STEEP analysis for Nokia
Nokia Corporation engages in the manufacture of mobile devices and mobile network equipment, as well as in the provision of related solutions and services worldwide. The company has four main business functions or segments: Mobile Phones, Multimedia, Enterprise Solutions, and Networks. STEEP analysis identifies the social, technological, economic, environmental and political factors that of which directly affect a company. Social factors
Socio-culture focuses on the next factors: culture, social classes, diversification of different classes among consumers, lifestyle, income level, different demographic and psychological factors. With Nokia mainly operating in the Western market it is important for them to fully understand the social factors. For instance, Consumers are always after the most innovative and best looking Smartphone because in today’s culture people are judge on how fashionable they are by their choice of mobile phone. The increasing trend in Smartphones means when consumers purchase new mobile phones less and less consumers are choosing the standard mobiles phones over Smartphones because of the social trend in today’s society. The rise of the so-called information society has made telecommunications increasingly more important to consumers, both in terms of work and leisure. Users are more aware of mobile phone handset choice and advancements due to increased information availability. Now it is necessary for people that their mobile phones satisfy all recent trends. Nokia will be aware of this and may now spend the majority of their efforts developing a Smartphone that can compete with their rivals’ products, in order to keep up with the trends of their consumers. Technological Factors
The technological advances in the industry are vital to the success in the market. But level of competition rises, that is why Nokia must ensure that their phones are at the highest level of innovation. Nowadays the strongest competitors...
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