How fear of change, lack of innovation led to Nokia’s failure?

Market Failure is the exiting of the company or the business from the market. Inefficiency whether in the supply or the demand could lead to market failure. One of the actions that could be resulted because of market failure is privatization. Privatization happens when the government fail to manage the business and cope with the crisis that could happen in the market. This failure will lead to a debt increase, so the government expenditure will increase, and this will force the government to sell the company to private investor or investors (Privatization). British Petroleum Company was one of the firms that were completely privatized by the United Kingdom government in the year 1987 due to many reasons. The purpose of the paper is to present the process of privatization of British Petroleum and clarify the prerequisites for market stabilization. In addition, this paper will discuss the main recommendation and policies that can be implemented for this company to succeed to regain its market share. Also, the paper will explain the effect the market failure has on the sustainable development goal (SDGs).

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Analysis of Business Decisions that caused Nokia to drop its Legacy and its Rebirth in 2017 using Nostalgic Marketing Approach: A Case Study

V.¹,

Devi

2021

IJCSBE

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Purpose: This article will investigate the causes for Nokia’s failure to stay afloat in the market, as well as how the company resurrected in 2017 by employing a nostalgic or sentimental marketing strategy. Technology management on a strategic level at Nokia Corporation is thoroughly examined and analyzed in this study. Nokia used to be the market’s dominant corporation, leader, and pacesetter until it had a massive market disaster. We inferred that the problem at Nokia was not the absenteeism of advancement, but in its place, it was due to a lack of innovation estimation and a misunderstanding that the requirements in the mobile phone market were not only about displaying a cell phone that makes verdicts, sends messages, and connects to the internet, but also the stage that connects all of these volumes together. Finally, this article describes how Nokia’s revival was achieved through the use of a nostalgic or sentimental marketing strategy. Objectives: We aim to present the reasons behind the failure of Nokia and its return using Nostalgic marketing approach to do a comparison analysis with its competitors and make recommendations to improve the company based on the findings Design/Methodology/Approach: Journals, as well as a variety of internet resources such as websites and blogs, were used to conduct this company analysis. A SWOC Analysis was used to analyses the Nokia corporation. Findings/Result: Till 2008 Nokia was the pioneer in the mobile phone market. Based on the study done it’s clear that Nokia failed to acquire smart phone market because Nokia couldn’t recognize the customer needs, didn’t Analyze the Market Accurately and also lack of implementing innovative technology in its product which customer needs. Nokia was focusing on implementing traditional Symbian operating system to its smart phone but Samsung choose android as its operating systems for its smartphone at the right time, which met the customer requirements. In 2017 Nokia came with nostalgic marketing approach by re-creating its old Nokia 3310 handset with modern features such Bluetooth, GPS, Wifi. Originality/Value: Based on data from secondary sources, this article investigates the reasons why Nokia failed to gain access to the smartphone market, and explores its comeback through nostalgic marketing strategies. Paper Type: Research Case Study.

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How fear of change, lack of innovation led to Nokia’s failure?

Cited by 3 publications

References 6 publications

An Empirical Study on Digitalization's Impact on Operational Efficiency and the Moderating Role of Multiple Uncertainties

An Empirical Study on Digitalization's Impact on Operational Efficiency and the Moderating Role of Multiple Uncertainties

Case Study of British Petroleum Privatization

Analysis of Business Decisions that caused Nokia to drop its Legacy and its Rebirth in 2017 using Nostalgic Marketing Approach: A Case Study

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