Strategic Management Framework Of Nokia: A Comprehensive Analysis

Overview of Strategic Management

Strategic Management is the study of management which is involved with formulation and implementation of the goals and the initiatives taken by the top management on the behalf of managers(Robson, 2005). It is a process which defines the overall strategy of the organization to reach the goal of business sustainability and increasing profits. Managers and the employees of the organization have to work in accordance with the strategy devised for the organization with enhanced productivity(Hill, 2017). The strategic implementation helps the employees in the organization to move on the path created by the top management, and the goals of the employees in the organization are aligned with those of the business organization. Strategic management also helps the company to have an overall understanding of the ecosystem in which the company is operating(Hill, Jones & Schilling, 2014).

Rapid Globalization has fuelled strategic management and the organizations are coming up with a comprehensive strategy to outsmart the competition and provide customers with exemplary services. Strategic management comes handy in combating the challenges posed by the international firms who come with rich experience, capabilities and the resources to capture the market. Thus, it is one of the pivotal tool in the hands of the management which helps the organization to reach at the Zenith of success(Hitt & Duane Ireland, 2017).

The organization selected for the report here is Nokia. Nokia is one of the best examples of the company who was once sitting at the pinnacle of success, but due to poor strategic management the organization’s stock, brand image and value was reduced significantly. Nokia is a Finnish Multi -National Corporation which specializes in the field of telecommunication, information technology and consumer electronics. The company which has its headquarters in Espoo was founded in the year 1865 employees over hundred thousand people and has presence in over 100 countries. The company’s current ranking stands at 415 according to the Fortune 500 global companies and it earned revenue of € 23 billion in the year 2017. Nokia has been the major player or even some people call the company as the early innovators of mobile phones which hit the world by a storm(Ciesielska, 2017). The 153 years old company which was running its business successfully, until early 2004 failed to acknowledge and understand the customer sentiments, this lead the company to a path of downhill. It was the inability of the top management to ascertain the future trends in technology, smart phones and the operating system which lead to the downfall of the Finnish giant(VanRooij ,2015).

Significance of Strategic Implementation

Through the medium of the report, the readers will understand the strategic management framework of the firm by assessing its internal and external environment. The report will also help to evaluate the strategies of the firm which can affect the business of the organization by using various management tools like SWOT, PESTLE, Porter 5 forces and Ansoff matrix. Towards the end, a set of recommendation will be provided to the organization to give impetus to its existing capabilities and strategies in order to regain the lost market share. The findings of the report will be summarized in the end by providing a conclusion to the report.

The 153 year old organization was founded by Fredrik Idestam, Leo Mechelin and Eduard Polon who had the vision of creating products which would transform the lives of people across the globe.  The company which is powered by the research and innovation of Nokia Bell Labs serves communication service providers, large enterprises, government and consumers with the industry’s most complete end to end portfolio of products, services and licensing. At Nokia, the employees adhere to the highest ethical standards and the company creates technology with the purpose of benefitting the society, community and the entire world. The recent efforts of Nokia are in development of the technology infrastructure for the 5G and Internet of things, which will not only transform the lives of people, but would most definitely raise the platform for future growth and innovation(Nummela, Saareketo & Loane, 2016).

The company which serves customer in more than 130 countries earned revenue of €23 Billioni n the year 2017 and stands at 415 rank in the list of Fortune 500 global companies. Although the revenue seems to be encouraging but the current position of the company raises several questions on the present and future strategies of the organization. For instance the merger between Nokia and Windows came to an end in the year 2016 and Microsoft sold its Nokia branded feature phone business to HMD global. HMD global is a company which was founded by one of the former executive of Nokia, Francois Baril.  The brand name of the company has been sold to a new company HMD while the manufacturing, distribution and the sales arms have been bought by the renowned iPhone manufacturer Foxconn, which has also got into an agreement to buy the New Nokia phone for HMD. Nokia recently launched its new edition phone which helped the company in earning good revenue(Laamanen, Lamberg & Vaara, 2016).

Nokia as a Case Study

Vision statement of the firm describes the aspiration of the company for the future growth. As a vision statement, Nokia creates technology to connect the world. Nokia believes that at present the world is seeing the dawn of a new ear which is driven by digital technologies, cloud computing, artificial intelligence, machine learning, Internet of things and the 5G network.  Nokia is consistently working towards driving innovation and the future of technology to power this digital age and transform the way people live, work and communicate. Nokia believes in pushing the boundaries in creating something novice for the present and the future generations. The company which is built upon the foundation of integrity, quality and security aides customers to navigate through the complex choices of the connected world(Lamberg, Laukia & Ojala, 2014).

The business ecosystem of Nokia, its policies and procedures are a reflection of its values. The values of the Nokia go on as:

Renewal-The Company believes in consistently refining its skills and embracing the new ways of doing and adapting to the change around them.

Achievement-The Company takes accountability and responsibility of its own action and sets high standards for continuous improvement.

Challenge- the Company always pushes itself to newer horizons, asks itself tough questions and delivers higher results for the organization.

Respect-The Company works openly with successful collaboration in order to seek respect from its stakeholders(Moccia, 2018).

PESTLE analysis is an external environmental analysis which helps in ascertaining the influence of Political, economic, social, technological, environmental and legal forces on the business organization.

The company has certain drawbacks here due to its home country, the Finnish government out rightly refused to help the company and gave it special bailout package in its weak days. The company was forced to get into an uneasy alliance with Microsoft which ended in the year 2016. The company lacks support from the government owing to the small size of the country. The company fails to enjoy the kind of freedom given to the Chinese or the American tech companies. At the same time, the rise of China in manufacturing of mobiles further limits the manufacturing capacity of Nokia. This would put pressure on Nokia to move from a market of low cost labour to higher cost location such as the US. Also, a large number of countries see Nokia as more of a burden than a potential foreign investor(Verdos & Verweij, 2018).

Strategic Management Framework of Nokia

The recent economic depression in Europe created a major impact on the company, as it severely reduced the purchasing power parity of the organization which pushed the company into deeper losses. Also the company has faced a tough time in tapping the largest consumer market China, due to strong low priced competitors such as Redmi, Huawei, MI and many more. The company itself does not have strong reserves of cash to deploy into advanced research and developmental capabilities which is a big limitation for the organization(Vuori & Huy, 2016).

The widespread adoption of smartphones by the consumers across the globe has significantly affected Nokia. The propensity to use Android and IOS by the consumers has impacted the growth strategy of the windows enabled phone. To add to the existing situation of Nokia, the rise in the popularity of apps has further impacted Nokia adversely. The company which has now moved to Android smartphones has lost a huge market share to other mobile companies such as Apple, Samsung, MI, Oppo, One plus and other player. Moreover stronger brand association of the customers with Apple and Samsung has further affected the company(Wang et. al., 2015).

Lack of depth of technology is the major reason behind failure of Nokia. The company which was once the market leader in the Feature phone category lost the battle to Apple and Samsung. The company was so adamant to work on its Symbian platform which resisted the company to go with the wave of change and move to the advanced operating system such as the Android. The mobile phones were soon transformed from a communication device into handheld computers. The consumers wanted to use the phone at its full potential and companies were working to develop apps which would help mobile companies to engage its customers. The slow adoption of Operating systems, apps, and mobile technologies pushed the company on a backward trajectory(Luttgens & DIener, 2016).

The legal environment of Nokia is very challenging as it operates under the EU Law. Europe is fighting a battle with Google over the use of android platform, and also to prevent the company from taking undue advantage by controlling the search algorithm. Thus, it is the possible action which European Union can take towards Google can create a positive impact on Nokia(DaSilva & Trkman, 2014).

Nokia is facing a problem similar to other mobile phone manufacturer, the problem of disposing off the used asset. It is need of the hour to conserve and preserve the environment, a lot of countries are putting a lot of pressure on the mobile phone manufacturers to curb the green house emission and work on recycling of used device. One factor which could put a lot of cost burden on Nokia is, formulation of policy dictating the mobile phone manufacturer to dispose of the used asset(Suominen et. al., 2017).

Internal Environment Assessment

Porter 5 force analysis is a management tool used by various business organizations to ascertain the attractiveness of the market and its profitability. This analysis provides the organization an overview of the market forces and its possible impact over the organization. The analysis of Porter 5 forces for Nokia goes as:

The threat of new entrant in the market is visibly extremely low owing to the high cost of entering the market in terms of infrastructure, marketing activities and customer acquisition. Also, there are already a large number of players in the market who mostly offer more or less undifferentiated services which further reduces the threat of new entrant in the market. Also the R&D cost incurred in setting up a new unit is massively huge, which also reduces the threat of new entrant. Thus holistically it can be said that due to high cost involvement, large number of players and undifferentiated services, the threat of new entrant is extremely low(Majava & Isoherranen, 2016).

Microsoft is the supplier of software to Nokia, which has ended partnership and the earlier merger with Nokia, but still has agreed to provide the software to the company. Nokia relies on a lot of hardware suppliers for its mobile phone, mostly of which is based in China, the company has a lot of options to move from one supplier to another. Also, Nokia is in a position where it can exercise influence over the suppliers and even negotiate strongly with them. This puts the power of supplier as moderate according to the external environmental analysis(He, Wang & Akula, 2017).

Mobile phone industry is highly competitive and it is dominated by Chinese, Korean, US and European mobile phone manufacturers. China has created a wave of disruption in the mobile phone market by rolling out plethora of phones which have value for money. Buyers these days have an option of choosing from a lot of manufacturers available in the market. Also, buyers these days are looking either for value for money products or premium pricing products. They are interested in phones which offer those better functionalities and an open system. A lot of customer will also be tied with a lot of contract with the mobile phone companies which reduce their power to move freely. However, keeping all the factors in mind, the power of Buyers can be seen as high(Jia & Yin, 2015).

Back in the day, mobile phones were used as a communication device, but in the present day it has become an essential device, a utility, a lifestyle product and certainly a device which has opened whole new dimensions for its consumers. The most popular substitutes for Mobile phones are the tablets, IPAD, Smart watch, Camera, Google Glass and many more. But, none of these substitutes can be seen as a possible threat for Nokia or other mobile phone manufacturers.  Thus, the threat of substitute product can be ascertained as excessively low due to plethora of useful functionalities provided by the mobile phones(Lasserre, 2017).

External Environment Assessment

There is no doubt that Nokia was thrown out of the communication due to failure of management to understand the customer sentiments, and the inability of the company to innovate for the present and the future. IPhone and Samsung were the two major competitors back in 2003-2004, which has now been clouded with dozens of other mobile phone manufacturers who have come up with high tech advanced phones. All the players are more or less providing the same features in the phones, thus it is the price at which all the companies are fighting. The present standing of Nokia is nowhere when compared to its competitors and the company is required to get a breakthrough product to come up with a strong impact of the market. Hence, the threat of competitive rivalry can be seen as excessively high in this case(Shephard et. al.,2016).

The performance of Nokia is a reflection of its internal capabilities as well the shortcoming of the firm and its strategic framework. A lot depends on the internal strength and weakness of the company, on the basis of which the company can create strategies to leverage on the strength and minimize the weakness. A SWOT analysis of Nokia is provided here which would help in analysing the viability and efficiency of the current strategic framework of Nokia(Wheelan et. al., 2017).

Strength · Nokia has a long standing history of success in both the domestic and international markets. Over 100 years of experience certainly puts the company atop over some of its competitors. · Customer perceives Nokia as a customer or a user friendly phone, as it was the first mobile phone for most of the users across the globe. · Nokia has kept reserves for its market expansion and R&D. · Nokia still has one of the largest seller and distribution Network · Strong relation with its software provider Windows and other hardware suppliers. · Strength in customer relations. · Long battery life of its products. · The products of Nokia are seen as durable and strong. · Global expansion. · A reliable and trusted name amongst customers. · A lot of Nokia’s strength is driven from its long lasting experience in the industry, and the name and image it has created in the minds of the customers.

Weakness · Nokia smartphones are constantly criticized for its poor feature quality, such as voice, camera and other such important features. · The phones of Nokia are seen as less stylish as compared to other mobile phone manufacturers. · The failure of the Lumia series can be seen as the biggest blow to Nokia. · Newly edition phone of Nokia have not been not received with much enthusiasm and anticipation, this masks the ability of the company to grasp the customer sentiments. · Nokia has been unable to create wonders of its Tablets. · The company has been struggling to come up with the software which appeals to the customers. · Lack of Innovation and creativity in the organization. It is now simply copying what other mobile phone manufacturers have been doing.

Opportunity · High growth in the mobile phones market. · The device has transformed from being a communication device to an essential device. · Growth and development of infrastructure in terms of technology such as 4G, 5G, Internet of Things, Artificial intelligence and machine learning. · Growth in other smart devices such as Smart watch and tablets. · Increasing demand from the APAC region. · Innovation and creativity in new generation smartphones. · Mobile phones have found utility in almost every sphere of human life, which further demonstrates the growing market size for the mobile handset manufacturers.

Threats · IPhone and Samsung are the market leaders who swept off Nokia from the competition. · Chinese mobile phone manufacturers are increasingly penetrating global markets. The cheap and value for money products are finding customers in large numbers worldwide. · Increasing number of phones with a low price range. · Inability of Nokia to catch up with the current wave of innovation, whereas other players are quickly coming up with new products and also indulging in the practice of Product cannibalization.

(Source: Bala & Singh, 2016)

Thus, SWOT analysis of Nokia states that the company has to focus in innovation while creating new products, focus on its pricing, work on its operating software and come up with a stylish product which would put the company on a high paced growth.

Bowman’s strategy clock model is one of the most fundamental and contemporary models used by business organization to design a strategy in order to analyse its competitive position with reference to its competitors. It can be seen as a diagrammatic representation which illustrates the relationship between the customer value and the price.

Nokia’s smartphones can be seen as increased price and standard product. The company not offer any differentiation in its products and simply takes the product designed by the competitors and tweak it a bit for its consumers. Here the customer is highly dissatisfied as they believe they are Nokia’s pricing strategy is a deviation from its value for money strategy. The company has to use a combination of strategies to increase the market share of its current product, a combination of focussed differentiation, differentiation and hybrid strategy would help Nokia to attain a competitive advantage.

SWOT Analysis of Nokia

Business leaders and organization have understood the fact that the present business environment is dynamic in nature, and in order to achieve the goals of sustainability they have to pick up from a number of growth and development strategies. Ansoff matrix provides a range of possible strategies for Nokia to expand its market size and explore its other options:

This strategy is applicable in the existing market with the existing products and can be seen as the least risky strategy for the company to grow its market share. In order to focus on the market penetration strategy, Nokia has the following options:

• Work on the Pricing strategy and come up with the value for money pricing to grow in the market.
• Work on promotion and discounting offers for the customers. This will help in bulk sales.
• Work on improving the existing customer service, both on social media and customer service centres.
• Create an advertising campaign to attract ad leverage on the existing brand image in the market(Zeschky, Winterhalter & Gassmann, 2014).

The strategy of product development works in new products with existing markets Nokia which distributes products in more than 130 countries and have presence in 100 countries has the possible option to widen its market and promote its products. The company can go forward with bringing a slight improvement in the current offering and target the products to a new customer segment(Craciun & Barbu, 2014).

This growth strategy is for new markets with new products .At this point here Nokia has the option of leveraging the technology and hardware to come up with new products. For instance, Nokia recently launched new smartphones on the android platform to expand its market share. So far, the response to the newly launched phone is lukewarm; however the popularity is expected to grow. The new technology of the company Bokeh has been praised by various tech experts and communication round the globe(Knapp, 2018).

Here the growth strategy is for new markets with existing products. Here the only possible option for Nokia here is to increase its scope of operation in the markets it has yet not entered. However, the company should stick to its strengths while focussing on new markets(Bhattacharjee & Dey, 2015).

The in depth study of the Ansoff matrix provides the readers to assess the strategy which will be best suited for Nokia. As mentioned earlier that the company has to focus on innovation, creativity and design elements while creating new products. It is the product development strategy which will put Nokia in the right place. For instance, Nokia in order to revive from the failure to adopt android model, created smartphones Lumia with Windows as the operating system. However, the company here failed miserably to understand the customer sentiments. Also, the customer are of the opinion that Nokia pricing strategy is not in sync with the product it offers, hence the company has to create value for money products. Thus, product development is the best strategy forward for Nokia, which will help the company to capture the market sentiments and regain the lost market share to its competitors (Medarac, 2014). The above mentioned strategy can also be evaluated on the following elements such as:

PESTLE Analysis of Nokia

The product development strategy has the potential to take the organization on the path of sustainability. The company does not have the cash reserves required to do so, thus it has to rely either on Windows or its present parent company HMD for funds. If the company is able to establish its dominance in operating system, there is no stopping to Nokia to give a strong competition to its competitors. The competence of Nokia in hardware is an added advantage to its sustainability mission, with enhancing its software and designing elements the company can soon me on its path of sustainability (McDonald, Mouncey & Maklan, 2014).

Nokia was a familiar and the only name which the customer could relate to with mobile phone manufacturers. The company was a symbol of trust, quality and faith, it was the same until 2003-2004 when Apple came up with its first I-phone and Samsung began capturing the market with its new OS, Android. The company started losing its market share as it could not keep up with the expectation of the users. However, there still exists a strong brand image of the company; a breakthrough can be accepted if the company comes up with a product which has a value for money. All the stakeholders of Nokia are waiting for the right product in the right market; hence acceptability is not an issue here (Kozielski, 2017).

Most probably, Nokia has all the armour with itself to regain the lost market share and come convincingly as either the market leader or a challenger. The company is experimenting with revamping its earlier feature phones such as Nokia 3310. This strategy was helpful, as a lot of customer used that phone, thus the re-launch of the phone made people fall in memories with Nokia. At the same time, Nokia also launched its new android series phone with advanced features such as Bokeh Mode. Amoled design, Bigger phones, Strong software etc. to expand its product offering. Thus, as far as feasibility is concerned, Nokia’s product development strategy is certainly feasible (Alon et. al., 2016).

Nokia is doing every possible thing it can to achieve the mission of sustainability, however a few recommendation are suggested to Nokia, which would help the organization to expedite its revival strategy:

Nokia is most definitely not one of the best software providers for its handset business, this is the reason the company merged with Windows to develop the software which could beat the competition with Android. However, the intent of Nokia failed miserably as Windows could not create much of an impact over the consumers. Nokia now has to find itself some strategic partners which would help the organization to build its operating system and make it more open. The new android system provided by Nokia certainly is improvement over its windows platform, but it is yet not the most comprehensive software solution to pull Nokia out of its misery. Thus, a couple of strategic partners will help Nokia to bridge the gap in its current product offering (McManners, 2016).

Porter 5 Forces Analysis of Nokia

Bokeh is an exemplary design in the era of new age smartphone, the camera which has the ability to shoot from the front and rear at the same time is definitely promising and has strong utility amongst the consumers. The company has to focus on more such innovation and creativity in its smartphones. Also the consumers are looking for products which would be rank high on design, but also provide them a value for money. Hence, Nokia should work at its bell labs, alongside its innovation and R&D team to come up with the most suitable design for its customers.

Customer service is one of the most important elements for an international company, the company through its customer service centres have to assure the customers that the company is there for them. This feeling and the message has to be reflected from the end of Nokia’s customer service team. The company has to also focus on working on its social media monitoring and digital listening to not lose the most important customer segment, Millennial. It would also help Nokia to address the concern or grievances of tis customers in a much effective way.

Conclusion

The report here on Nokia has been created with the purpose of identifying, evaluating and assessing the strategic performance of Nokia, the renowned global technology and mobile manufacturer. The Finnish company has been subjected to a lot of pressure in the past owing to its inability to understand the sentiments of the customers and its repeated attempt to create a comprehensive product for its customers. Strategy of Nokia can be seen as a combination of its product development strategy, which makes Nokia push itself on the path of Innovation. The company has to work on getting strategic partners which will aid the company to create the operating system which would make the system open for developers and customers. Hence, in order to conclude the study, it can be said that Nokia is working tirelessly to regain the lost market share to its competitors, but the need of the hour is for Nokia to speed up its efforts and reach the goal of sustainability by focusing on Product development.

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