Innovation

Shoemaker, stick to your last, is an old adage. An updated version might read, Stick to your eye competencies. Firms bristle a knowledge base and technical know-how over a long period. They can leverage this core skill into many newfangled products and/or services and entering new markets. For example, Hondas core competencies include high-quality motors (Trott, 2008). In addition to automobiles, it produces high-quality motors for motorcycles, lawnmowers, and powerboats. Hypothetically, if Honda made a decision to enter the FMCG (Fast Moving Consumer Goods) market, its shareholders may wonder how and wherefore the Honda management could have made such a decision.

contemplate This: In the words of George Buckley, CEO,

To the outside world, what we do looks a brusque like magic. We create entirely new product categories and give off new life into markets crying for reinvention. Its been called the 3M effect. Harnessing innovation for your benefit - thats the practicable magic behind 3Ms success. (3M Investor Relations)

3Ms core competence is science and applied science combined with the commercial competence to apply what it knows to address guest needs. One can envision regular discussions and meetings where 3Ms marketing build and its technology experts exchange ideas.



Its range of businesses and markets includes consumer and office supplies, electronic and communication theory components, health care supplies and devices, industrial and transportation products, safety and guarantor devices, and protection services equipment. These businesses serve different markets. What they have in common, however, is 3Ms underlying science and technology competence.

The SC Johnson Company is a privately owned firm that produces a variety of modify and air freshening products for the home. They are in the FMCG business. Their core competencies are in marketing and in the continual search for new ingredients to develop environmentally friendly products. From its founding in...If you want to get a full essay, order it on our website: Orderessay



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