Marketing Strategy of 3M analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on 3M marketing mix, help the brand succeed in the market. Let us start the 3M Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in 3M marketing strategy can be explained as follows:
3M produces a number of different products in different categories like Aerospace, Manufacturing, Automotive, First Aid, Home and School Supplies, Filtration, Tapes and Adhesives, Casting and Splinting. They have around 55,000 products under these categories, which forms the backbone of their product strategy in the marketing mix. Some of the products include Car Wax, Shampoo, Post-its, Adhesives, Abrasives, Laminates, Electronic Materials, Glue Stick, Tapes, etc.
3M is known to provide quality products satisfying every customers’ needs and wants in every country that it is present.
Image: company website
3M Price/Pricing Strategy:
Below is the pricing strategy in 3M marketing strategy:
3M products have a value and competitive based pricing strategy. Their prices depend on countries owing to the various taxes applicable as well as transaction costs.
The product prices of 3M products tend to rise owing to innovation and competition in the market. The new innovative products are priced at premium rates whereas older ones vary. Being such a big brand, 3M often dictates the market pricing as it has huge volumes of products which are being manufactured. This gives an overview of the pricing strategy for 3M marketing mix.
Following is the distribution strategy in the 3M marketing mix:
3M is present globally with operations in more than 65 countries and retailers, distributors in 200 countries worldwide. Besides stores they are also present online. Being a conglomerate brand they cater to the needs of every target market they are based in. They have their largest customer base in Europe followed by America and Middle East.
Every 3M customer loves their products and have remained loyal inspite of competition.
3M Promotion & Advertising Strategy:
The promotional and advertising strategy in the 3M marketing strategy is as follows:
3M having a vast range of products focuses a lot on shelf space at stores or supermarkets to attract as many customers as possible. Their advertising campaign on TV and social media was very successful in attracting millions of customers’ world over. 3M focuses on marketing its products so as to acquire the best customers in the markets and this is not only through their ad campaigns but also through the various offers they provide. Before launching any new product they always focus on protecting the environment and also engage their employees to work for green projects. The employees also donate a lot of items like books, clothes, etc. to charities annually. Hence, this concludes the marketing mix for 3M.
3M was founded in Minnesota by 5 businessmen in 1902. 3M is a multinational corporation known as Minnesota Mining and Manufacturing Company.
They are known to provide innovative solutions to satisfy daily needs of customers. Owing to its extensive global presence and operations, 3M is a very well known brand, especially in the B2B business.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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