3M formerly known as Minnesota Mining and Manufacturing Company was found 114 years ago on 13 June in 1902. John Dawn, Danley Budd and Hermon Cabie came together to build a mining company, which failed because of varied commercial factors.
3M area conglomerate company that produces more than 55,000 products and employs more than 88,000 people. 3M have an impressive presence in almost every continent. With operations running in 65 countries and products being sold in 200 countries 3M easily qualifies to be among the most reputed and popular companies of the modern world.
Amway and Hindustan Unilever some of the prime competitors of 3M; varied products like car wash, wax, shampoo and interior and exterior rust protection products happen to be some of the most popular products of 3M.
Products in the Marketing Mix of 3M
55,000 varied products come together to make 3M a conglomerate enterprise. An array of 55,000 products allows 3M to maintain its exquisite presence across the world because people from varied countries prefer varied products. One company cannot aim to win over the global market by manufacturing same product for people residing in Middle East and United States of America.
Some of the popular products and saturated verticals where 3M is active are:
- Passive fire protection
- Electronic materials
- Car wax
- Medical products
- Optical films
3M continue to impress global audience by catering quality products to their need. The simple idea of bridging the gaps has helped 3M acquire the contemporary reputation and impressive annual revenue of 31 Billion USD.
Place in the marketing mix of 3M
3M being a conglomerate brand that caters to a global audience needed to make its presence across the world. It is important for enterprises to setup their bases in particular regions to understand the requirement of audience in the specific land and then provide with requisite services/products.
With operational base in 65 countries and products being sold in more than 200 countries, 3M is quite successful when measured on a scale of global presence. 3M is a known brand and people love to use its products.
With a vivid presence in almost every Continent, 3M is surely one of the most widely spread conglomerate brand. 3M has a significantly better presence in Europe when compared to America and Middle East.
Price in the marketing mix of 3M
When catering to a global audience pricing is not something that can always be controlled by the enterprise. With operational base in more than 65 countries, the price of products is going to differ because a particular resource may be cheaper in Middle East but costly in Indian sub-continent.
Local laws, global taxes and other regulations, also affect pricing; with almost every country moving forward to acceptance of Goods and Service Tax system, enterprises are going to have an easy time setting prices. Hence, pricing strategy of 3M can be categorized as competitive pricing and value based pricing.
3M sells cheaper product in comparison to its prime competitors like Amway but Hindustan Unilever certainly has an upper hand over 3M. 3M is more into electrical supplies and optical fibers and is catering to bigger enterprises and state governments.
Promotions in marketing mix of 3M
3M changed is logo in 2002 & with the new logo, the enterprise aims to come across as a modern enterprise that understands the world better. With all the new logo and branding campaign, 3M has been successful in getting noticed by people.
One can buy 3M products by visiting local retailer or wholesale stores. 3M has an impressive record of coming up with Television ads that keeps the user engaged. They aim to enamour people by educating them hence; they follow a not-so-popular paradigm with their ads.
3M is growing big time and varied marketing campaigns are adding to its growth. The enterprise spends handsome amount in marketing, which reflects in its growing revenue.
In 2008, 3M created a renewable energy division that helped it cope up with all the allegation of releasing harmful and toxic element in the local waterways and helped it with some positive brand development.