Discuss about the Business Information Analysis for Case Study of Nokia.
It takes effort and devotion for companies to establish roots in international markets. Many companies try and have failed terribly. Nokia a telecommunication network company and has managed to get space into the global market. The company from the United States of America has had immense influence on the global market and its presence has been felt widely.
In the mid 1860’s, the inquisitiveness of one Engineer Fredrik Idestam a miner from Finland brought into existence one of the most distinguished telecommunication Technology Brands named Nokia with the help of his friend Leo Machelin. The company began as Nokia Ab which was majorly involved in electric business. In the1970s the company became involved in the telecommunications industry.
With time competition in the telecommunications industry became intense which made it necessary to invest in marketing to remain competitive. This effort has been put in place over the years enabling the company to be among the top telecommunication Companies not only in Finland but all over the world.
Globalisation is the new order of the day in the modern business world. All companies are striving to produce products and services for global markets. A number of companies have managed to produce global products. Among these is the Nokia Company.
Penetration into the global markets requires marketing of the products. The most important aspect in flourishing of any business would heavily rely on the marketing strategies put in place. A business expands because it invests in research. With intensive research, the business understands its market and then finds the most suitable ways to reach out to the market to grab a significant portion of the market.
This study will focus on global telecommunications Company named Nokia. Nokia brand has been in the market for quite a while but despite the emergence of new companies in the telecommunications Industry, the company has retained its market share not only in its country of Origin but all over the world.
Over the years Nokia has remained ahead of its main competitors Samsung and Aple. Several questions have been raised on what exactly has been the reason for this success. It has emerged that the reason for this success has been mostly because of its marketing strategies. The marketing strategies embraced by the company make it stand out among its competitors. Some of the most common marketing strategies that the company uses include advertising, diversification of products and re-branding.
The research proposal will be guided by the objective of determining the effects of marketing strategy on the market share of Nokia.
From the case study one company has been chosen, the following research questions will be used:
To have a clearer understanding of the marketing strategies the literature review has been conducted to understand the effect of marketing strategies.
A good marketing strategy is a key to success for every company. With the effects of globalization which is felt in every aspect of business today it is crucial for companies to stand out in their marketing strategies in order to grab a niche in the market. This therefore means that failing to implement a good marketing strategy can be a major cause of failure in business.
`Kenichi Ohmae (2001) a Japanese Strategy guru, furnishes the marketing with the concept of the 3C’s (Customer, Corporation and Competitor). He suggests that if these three are figured in, a company will attain a sustainable competitive market.
For so many years, Nokia has been dominant among the telecommunication Companies. This is an industry that has been marked with intense competition with each o the players trying to outdo the other. In such a scenario therefore, the marketing strategy employed become very important in determining the market share for each company.
Nokia has engaged various strategies to retain its market share including targeting part in major sponsorship deals targeting various sporting activities.
According to an Indian business research journal (2012) the measure of the changing effects of advertising demonstrate that the marketing variable have immense contributions to the performance of a product in the market. These effects are usually short and long term and affect the sales as well.
Companies are producing more than needed by consumers and therefore, it requires some selling efforts for them to survive and to generate profits Obeng and Kwadwo (2001). Although advertising service is one element in marketing mix, it has become almost the only commercial venture that companies use to achieve corporate objective and long term profitability.
It has emerged that in the recent years, the telecommunications industry has continued to grow attracting several other companies like techno and Infinix which have come in to provide the variety needed to satisfy consumer needs. Nokia continues to shine with almost 40% of the market share.
Purchase of Nokia products varies among different age groups with the younger generation mostly those with Android operating systems. This means that Nokia Company has a wide range of Customers with unique needs.
According to (obeng and Kwadwo, 2001) the desire for companies to make their products unique from the rest has made a number of companies to invest heavily on marketing campaigns in order to stay ahead of their competitors.
Several scholars have attributed the high competition in the Telephone industry to a number of factors including, cost, quality, durability and additional features among other considerations. Uniqueness of products enables them to enjoy large market share with less competition (Kenichi, 2001)
Nokia has invested in the advertising and has mainly used the sensationalization to appeal to the most treasured time indicating family and friends association.
Conclusion
From the above reviewed literature, marketing strategies are vital to success of businesses. The marketing strategy employed in a business determines the market share of company. Nokia stands out in the telecommunications market share not because it has the best products but because it has realized the power of marketing and has invested time and resources to ensuring that its brands are popular among most countries of the world.
The Company has also invested in branding in addition to the diversification of its products. The latest of its diversification is the introduction a wide Android phones and cheaper phones to suit the needs of all its clients.
A good marketing strategy contributes to the success of the company. Nokia Company has invested heavily in marketing their products which has made the company stand out from the stiff competition in the market. This is partly because other companies have not successfully invested in quality products, as well as the marketing and branding of their products.
All companies should invest more in marketing in order to gain a larger market share. From the literature review companies that have invested well in advertisement have gained more market shares.
Companies should invest in advertising strategies that have long term effects to the consumer .A company like Nokia has slogans that have remained in consumers mind for a very long time.
Dealing with global products also comes with many challenges. With the increased brands in the market it is important for companies to invest in marketing in order to make their companies stand out.
Companies can also embrace producing high quality products so that they can keep and attract more customers and maintain their space in the market. Such a move will ensure that competitors are only left with only one option of accepting their subordinate role in the market. Nokia Company can also focus on the new customers in the market and identify their various needs through informed research aimed at finding solutions to these needs.
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