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Microeconomics B1200962 CHOW MEN SHI B1200713 ANG JIA XIN AMANDA B1200735 LAW TY- SON

Microeconomics- 3M Company

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  • 1. MicroeconomicsB1200962 CHOW MEN SHI B1200713 ANG JIA XIN AMANDA B1200735 LAW TY-SON

2. About 3MFounded in 1902 in Two Harbors,Minnesota as the Minnesota Mining &Manufacturing Co. It is now known simplyas 3M.As a primary manufacturer of products formany of the markets it serves.3Ms core strength is applying its more than40 distinct technology platforms often incombination to a wide array of customerneeds.Retrieved from http://solutions.3m.com.my/wps/portal/3M/en_MY/About3/3M/ 3. What is 3Ms Market Structure Oligopoly 4. A few firms dominate the industryMany consumers Non-priceand fewercompetition producer OligopolyMarket StructureTendency to try toProducts can be block entry identical 5. 3Ms Oligopoly Market Structure3M also has a flow of innovative productsbeing churned out of They are part of the They could colludetheir R&D lab, these few firms that with firms thatproducts are able todominate the marketspecialise in a differentiateeven though there are particular industry that themselves from othermany other firms. they are in.products availablefrom the same industry. 6. Global 500 (2012)Global 500Revenue% change Profits% change RankCompany rank $ millionsfrom 2010 $ millionsfrom 20101 Schlumberger 260 39,54044.14,99717.12 3M 368 29,61111.14,2834.8Fujiflim3400 27,803 7.4554.2 -25.7HoldingsInternational4424 26,034 3.41,341108.2Paper5 TUI453 24,35610.3750 -75.8 From the July 23, 2012 issueRetrieved from http://money.cnn.com/magazines/fortune/global500/2009/industries/168/index.html 7. How could 3M move to number one? MakeIncrease supersalesnormal profit Increase revenue 8. Differentiation strategyCost leadership strategy Develop brand identify Offer products based on current market demandsPatent rightCreate customer loyalty 9. Could a product or service fromanother firm affect the revenue, profits or ranking? 10. How do other firms affect?No perfectly knowledge about the marketQuality of productBetter servicesAdvertisingLocation of services centers