Introduction of the Organization
The organization 3M was incorporated previously as Minnesota Mining and Manufacturing Company. The company headquarters are in St. Paul, Minnesota, United States. The company operates in different countries, giving it a high market reach. It has been ranked among the largest conglomerates in the U.S., 8 in 2023. Since its incorporation in 1902, the company has developed significantly, contributing to its world presence.
Additionally, the company operates various products worldwide, contributing to the high income generated. The company’s growth has facilitated the market’s reach and the number of employees available in its operation. At the end of 2022, the number of employees had declined by 3000 from the previous year’s 95,000 employees to 92,000. There has been growth and decline in the company’s number of employees over the years, as indicated in the chart below.
The financial performance of the company is greatly determined by its diversified operations. The company operates in different sectors, facilitating a high return rate and revenue acquisition. The recent quarterly performance in September 2023 was $8,312 million. The company yielded a revenue of $34,229 million for the yearly operation at the end of 2022. The company focuses on various industry sectors. However, its primary focus was on mining. However, the expansion of the company’s operations has contributed to other sectors, such as healthcare, consumer goods, and electronics. The company faces competition from other multinational companies such as General Electric (GE), Danaher (DHR), and Honeywell International (HON), all of which are in the multi-conglomerate sector of operation. The above companies are ranked to perform better in the market than 3M. Hence, there is a high competition for the operations of 3M from such companies.
Organization Structure
The organizational structure for 3M is hierarchical. The company deals with many products and various sectors of the industry. The size of the organization requires that a hierarchical leadership style be applied. This ensures a chain of command in the company, with the individuals at the top of the organization making huge decisions implemented by the others in lower positions. This keeps the company running and ensures effective operations and execution of the duties for the various sectors.
Products and Services
The company operates in different sectors, such as healthcare, manufacturing, and transportation. The variety of the products provided by the company increases the reach of the customers and the marketing of the world. Additionally, the variety of the products ensures a competitive advantage for the company. Competition from similar multinational companies can be a threat to the operation of the company. The many products are also widespread sources of revenue generated from its operations. This ensures the effective performance of the company.
Leadership
The leadership in 3M is essential in determining its success. The company’s chief executive officer is Michael F. Roman (Peterson, 2021). There is also a board of directors, helping to run the company smoothly. The hierarchal leadership style in the company is a key determinant of the success of the operations. The company’s top leaders make the critical decisions that are required to be implemented in the company’s various sectors. Sustainability and ESG are also major considerations in the company, with a focus on sustainable methods of production. This makes the company effective in its operations.
References
3M Revenue 2006-2020 | MMM. (n.d.). Www.macrotrends.net. https://www.macrotrends.net/stocks/charts/MMM/3m/revenue
3M: Number of Employees 2006-2021 | MMM. (n.d.). Www.macrotrends.net. https://www.macrotrends.net/stocks/charts/MMM/3m/number-of-employees
Peterson, C. (2021). 3M Stock Pitch Report.
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