Case Study 3m's Core Competencies Core Products
Case study Identify 3M’s core competencies, core products and end products. How are these three sources of competitive advantage linked with each other? The major core competency that contributed to the success of 3M is it’s innovativeness fostered by continuous experimentation. In order to accelerate innovation process, the company introduces various strategies, such as encouraging its employees to spend 15 per cent of their time to explore creative ideas, providing funds for distinctive projects, creating networks that enable cooperation among researchers, building an effective mentoring programs for young employees and supporting initiatives for product improvement. By investing heavily in R&D and developing its innovation competency, …show more content…
It significantly contributes to the perceived customer benefits of the end product 4. The loss of the core competence negatively influences the firm’s current and future performance 10. What critique does Verbeke have on the concept of core competences? Verbeke criticizes the concept of core competences due to several reasons. Firstly, the concept overestimates the role of strategic management as there might be a bounded information and reliability required to develop core competencies. Furthermore, Verbeke claims that the concept underestimates the role of host country location factors as the customer needs differ from one country to another. 11. What are the five forces that Porter distinguishes? Explain these in your own words. Factor conditions: Includes production factors and created factors, such as capital, labor, knowledge and infrastructure. There is a need for continuous development of employees’ skills and technologies. Demand conditions: Due to a rise in customer demands, the company’s work pressure increases, eventually enabling a firm to become more competitive in the market. Related and supporting industries: There should be high quality suppliers and universities that are competitive in the global
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