3M is an example of success through innovation, producing products like Scotch tape and Post-it notes. Facing increasing costs and slow growth, 3M categorized its products into six broad categories and implemented cost-cutting strategies like layoffs, overseas production, and supplier reductions. These strategies streamlined inefficiencies and saved $600 million in expenses. The company has over 76,000 employees operating in 60 countries and produces over 55,000 products.

2. About the company One of the great examples of success through change and innovationScotch tape and Post-it note : Two main products innovationsJames Mc.Nerney appointed as CEO of 3M

4. Key Issues Increasing input costSlow growth rate

5. StrategyCategorize the products into six broad categoriesHealth care

6. Specialty material

7. Industrial products

8. Consumer and office products

9. Electro and communication products

10. Transportation, graphics , safety productsStrategyCutting down input cost by : Selective layoffs

11. Shifting some production overseas

12. Centralizing the purchasing process

13. Cutting the supplier roasterStrategy Stream lining internal inefficienciesBy curing the dental ceramics