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Based On Concepts Discussed in This Chapter

3M uses a new product development strategy that encourages employees to brainstorm ideas and test concepts. This process involves 7 stages from idea generation to commercialization. Many of 3M's successes have come from employee ideas and mistakes made during testing, as these allow concepts to be improved or applied elsewhere. However, the process is not explicitly customer-centered as customers are not involved in testing ideas. Managing 3M's broad product portfolio across each product's lifecycle poses challenges to control. As long as 3M continues supporting employee innovation and new ideas, steady growth and profitability can be maintained.

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162 views2 pages

Based On Concepts Discussed in This Chapter

3M uses a new product development strategy that encourages employees to brainstorm ideas and test concepts. This process involves 7 stages from idea generation to commercialization. Many of 3M's successes have come from employee ideas and mistakes made during testing, as these allow concepts to be improved or applied elsewhere. However, the process is not explicitly customer-centered as customers are not involved in testing ideas. Managing 3M's broad product portfolio across each product's lifecycle poses challenges to control. As long as 3M continues supporting employee innovation and new ideas, steady growth and profitability can be maintained.

Uploaded by

JRMSU Finance Office
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We take content rights seriously. If you suspect this is your content, claim it here.
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https://www.studocu.

com/en-us/document/wichita-state-university/marketing/assignments/3m-
marketing-assignment-3m-for-online-class/1696005/view

Based on concepts discussed in this chapter, describe the factors that have
contributed to 3M’s new product success.

3M uses the New Product Development Strategy on a regular basis by giving


their employees the opportunity to brainstorm their ideas every week
totaling six hours. Being with idea generation with the employees they are
then able to follow the 7 stages including: idea screening, concept
development and testing, marketing strategy development, business
analysis, product development, test marketing and commercialization. Many
of the successes of 3M have come from employees that have made
mistakes. The company states that during concept development and testing
that making mistakes is not a bad thing, but rather a positive. Trying a new
concept that may not work in one department has the opportunity to be
tested by someone else, which in turn is how the success of some of their
most successful products have come about. The R&D process is a huge part
of 3M’s success, using their employee’s ideas to shed light on each other has
benefited the company greatly.
Is 3M’s product development process customer centered? Why or why not?
Nothing that was stated lead me to believe that 3M’s product development
process was customer centered. While 3M does take their employees ideas
and help bring them to light, they are not specifically looking for a product
that will benefit everyone. Yes, they go through the product development
stages by making the product itself a physical and workable product, but
with all of the new ideas that are coming to light nothing in particular is
customer centered. 3M does its own product testing just like many other
companies do to make sure that the product will perform safely and
effectively. The documents do not mention any information regarding
customers helping during the product development stage by testing the new
items.
Considering the product life cycle, what challenges does 3M face in
managing its product portfolio?
3M has a very broad spectrum when it comes to the products that it
currently has. From selling Post-It Notes to doggie bags, they certainly have
multiple products that are currently out and about. With this being said,
there is a lot going on throughout the company and the more products you
have the more there is to control. Each product that is created has a product
life cycle that has to be created and managed. With each product, there
must be a different strategy and tactic to make the product successful or
else they have to decide to drop the product if it does not profit or stabilize.
Are there limits to how broad 3M’s product portfolio can grow? Explain.
Currently 3M does not seem to have limitations on the product portfolio.
With a growing company, they are growing their ideas as well and with the
profits that are being made the company is able to take more chances. With
this being said, the company does have to take more social responsibility
and realize what they can and cannot take on or handle. If the company
wants to continue to grow and expand its product portfolio the company
needs to
consider how its current products are doing and if they have the means to
continue to produce these new products. The product life cycle is very
important and depending on the market it can be difficult and time
consuming as well.
Is it possible for 3M to maintain steady growth and profitability and raise
that growth to much higher levels?
Yes. 3M is proving that they have what it takes to maintain a steady growth
and that they will be able to continue to profit as well. With the product
development strategy, they use and focus more on the ideas that come to
light by their employees, they are giving themselves the opportunity to grow
and prosper just by giving their employees the opportunity to test their
ideas. Yes, there will be some ideas that are duds, but believing in the
employees and letting them have these opportunities is making them
successful. If 3M stays on the track that they are now they will continue to
be successful. I do not for see 3M profiting at a larger percentage unless
they are able to create multiple products in a designated year.

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