3M case study Essay Example | Topics and Well Written Essays - 500 words

3M case study - Essay Example The firm depends heavily on smaller market research firms for conducting market research for them. Pricing of their product were also not adequate to compete in the international market. The strategies like â€Å"Lead User† was not successful Most of the new products developed consumed too much time and because of the heavy pricing they failed in the market. The 3M management failed to identify experts at the right time to cater the needs of current trends in the international market. Their efforts to modernize the traditional managers were not succeeded enough. The mixing of diverse knowledge and talent to develop a new project: Since most of the employees working in the 3M company were coming from different parts of the world with different skill sets, the careful blending of such talents were a challenging one Innovation tactics: The 3M firm believed that individual love for discovery would drive innovation. The company allowed all staffs to spend 15% of their time to explore new ideas. This tactics also didn’t work for them The managers needed vigorous training to understand the need of scientific management techniques and modern technologies to lead a business successfully. It is always better to adopt â€Å"Follow User† strategy rather than a Lead User strategy for effective marketing of the products. The pricing of the 3M products must be revised in accordance with the international standards to compete in the market. The R&D should be expanded and it should devote its entire time in developing new ideas and product based on the market feedback. Market research must be conducted by 3M employees only. It is not advisable to depend, secondary sources for market research as marketing is one of the core elements in every