This article on Marketing Mix of 3M Focuses on the product, price place and promotions of the company. 3M formerly known as Minnesota Mining and Manufacturing Company was discovered 114 years ago on June 13, 1902. John Dawn, Danley Budd, and Hermon Cabie came together to create a mining business that collapsed due to a number of commercial factors.
3M area conglomerate company which produces more than 60,000 products and employs more than 93,516 people. 3 M has an impressive presence in
almost every continent. With operations in 65 countries and goods sold in 200 countries, 3 M is easily ranked among the most renowned and famous companies in the modern world.
Amway and Hindustan Unilever are some of the leading competitors of 3 M; various products such as car wash, wax, shampoo, and indoor and outdoor rust prevention products have become some of the most common products of 3M.
Products in the Marketing Mix of 3M – 3M Marketing Mix
60,000 separate products come together to make 3 M a multinational business. The assortment of 60,000 products helps 3 M to retain its excellent presence all over the world as consumers from various countries want a range of products. One corporation can not try to win over the world market by making the same commodity for people living in the Middle East and the United States of America.
Some of the product categories are Adhesives, Abrasives, Laminates, Passive fire safety, Digital materials, Shampoo, Car wax, Health goods, Optical films.
3 M continues to attract global consumers by catering premium items to their needs. The basic concept of bridging the gaps helped 3 M achieve a global reputation and an incredible annual revenue of USD 31 billion.
Place in the Marketing Mix of 3M – 3M Marketing Mix
3 M is a multinational brand that caters to the global audience required to make its presence worldwide. It is necessary for enterprises to develop their bases in particular regions to understand the needs of the public in the specific land and then to provide the required services/products.
For an operating base in 65 countries and goods sold in more than 200 countries, 3 M is very competitive when calculated on a global scale. 3 M is a well-known brand and people love to use its products.
With a large presence in almost every Continent, 3 M is certainly one of the most commonly known conglomerate brands. 3 M has a slightly greater presence in Europe relative to America and the Middle East.
Price in the Marketing Mix of 3M – 3M Marketing Mix
When selling to a global audience, pricing is not something that can always be regulated by the client. With an operating base in more than 65 nations, the price of goods may vary because a specific resource could be cheaper in the Middle East but expensive in the Indian sub-continent.
Local rules, global taxes, and other regulations also influence pricing; with almost every country heading towards the adoption of the Goods and Service Tax system, businesses will have an easier time setting prices. 3 M’s pricing approach can also be classified as efficient pricing and value-based pricing.
3 M offers a cheaper commodity compared to its prime rivals like Amway, but Hindustan Unilever definitely has the upper hand over 3M. 3 M is more interested in electrical components and optical fibers and caters to larger businesses and state governments.
Promotions in the Marketing Mix of 3M – 3M Marketing Mix
3 M changed the logo in 2002 & with a new logo, the organization aims to come across as a modern business that understands the environment better. With all the latest logo and branding campaign, 3 M has been successful in getting people aware of it.
You can purchase 3 M items by visiting local retailers or wholesale stores. 3 M has an outstanding record of producing TV ads that keeps the consumer interested. They strive to enamor people by educating them accordingly; they adopt a not-so-popular model with their advertisements.
3 M is rising a lot of time and a number of marketing campaigns are contributing to its success. The organization spends a fair amount on ads, which is reflected in its rising sales.
In 2008, 3 M formed a division of green energy that helped to deal with all the accusations of the release of hazardous and poisonous substances in local waters and led to the positive growth of the company.