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Essay / Research Paper Abstract
A 5 page paper discussing 3M's position in 2007. 3M Company has been through significant changes since 2001. Today it operates more as it did in the past, but senior management still needs to assess 3M's progress in meaningful terms. It knows its core competencies; it needs measurable Balanced Scorecard criteria and to discover whether it still retains competitive advantage. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmgmt3M.rtf
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Unformatted sample text from the term paper:
has been through significant changes since 2001. Today it operates more as it did in the past, but senior management still needs to assess 3Ms progress in meaningful terms.
It knows its core competencies; it needs measurable Balanced Scorecard criteria and to discover whether it still retains competitive advantage. The Balanced Scorecard
Norton (2002) states that one of the problems todays executives face is that they continue using "measurement frameworks designed for industrial economy organizations, which emphasize measurements of tangible assets"
(p. 1). In todays knowledge economy and climate, that type of measurement still is needed, but it cannot produce a complete view on its own.
Norton (2002) maintains that value and value creation lie in several areas that cannot be measured through traditional means. Value, according to Norton (2002) is indirect,
contextual and potential, and "assets are bundled." This means that "Intangible assets seldom create value by themselves. They must be bundled with other assets, generally other intangible assts,
to create value" (Norton, 2002; p. 2). One of the goals of the balanced scorecard is to provide a tangible approach to achieving
stated goals of strategy. Strategy not achieved is rampant today in many organizations, as Norton (2002) notes. Criteria for assessing 3M within the Balanced Scorecard framework include financial;
customer; internal business processes; and learning and growth measures (Balanced Scorecard Basics, n.d.). Potential criteria include: Financial Revenue growth Profit margins (operating and net) Costs Net income Customer
Value proposition Customer satisfaction Customer increase in numbers Customer retention Customer service Internal Business Processes Asset utilization Supply chain management Operating efficiency Learning and Growth Measures Innovation encouragement and
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