NOKIA: Change in Market Strategy
ABOUT THE COMPANY:
In 1865, Fredrik Idestam, a mining engineer, founded a paper manufacturing company and called it Nokia. Finnish rubber Works became a part of the Nokia Company in 1920 and in 1922, Finnish cable Works joined them. All the three companies were merged to form Nokia group in 1967. But Nokia didn’t stopper here, they foray into new ventures like in power and electronic business in late 1970s. By 1987, consumer electronics became Nokia major business. Nokia Corporation (Nokia) is based at Finland. By 1998, Nokia becomes the world’s biggest mobile phone manufacturer. Its focus on telecommunications and its early initiative in GSM technologies made it the leader in mobile phones. Till 1991, company had exported to Europe, Nordic countries and Soviet Union. More than a quarter of its turnover still came from sales in Finland. But after the strategic change of 1992, Nokia saw a huge increase in sales to North America, South America and Asia. Nokia saw unparalleled growth in global sales in 1990s. Due to its strategic change and its decision to cater its product across world, Nokia registered turnover which increased almost fivefold from EUR 6.5 billion to EUR 31 billion between 1996 and 2001. The company makes a range of mobile devices from basic model to high- end mobile handsets which are having business and multi media features. The services and software developed by Nokia also enable people to experience music, television, image, games, business, business mobility and much more. Nokia also provides equipment. Solution and services for communications network to its customer through Nokia Siemens network.
COMPETITION IN MARKET:
NOKIA is a communication based company with main focus on mobile technology. Earlier mobile phones were famous with the technology SMS (short message service). With times there was improvement in technology...
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