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why Nokia failed in market

 

Why Nokia failed

When we first heard about mobile phones, Nokia was the first brand on the market. Nokia stayed in the market for a decade, releasing new phone models on a regular basis. It appealed to all socioeconomic groups by offering phones in various pricing levels. Millennials would be better able to connect to me. With such an illustrious history, it's difficult to believe that Nokia is no longer prominent in the mobile phone business. But why did Nokia fall short?

This is an important subject, and in this article, we'll look into the circumstances that have led to such a severe shift in the mobile phone market. One thing to keep in mind is that this is not a comprehensive list.

NOKIA'S SUCCESS:

Before we go into the reasons for Nokia's downfall, let's take a look at the elements that led to the company's demise. It's critical to talk about Nokia as a success story. So, let's take a look at the company's achievements and what made Nokia so successful.

In the early days of its existence, Nokia emerged as one of the most successful mobile phone manufacturers. Nokia was the best-selling mobile phone brand in the world in October 1998. It has a 50% market share in the mobile phone market by 2007. The company's wide acceptability in the consumer sector was due to its young and active leadership. New technology, the need to digitize, and innovation were first cited as factors for success.

However, Nokia's collapse as a corporation on a strategic level was caused by its unsustainable growth pace, loss of agility, and lack of inventive leadership over time.



NOKIA FAILURE (NOKIA FAILED):

 In 2013, the same Nokia Company that had a 50% market share had collapsed to fewer than 5% of the whole market. Nokia's management, stockholders, and consumers were all concerned about the company's impending insolvency at the moment. The firm was on the verge of bankruptcy, but Microsoft's participation in the market aided it in regaining its footing. Microsoft did this to rescue the Windows platform on smartphones, but it really handed the firm a fresh lease of life.

Apart from upgrading the company's cellphones, it also began diversifying the business. Nokia now provides network infrastructure as a substantial component of its total offering.

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