In a recent survey held in our Indian subcontinent, it has been conveyed that the brand name 'Nokia' is the most sought over brand by the people. Still 2007, Nokia led the mobile handset market single-handedly. They did their first mistake by not coping with the new technological arrivals in the market. e.g Android platform. Some of the smaller companies like Huawei and Micromax has largely eroded its market share in China and India respectively. It didn't come as a surprise to many when the CEO of Nokia announced few days ago that their company is caught up with cash crunch. A recent study shows that the market share of Nokia is eaten up by Samsung, Apple and RIM. When we consider the profits gained for the corresponding market share, Silicon valley giant Apple is setting new records.
The following chart will speak volumes about the strong foothold of Apple which eventually led to the demise of the Finnish Baron.
The following chart will speak volumes about the strong foothold of Apple which eventually led to the demise of the Finnish Baron.
The only way of recovery for Nokia is to shakeup their management fundas and to adopt themselves to the changing technical innovations. They shouldn't forget that they are doing business in a world which is characterized by impermanence and move-on principles. Lets wait and watch, what Nokia has in its den to accomplish the much needed recovery.
Courtesy: Asymco
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