Failure of Nokia Lessons from Losers
"We didn't do anything wrong, but somehow, we lost " In 2013, this was the statement given by Nokia's then CEO, Stephen Elop, before selling them to Microsoft in a $7.1 billion deal. Nokia was once the leader of the cell phone market in the world. However, they couldn't keep up with their legacy. From 2007 2010, they faced a gradual decline in their sales. This was the time when iOS and Android were introduced in the market. Adding to the stiff competition by them, Nokia's lack of innovation also resulted in their downfall. Nokia tried to change its strategy, by collaborating their hardware with Microsoft's software. Eventually, it didn't turn in their favor. It is still mindboggling how fast Nokia fell from the top rank of the dominant phone company to being sold to Microsoft within five years. How did this happen? And more importantly, can this happen to other companies as well? Those are the questions that the researcher tried to figure out in this study.