Lesson learn from Nokia: Don’t underestimate Every Single of Your Competitor - Business Management

Internal Code: MAHOZ9

Business Management

Nokia is a Finnish company which found in 1865; it started on wood pulp mail and manufacturing paper followed by a rubber factory and even tires. After that, Nokia expended it business and begen to focus on electronic and technology. They now employed approximately 102,000 people across over 100 countries. Since the 1990s, Nokia start focuses on extensive telecommunication infrastructures and gradually became the world leader in the mobile phone market for nearly 14 years. However, in 2007 competitors such as iPhone and Android-based devices appeared and defeated Nokia’s world leader position. Recently, Nokia is in a financial bind and cutting a lot of expenditure to reinvent the company. It is now the 415th largest company measured by fortune global in 2017. Key issues that have impacted on the Business Nokia was the phone market’s leader since 1998 and should be capable of maintaining their position as they got a substantial financial resource, advanced technology, and powerful brand. However, Nokia’s marketing strategies failed to respond to Apple Inc. When Apple launched the first iPhone, it attracted the world, and more customers opted for pocket-sized mini-computers. In hindsight, Nokia ignored the compression from Apple and kept on insisting to focus on their Symbian platform, which is so inconvenience and non-user friendly compare to the IOS system. As the year passed, Nokia can no longer maintain the leadership position as it didn’t innovate quickly enough to build a commanding presence in the market. Also, they keep on letting different opportunities slip out from their finger just because they react slowly to the smartphone tournament.