specifically in
emerging markets.
Objective: Better understand emerging markets.
Measure: Reduction of transaction costs associated with emerging markets by 10%.
Target: Mitigate liability in emerging markets.
Initiative: Acquire specialized consultants for each market.
 Objective: Increased growth of ideas and innovation
Measure: The increased number of ideas or innovations making it to the mass
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production process where Six Sigma can be implemented
Target: A 10% increase in the number of ideas vetted for mass production
Initiative: Removal of Six Sigma in the early innovation process.
 Originally, innovation was the foundation of success for 3M, but adopting business
processes such as Six Sigma has steered it into a path of less innovation and more
acquisition.
Objective: Create innovative ideas
Measure: Look at the number of successful patents
Target: A 5% increase in the number of innovative ideas for production.
Initiative: Increase incentives for employees through bonuses, stock options, or
percentage of proceeds.
 Learning and Growth is very important to the customer as much as it is to the
employee. Having a skilled workforce that is able to continually better themselves
will in return on average better the experiences of customers and overall
performance of the company. An Initiative that helps develop employees along their
career path will be beneficial to 3M. Specifically for management a mentor program
could be introduced that would pair higher ranking managers with lower ranking
potential managers for mentoring purposes.
Objective: Identify the potential candidates for higher ranking managers positions
and match them with a mentor to help them progress. This will provide a more
trained workforce.
Measure: Overall company performance
Target: Companywide program in all departments
Initiative: 3M Mentor Initiative
4. BUSSINESS PROCESS
 Six Sigma has brought the company a vast amount of success, but the Six Sigma
process hinders innovation in the early stages.
Objective: Increase innovation capability in R&D
Measure: Increase in product launches by 10%
Target: Increase products that make it to manufacturing by 10%
Initiative: Remove Six Sigma from early innovation processes.
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 Objective: Increase consistency, decrease flaws in product manufacture and design
Measure: decrease in the number of recalls
Target: 0 recalls in 2014-2015
Initiative: Quality Control efforts increased through the use of training and a re-
examination of design, manufacturing and controls.
 The Internal business is needed to implement dynamic strategy. If a company is able
to have an internal business process initiative that helps employees alter processes
quicker to meet changing demand strategic positives will arise.
Objective: Implement a management process that allows managers to change their
processes if needed to create quicker customer solutions. This would help support
the customer solutions initiative and create a better overall experience for
customers.
Measure: Provide managers with an action plan that would clearly define the options
they have in situations where customers could be benefited from changes in
company procedure
Target: Have all managers that meet the criteria be able to exercise this option 100%
Initiative: Dynamic Internal Manager Initiative
 Objective: Improve accounts receivable process
Measure: Decrease in deficient payments
Target: 3M Co.’s receivables turnover deteriorated from 2011 to 2012 and from 2012
to 2013
Initiative: Tighten Cred terms to increase turnover rate.
B. Recommended Strategy
1. FINANCE: To support the idea of organic growth, the company must grow internally. To
accomplish this 3M needs to increase the capabilities of its research and development.
Objective: Increased R&D capability.
Measure: Increase R&D workforce and facilities by 20%
Target: Increased R&D budget by 1% of sales
Initiative: Increase R&D budget.
2. BUSINESS PROCESS: Six Sigma has brought the company a vast amount of success, but
the Six Sigma process hinders innovation in the early stages.
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Initiative: Remove Six Sigma from early innovation processes.
3. CONSUMER: Being one of the industry leaders plays a key factor in consumer
preferences.
Objective: Move into second place in consumer electronics.
Measure: Market share analysis.
Target: Increase market share by 6%
Initiative: Aggressively marketing new electronics. Specifically indium tin oxide film for
use in all touch enabled technology.
4. LEARNING AND GROWTH: Avoiding unnecessary errors can help the company reduce
costs, specifically in emerging markets.
Objective: Better understand emerging markets.
Measure: Reduction of transaction costs associated with emerging markets by 10%.
Target: Mitigate liability in emerging markets.
Initiative: Acquire specialized consultants for each market.
5. LEGAL: 3M is currently Involved 2600 lawsuits.
Objective: Legal must set plan to settle lawsuits in small increments.
Target: The Legal division and the CEO must set a settlement plan for these lawsuits to
include a non-disclosure agreement on all compensation damage packages.
Measure: 10% minimal decrease in open claims.
VII.IMPLEMENTATION
A. BUSINESS PROCESS: Six Sigma possibly hindering R&D business processes.
Implementation is to Remove Six Sigma in early innovation processes. This initiative
needs to be headed by the Head of R&D Department, and approved by the CEO
B. FINANCE: Increase R&D capability, Implementation of the R&D Budget needs to come
from Head Cost Accountant, approved by the Board, and CFO
C. LEARNING AND GROWTH: New emerging markets, to better understand emerging
markets. HR needs to hire company economic analysts to better navigate the global
marketplace. The HR and CFO must work congruently to accomplish this goal.
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D. CONSUMER: Global Positioning – to increase consumer demand and Move into 2nd
place in Consumer Electronics and Energy. The Marketing department and Lead company
strategist must market efforts to promote the ilium oxide film for use in all touch devices.
E. LEGAL: 3M is currently Involved 2600 lawsuits. Legal must set plan to settle lawsuits in
small increments. The Legal division and the CEO must set a settlement plan for these
lawsuits to include a non-disclosure agreement on all compensation damage packages.
VIII. EVALUATION AND CONTROL
A. Audits to determine if the plans have been implemented successfully.
1. Recommended methods of valuation:
 BUSINESS PROCESS: To evaluate the removal of six sigma in innovation we must
see an increase products that make it to manufacturing by 10% and an increase in
product launches by 10
 FINANCE: the target is to increase R&D budget by 1% of sales, measured by
Increase R&D workforce and facilities by 20%
 LEARNING AND GROWTH: To mitigate liability in emerging markets, the target is a
Reduction of transaction costs associated with emerging markets by 10%
 CONSUMER: Our target of evaluation is to increase market share by 6% brining the
Electronics and Energy sector to 2nd place in the industry.
 LEGAL: 3M is currently Involved 2600 lawsuits. Evaluation of settlements will be the
total number of lawsuits settled with non-disclosure agreements as part of the
compensation damage plan. 10% decrease in all open cases is the measure of
evaluation.
IX. PORTER’S FIVE FORCES
1. POTENTIAL ENTRANTS (Threat Of New Entrants) Level: Low
● Huge investment in research and development signifies the company’s brand as
the front-runner against competition by developing new products/services as well
as improving their existing portfolio.
● Economies of Scale: Operating in various regions such as the United States,
Europe, and Africa, 3M products are produced in a large scale. As a global multi-
industrial firm, competitive advantage comes from knowing which country or
region to market their product and service. Researching what a certain country
needs improvement in, 3M will analyze and find solutions and provide technology
PAGE 16 OF 33

3 M STRATEGIC AUDIT
and services to those who are in need. This coincides with their vision to improve
people’s lives through their work.
● Product Differentiation: 3M’s innovative products create high barriers of entry for
competitors entering a specific market to compete in. 3M meets their customers’
needs as well as provide unique qualities that are difficult for competitors to
replicate and attract customers with products of their own. Products such as 3M’s
waterproof sandpaper and integrated dose counter are one of many examples
that provide differentiation in their portfolio.
● Access to distribution channels: 3M products are available all across the board,
through retail, wholesale, and distributors both nationally and internationally.
Having various channels for products gives competitive advantage knowing their
brand is well known and available almost everywhere.
● Cost disadvantages independent of size: When 3M introduced Post-It notes in
1980, the product exemplified the way people communicated and organized their
schedules and daily tasks. Post-It notes created a standard for that specific
product. Pioneering a certain product creates step ladders for competitors to
innovate, which will pay homage to the 3M brand and thus increase 3M’s
recognition.
● Government policy: Patents create protection and barriers of entry for other
industries to use a product or service. 3M patents for products such as lithium ion
battery nickel-manganese-cobalt cathode technology create value for the firm to
innovate and create value with their products. Patents create protection and
barriers of entry for other industries to use a product or service
2. BUYERS (Bargaining Power Of Buyers) Level: Moderate
● Customer Demand: Customers continuously asking for better quality and service,
3M must always meet the needs and preferences of customers to avoid losing
them in the long run to competitors.
● Buying in bulk: Buying 3M products in bulk can force the company the cut the
price. 3M will be losing money, but negotiating will cut losses and networking
creates lasting relationships.
● Hard to replicate products: Although specific products are expensive, it is rare for
companies to replicate what 3M can do, whether it is their Post-It notes or
PAGE 17 OF 33

3 M STRATEGIC AUDIT
adhesives. Getting the quality customers deserve when other companies cannot
match up with them will result to buying 3M products. Buying power is restricted
when 3M pioneers and innovates so well against other competitors. Patents and
Intellectual property rights are a large part of this sector.
● Product Recalls: Due to the number of product recalls in terms of 3M’s safety
wires, it results to untrustworthiness in terms of quality when defects are found.
One mistake such as this will lead customers to find another company with a
similar product that is functional and not defective.
3. SUPPLIERS (Bargaining Power of Suppliers) Level: Low/Moderate
● On a global scale, 3M has many suppliers available to purchase the resources they
need to manufacture their products. Suppliers know the company’s reputation of
products that they make. Having a solid network with them means profit in both
sides due to the large quantity of resources that 3M requires for their products.
● The company depends on various components, compounds, raw materials, and
energy to operate efficiently. Increased demand, interruptions/shortages in
supply, natural disasters, etc can result in more bargaining power for suppliers.
4. OTHER STAKEHOLDERS - (Relative Power of Unions, Governments, Special Interest
Groups Etc.) Level: Moderate/High
● Staying on track with government regulations and laws in both national and
international borders is a key necessity in order for financial results to improve.
● Lawsuits: Allegations such as 3M’s respirator products can lead to bad reputation
and losses in all levels of the company. Quality control as well as numerous
product tests is imperative to prevent any defects and future litigations. There
are currently 2600 open claims against 3M.
● Philanthropic Programs: 3Mgives is a philanthropic program that gives back to the
community and provides a stepping stone for the future generation. Creating the
STEM curriculum increases awareness of these industries (Science, Technology,
Engineering, and Math) to students who have no direction towards a career.
● Acquisition: 3M New Ventures is a collaboration mission for the company who
plan to stay true to their vision of continuous growth and improvement.
Collaborating and acquiring companies can help brainstorm and create the next
PAGE 18 OF 33

3 M STRATEGIC AUDIT
best product and service which will benefit both companies in both spectrums.
5. SUBSTITUTES (Threat of Substitute Products and Services) Level: Moderate
● Private label brands are being offered in retail stores that affects customers
buying 3M products. The large number of substitutes gives customers many
options to choose from and may often choose the product with the lowest price.
● 3M’s research and development brings additional value to their differentiated
products that creates brand loyalty. The quality 3M brings in their products will
not lure customers to other substitutes that are available.
● Brand Loyalty: 3M is continuously re-designs and improves products in hopes of
gaining new customers and keeping its current customers from opting for
substitutes. The Quality of products constantly available through 3M make brand
recognition keep customers from engaging in heavy substitutions.
● Substitute Products: While innovation is 3M’s game for competitive advantage,
innovative products require complex analysis which results in expensive products.
For customers and companies on a budget and that are cost conscious, there are
various products that can customers can buy as a substitute. For example, with
3M’s Bluetooth stethoscope which currently costs over $300, companies would
find it imperative to buy the same product without the Bluetooth technology for a
lower price.
● Continuous improvement: 3M always keeps an open ear for customers who give
them informative feedback. Feedback gives the company results to how they can
improve their products and services. Valuing their customers provides a
connection with the community that gives a good name to the brand. Hosting
Idea lounges provides customers that opportunity, as well as contacting them
through various sources of communication.
6. INDUSTRY COMPETITORS (Rivalry Among Existing Firms) Level: Extremely High
● Being in a vast number of industries creates a high level of rivalry. Actively
operating in over 70 countries worldwide, 3M fights to have the bigger stick in
this increasingly competitive global economy against competitors such as Johnson
& Johnson, Bostik, Inc., and Sika AG.
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3 M STRATEGIC AUDIT
● The company is defensive when it comes to price wars against competitors in
order to maintain their customers and attract new ones. Continuous growth is the
key in order to keep up in the market.
● With the company having two-thirds of its revenue outside of the United States,
projecting the rate of industry growth can be a factor if the U.S. dollar goes up
significantly against foreign currencies. Global competitors who are receiving
more than two-thirds of its revenue in the United States can gain the upper hand
against 3M.
● The company must be aware of competitive conditions and customer preferences
in order to stay ahead of industry rivals. Being a part of five different industries,
the company must constantly innovate new products to stay competitive, they
must respond to changes in price, and adapt to changes in customer behavior
(order patterns, preferences, inventory levels required).
● With an increasing population with people of the age of 65 and above, 3M could
see more competition in the healthcare industry. If the company does not find
ways to stay competitive with the increase in demand, then companies such as
Johnson & Johnson can take more of 3M’s market share.
PAGE 20 OF 33

3 M STRATEGIC AUDIT
X. BALANCE SCORE CARD : MOST RELEVANT ISSUES
CONSUMER
OBJECTIVE: Move into 2nd place in consumer electronics
TARGET: Increase market share by 6%
MEASURE: Market share analysis
INITIATIVE: Aggressively marketing new electronics. Specifically indium
tin oxide film for use in all touch enabled technology.
3M
MISSION & VISION
INTERNAL BUSINESS PROCESSES
Initiative: Remove Six Sigma from early innovation processes
FINANCIAL
OBJECTIVE: Increase R&D capability
INCENTIVE: Increase R&D budget
TARGET: Increase R&D budget by 1% of sales
MEASURE: Increase R&D workforce and facilities by 20%
LEARNING AND GROWTH
OBJECTIVE: Better understand emerging markets
INITIATIVE: Acquire specialized consultants for each market
TARGET: Mitigate liability in emerging markets
MEASURE: Reduction of transaction costs associated with
emerging markets by 10%
PAGE 21 OF 33

3 M STRATEGIC AUDIT
XI. FINANCIAL CHARTS: MOST RELEVANT FOR ANALYSIS
This graph displays the constant increase in total Revenues for the past three
Fiscal years. There has been an increase of $1.26 billion.
This Chart displays the gross margin for the past three fiscal years, 2011- 2013. Gross
margin is calculated by subtracting Cost of goods sold from Revenue.
PAGE 22 OF 33

3 M STRATEGIC AUDIT
This Pie Chart displays the 2013 total Revenue of $30.871Billion broken up by
individual Segments.
The Column chart above shows the constant decrease in revenues for the past three
fiscal years for the 3M's Electronic and Energy business Segment.
PAGE 23 OF 33

3 M STRATEGIC AUDIT
The Exhibit above shows 2013 total expenses broken up into individual accounts therefore showing the
percentage that the individual expense accounts for.
The column chart abouve dispalys 3M's decrease in advertising cost over the Past three fiscal years,
2011- 3013.
3M Expenses (Millions of dollars)
2013 Fiscal Year
Selling, general and
administrative expenses
Research, development and
related expenses
Interest expense
Total interest expense - net
PAGE 24 OF 33

3 M STRATEGIC AUDIT
XII. EFAS EXHIBITS 1 – 6
EXHIBIT 1 EFAS EXTERNAL Table for 3M Corp. 2014
EXTERNAL FACTOR
ANALYSIS SUMMARY
WEIGHT RATING
WEIGHTED
SCORE
COMMENT
OPPORTUNITIES
Ability to acquire
companies that provide an
advantage
10% 4 .4
Collaborating with companies with the same vision helps improve
the people’s daily lives.
Patents
5% 3 .15
Owning 3,300 patents are what contributes to the company’s global
sales through products, services, and technology.
New Markets
5% 4 .2
3M is on the watch for uncharted markets that will benefit the
company’s economic standpoint.
Product Sales in 200+
Countries
10% 3 .3
Product sales excels internationally bringing a farther outreach to
consumers across the globe.
Global Positioning
20% 4 .8
Operating in over 70 countries brings the company’s brand image
on a global scale.
THREATS
Johnson & Johnson 20% 3 .6
Johnson & Johnson is their top competitor especially in the medical
and health industry.
Global Government
Regulations
10% 3 .3
The company must adhere to the plethora of regulations both in the
U.S. and in international countries.
Global Economy 10% 3 .3
One disaster can deter 3M’s international sales especially since they
make 64% of their sales outside of the U.S...
Low Individual Markets
Segment Barrier to Entry
5% 3 .15
Already part of 5 industries, there is little room to improve in
regards to innovating and entering economically feasible markets.
Talent Acquisition 5% 3 .15
The perks and benefits of being in the 3M company will be taken in
consideration for future employees applying.
PAGE 25 OF 33

3 M STRATEGIC AUDIT
EXHIBIT 2 IFAS INTERNAL Table for 3M Corp. 2014
INTERNAL FACTORS WEIGHT RATING
WEIGHTED
SCORE
COMMENT
STRENGTHS
Increase in Revenue 5% 3 .15 Increased from $29.9 billion to $30.8 billion in sales.
Financial Position 5%
3
.15
Debt to asset ratio is under 0.5 meaning a majority of their assets
are financed through equity.
Global Position 10% 3 .3
Products are sold in nearly 200 countries given a farther reach to
more consumers.
Strong R&D 20% 5 1
Consistently increasing investment in R&D which allows them to
improve innovation which is their competitive advantage.
Six Sigma Implemented
well in none R&D Business
Processes
10% 4 .4
Six Sigma program increases efficiency and decrease cost in their
supply line.
WEAKNESSES
Six Sigma possibly
hindering R&D business
processes
20% 5 1
Six Sigma is not known to benefit for creative activities. The
company is known through innovating and this can deter organic
growth of the company.
Unfunded pensions and
post-retirement benefit
obligations
10% 3 .3
Pension plans were closed for new participants for the company to
promote sustainability and future retirement plans in the long-term.
Product Recalls 5% 2 .1 Recalls on safety harnesses and air purifiers due to safety hazards.
Involved 2600 lawsuits 5% 2 .1 Class action lawsuits can hurt brand image.
Manufacturing Process 5% 1 .005
Product testing must increase to prevent future product defects and
recalls.
TOTALS 100% 3.505
PAGE 26 OF 33

3 M STRATEGIC AUDIT
EXHIBIT 3 SFAS Matrix for 3M Corp. 2014
Strategic Factors Weight Rating Weighted
Score
Duration
Short
Duration
Int.
Duration
Long
Comments
S4 Strong R&D (S)
.20 5.0 1 X
Company’s competitive
advantage
W1 Six Sigma possibly
hindering R&D business
processes (W)
.20 5.0 1 X
Restricts Organic Growth
W4 Involved 2600 lawsuits
(W)
.05 2.0 .1 X
Class Action Lawsuits
O3 New Markets (O)
.05 4.0 .2 X
Opportunity for increase in
profit
05 Global Positioning (O)
.20 4.0 .8 X
Brand recognition across the
globe
T1 Johnson & Johnson (T) .20 3.0 .6 X Top competitor
T3 Global Economy (T) .10 3.0 .3 X Volatile environment
Totals 1.00 4.0
PAGE 27 OF 33

3 M STRATEGIC AUDIT
EXHIBIT 4
2013 2012 2011
RATIO ANALYSIS FOR THE
3M CORP.
Liquidity Ratio
Current ratio 1.7 2.2 2.2
Quick Ratio 1.2 1.6 1.6
2. Leverage Ratios
Debt to Asset 47% 47% 50%
Debt to Equity 87% 88% 99%
3. Activity Ratios
Inventory turnover- Sales 7.99 7.79 8.67
Inventory turnover-Cost of sales 4.17 4.09 4.59
Avg. Collection Period-days 50.28 49.57 44.56
Fixed Asset Turnover 3.57 3.57 3.86
Total Assets Turnover .92 .88 .94
4. Profitability Ratios
Gross Profit Margin 47.83% 47.55% 47%
Net Operating Margin 15.09% 14.86% 14.46%
Return on total Assets 92% 88% 94%
Return on equity 25.96% 24.76% 27%
PAGE 28 OF 33

3 M STRATEGIC AUDIT
Exhibit 5
2013 2012 2011
Common Size Income
Statement
Net sales
100.00% 100.00% 100.00%
3M Corp Cost of sales 52.17% 52.45% 53.00%
2013-2011 Gross Margin 47.83% 47.55% 47.00%
Selling, general and administrative
expenses 20.68% 20.41% 20.84%
Research, development and related
expenses 5.56% 5.46% 5.30%
Total operating expenses 78.41% 78.32% 79.14%
Operating income 21.59% 21.68% 20.86%
Interest expense and income
Interest expense 0.47% 0.57% 0.63%
Interest income -0.13% -0.13% -0.13%
Total interest expense - net 0.34% 0.44% 0.50%
Income before income taxes 21.26% 21.24% 20.37%
Provision for income taxes 5.96% 6.15% 5.65%
Net income including noncontrolling
interest 15.29% 15.08% 14.71%
Less: Net income attributable to
noncontrolling interest 0.20% 0.22% 0.25%
Net income attributable to 3M 15.09% 14.86% 14.46%
PAGE 29 OF 33

3 M STRATEGIC AUDIT
EXHIBIT 6 Implementation, Evaluation, & Control Plan for 3M Corp. 2014
STRATEGIC FACTORS ACTION PLAN
PRIORITY
SYTEM (1-5)
WHO WILL
IMPLEMENT
WHO
WILL
REVIEW
HOW
OFTEN
CRITERIA USED
Strong R&D
Increase R&D
capability
3 Head Cost Accountant CFO
Semi-
annually
Increase R&D workforce
and facilities by 20%
Six Sigma possibly
hindering R&D
business processes
Remove Six Sigma in
early innovation
processes
1
Head of R&D
Department
CEO Quarterly
Increase in product
launches by 10%
Involved 2600
lawsuits
Set plan to settle
lawsuits in small
increments
1 Legal division CEO Monthly
Settle a set number of
lawsuits per month.
New Markets
Better understand
emerging markets
3
Lead company
strategist
CFO Quarterly
Reduction of transaction
cost associated with
emerging markets by 10%
Global Positioning
Move into 2nd
place
in Electronics and
Energy
2
Lead company
strategist
CFO Quarterly
Analysis in the market
share per country
operations
Johnson & Johnson
Continuously
innovate based on
consumer trends and
competitive products
and technology
5
Division manager of
the Health Care and
Consumer industry
CEO Monthly
Up to date analysis on
their top competitor
Global Economy Increase R&D Budget 4 Head Accountant CFO
Semi-
annually
Increase R&D budget by
1%
PAGE 30 OF 33

3 M STRATEGIC AUDIT
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Hoover's a D&B Co. (2014). 3M -Hoover's Company Records - In-depth Records. St. Paul, MN: Hoover's A
D&B Co.
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Jasso, D. (n.d.).
Jones, K. (2013, 03 26). 3M Recalls 10,000 Air Purifiers on Fire Hazard. The Wall Street Journal, p. 1.
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Magretta, J. (2012). Understanding Michael Porter - The Essential Guide to Competition and Strategy.
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Publishing.
Robert Weller - Global Quality Control and Reg. Manager. (2012). 3M Thor SRL customer recall_letter
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all_letter_2012.pdf
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3 M STRATEGIC AUDIT
Wheelen , T., & Hunger, D. (2012). Strategic Management and Business Policy Toward Global
Sustainability. (13th, Ed.) Upper Saddle River , NJ: Pearson.
XIII. END NOTES:
1
(SEC, 2014)
2
(SEC, 2014)
3
(Finance, n.d.)
4
(Hernandez)
5
(Hoover's A D&B Company, 2014)
6
(Marketline, 2014)
7
(3M, Lean Six Sigma: A Critical Value Driver for 3M, 2012)
8
(Huang, 2013)
9
(SEC, 2014)
10
(3M, 2014)
11
(3M, 2014)
12
(3M Company, 2014)
13
(GlobalData, 2014)
14
(3M Company, 2014)
15
(Porter, 2008)
16
(3M, 3M Affirms Long-Term Sales and Earnings Growth Objectives, Addresses 2014 Outlook, 2013)
17
(Magretta, 2012)
18
(3M, 2014) (Hoover's a D&B Co., 2014)
19
(GlobalData, 2014)
20
(Marketline, 2014)
21
(3M Company, 2014)
22
(Office of United States Trade Representative, 2014)
23
(HBR's 10 Must Reads: The Essentials, 2011)
24
(Hoover's A D&B Company, 2014)
25
(Marketline, 2014)
26
(Adair, 2007)
27
(Baird)
28
(3M, 2014)
29
(Hernandez)
30
(SEC, 2014)
31
(SEC, 2014)
32
(3M, 2014)
33
(Hernandez)
34
(SEC, 2014) (Hernandez)
35
Wheelen, Thomas L., and J D. Hunger. Strategic management and business policy: toward global sustainability.
Boston: Pearson, 2015. Print. Pg. 219
36
Wheelen and Hunger Pg. 219
37
Wheelen and Hunger Pg. 217
38
"Time to Think." 3M Global Gateway Page. N.p., n.d. Web. .
<http://solutions.3m.com/innovation/en_US/stories/time-to-think#>.
39
Welbes, John. "3M CEO Inge Thulin focuses on future at annual meeting." TwinCities.com. Twincities.com, 13
May 2013. Web. 18 Apr. 2014. <http://www.twincities.com/ci_23242259/3m-ceo-inge-thulin-focuses-future-at-
annual>.
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STRATEGIC AUDIT 3M- CSUF 2014

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