I read recently about European Giant Nokia in trouble, being a user of nokia I read the complete story. Here is a abstract for you out of that story.
In 1990s Nokia was considered as a King of Mobile handset market globally. Especially in Europe every political leader of Europe praised Finland based Nokia and Sweden based Ericsson as unconquerable warriors of Europe and hence made Nokia management idle and struck in self appraised mode. Over a period of time new entrants came into the market like Samsung and LG. They were not much welcomed in the dynasty of nokia as people are addicted to nokia handsets.
The reasons of fall back of nokia despite all this are
1. Not following the new technology trends and requirement of people.
2. Improper response to price war.
3. No Tie up with social networking sites like facebook, twitter etc.
4. Upgrade and affordable additions to nokia apps were missing.
Now the learning which came loud and clear out of this situation are:-
1. Keep track of market trends.
2. Should know what is in demand by public, basically knowing the right pulse of customer.
3. What the competitor is selling and how is the response of customers.
This brings the solution to nokia issue:-
1. The sales volume is still quiet high which is positive to nokia as per the sales figure and profile loss analysis for year 2010-11 comparing of nokia with htc, samsung, RIM etc. Still they can catch up.
2.Connect with the upcoming google+ and google chrome this could be a good advantage to nokia also orkut could now be added with nokia which these two down products can do wonders together as team.
3. Samsung is a major competitor hence need to study the complete range of there products as they are not focusing on premium customers nokia could fill in gap of samsung in higher segment and RIM in lower segment.