3M Diversification

Subject: Product and Brand Management

Paper Model: APA

Paper Type: Assignment

Total Words: 455

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PART 1
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PART 1

3M is global company dealing with technology that is providing innovative life solutions to the everyday needs. It is located in America, Europe, Africa and Middle East and Asia Pacific. Its products are available to the consumers through distributors and online directory. It was formed by five people in 1902. It was started as a mining venture. With the passage of time, it enhanced its products and services as per the demand of the customers and market. Diversification involves enhancing existing product line or increasing market opportunities by entering into new market with the existing products. Two types of strategies can be used for expanding business. One is called related diversification and other is unrelated diversification.

In this strategy, existing line of product is enhanced. For example, a wireless company can enter into related diversification by purchasing another wireless company. When we look at 3M, both types of strategies are present. Related diversification of 3M is analyzed by its moving towards sandpaper from corundum mining. In both products, abrasive is used. It then moved towards manufacturing masking tape.  It is also proving many types of tape and adhesive products. Related diversification helped this company to expand its business in different regions and markets. 3M moved towards sand paper by analyzing that corundum have no commercial value. It is also providing scotch products for its cell phones. It expanded its business in international markets and increased its profit. (3mcanada.ca, 2015)

In addition, its diversification strategy recognized it in international market. It increased its sales and revenue. Its innovative products are recognized in the market with different brands. It is also enjoying unrelated diversification in the target market. It is targeting a wide range of industries. Its products are categorized into consumers and businesses. It is serving health care, manufacturing, electronics, energy, communication, safety, automotive, transportation, design, mining, gas, oil and commercial solutions markets. This wide range of market is example of unrelated diversification. It is also serving consumers markets in addition to professional industries. It includes students, office, crafts, DIY, health care etc.

It is operating in five different segments. In industrial business, it is providing diversified products to much business like equipments for automotives, appliances, printing, food and beverages etc. its industrial products include coated, tape, adhesives, abrasives, sealants, hygiene products and many more. It is offering those products that are providing security to the people. Its products include traffic safety, graphic sheeting, lighting solutions etc. it is also offering electronics and health care products. (3M, 2013 ANNUAL REPORT, 2013)

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