Marketing Strategy for Nokia Essay
Communication plays a very important role in our life. Nowadays, cellphone is one of the “must-haves” in our day to day living. With its large target market, different mobile telecommunication companies have been trying to penetrate the markets to offer their latest innovative mobile products. One of the famous and successful mobile phone manufacturers in the world is Nokia. Like any other companies, Nokia has been able to use strategies and approaches to meet the needs and demands of their target market.
It keeps being the leader in the mobile telecommunications relies on its plentiful experience, technology innovation, and scientific marketing strategy. However, it can be said that the company still needs to consider other strategies to remain competitive in the market because of the cut-throat competition in mobile communication. This can be evidenced by their shares to dramatically down by 20% due to the penetration of their competitor. Nokia must be able to have an intensive marketing plan to ensure success and apparently, their experience to eat the humble pie won’t happen again.
With the emergence of Apple Iphones today, the strategy of Nokia relies on growing, transforming, and building the Nokia business to ensure its future success. Although Nokia is an established multinational company, the management must still be able to use different strategy that would sustain Nokia’s competitive advantage and ensure market success. The marketing plan must include the business strategy that Nokia must use which includes the strategic intent, competitive strategy and marketing mix. The strategic concept of Nokia is to take the demand-side strategy.
In doing so, Nokia subdivides the whole market into several objective markets according to the researches about the partialities of different individuals. And then the different types of mobile phones are put into the market aimed at attracting different groups. The competitive strategy of Nokia aims on improving the innovative ability to win the competitive advantage. Strong technological innovation ability makes Nokia stand in the most forward position of mobile industry all the time, and characterized this brand a special vitality.
And the marketing mix of Nokia aims on using the integrated marketing strategy including product, price, promotion and place. It values the construction of the brand the orientation of its products and pays a lot of attention to technology improvement. It increases the sales through sensitive advertisement, presentation to celebrities and large scale of entertainment. Nokia also should make a great effort to innovate upon technology, produce new mobile phones continuously, create good cooperative relationship with local companies and carry out humanized management.
For long term marketing strategy, the following recommendations should be considered. In terms of target market, or position strategy, Nokia must be able to enhance their strategy of targeting specific group of individuals by downsizing their number to those who have the purchasing power and the demand for their products will be considered as the niche market of the business organization in selling their ideas and products.
In line with positioning, the major task of Nokia here is to decide more usage situations for consuming the product. This is easier for food products may be difficult for functional like mobile phone products. On the other hand, the second strategy would be for the company to go after the non-users. Most companies employ a dual strategy for attracting both users and non-users alike.
In order to get an idea of how large the potential market among non-users, a market penetration study must be implemented called the Usage, attitude and Image (UAI) study. Using this tool would evaluate the opportunities existing outside the company’s present market. In order for Nokia to stay in the competitive market, the company must be able to use different strategies and approaches that can be able to provide the needs and demands of the people in terms of Nokia products and services.