Answer the following case questions:
1. What is 3M’s strategy to spend on human capital, and what can it do to compare its metrics with competitors. (read McNerney’s Plan for 3M, pdf page 1-5)
Requirements: 3 pages with double space
Some of the major 3M competitors include Emerson, General Electric, and Corning. There are four major steps that 3M can use to compare its metrics with the existing competitors in the various industries where it operates. The first step is to identify all its competitors. Even though this might seem straightforward, the company needs to identify all its direct, indirect, and substitute competitors (Baranova, 2018). The second step is for the company to gather the necessary information regarding the competitors. The information should revolve around the four Ps of the marketing mix: product, pricing, place, and promotion. This will enable the company to identify the areas the competitors are doing better and borrow some ideas or develop more innovative ideas (Baranova, 2018). The third step involves analyzing the different strengths and weaknesses of the competitors. Lastly, the company should determine its competitive advantage based on its chosen metrics and find out whether it is doing better than the competitors.