3M

3M’s Innovation Process “Core Technologies”  Sandpaper/abrasives  Masking tape 3 approaches towards further product innovation  In-house grants  Exploring outside ideas  “dual ladder” approach Goals for growth R&D  30% of sales from products that did not new products previously exist -vs-  * 10% annual growth in EPS line extensions  * 27% ROC hiring out for  20-25% ROE market research reports Lead User Research Stage I: Project Planning Stage II: Trends/Needs Identification Stage III: Preliminary Concept Generation Stage IV: Final …

…satisfying them, which can also be seen with such companies as Wal-Mart. Core capabilities come in many different shapes and sizes, so to speak. The problem is deciding which one would work best for each individual firm. The key is to remember to ensure a connection between the business processes and the needs of the customer. “A capability is strategic only when it begins and ends with the customer” (“Competing on Capabilities”; pg.60). ------------------------------------------------------------------------ **Bibliography**