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For this project I have been instructed to come up with a marketing strategy for an existing company/product I have chosen to do Nokia communications, particularly the mobile phone sector of Nokia's business. To do this properly I will need to:*
Appropriately identify, collect and use primary and secondary data that is relevant to the marketing strategy of Nokia
Marketing Strategy “Wherever, whenever, we believer incommunicating, sharing and in the awesome potentialof connecting the 2 billion who do, with the 4 billonwho don’t”At Nokia, customers remain our top priority.Customer focus and consumer understanding mustalways drive our day-to-day business behavior.Nokia’s priority is to be the most preferred partner tooperators, retailers and enterprises.Nokia will continue to be a growth company, andwe will expand to new markets and businesses. Worldleading productivity is critical for our future success.Our brand goal is for Nokia to become the brand mostloved by our customers.In line with these priorities, Nokia’s businessportfolio strategy focuses on five areas, with eachhaving long-term objectives:- Create winning devices- Embrace consumer Internet service- Deliver enterprise solutions- Build scale in networks- Expand professional servicesThere are three strategic assets that Nokia willinvest in and prioritize:- Brand and design- Customer engagement and fulfillment- Technology and architecture SWOT analysis
Strengths • Nokia has long established identity (1898); lots of available resources (financial, etc.) • Nokia has high penetration rate in Europe, especiallyin Northern countries (close to 100%) • Nokia Consumer Electronics has access to innovativetechnology through group companies
Weakness • Lack of centralized marketing strategy andchampion; completely different positioning strategydepending on the country • Too many brand names (100) in one market;problem trying to find balance • Corporate culture is highly technical andoperational: So what if the customer does notunderstand!; lack of customer service priority Opportunities • Potential for brand name sales in Europe and Asia-pacific • Growing replacement and supplement televisionmarket • NCE has opportunity of using its technology toenhance user-friendliness Threats • The market for color TVs and VCRs is amature/saturated market; consumers are buying lessoften and only to replace older units (same trend forall countries across Europe Can’t differentiate based on technical advancementor price; competitors too fast to match • Impact of recent purchases (for example, Sony) andmergers is unknown; competitors are getting largerand integrating supply chains • Competitors (Samsung, Gold star, Daewoo) quicklyand successfully building brand name and imageBranding Strategy In the color TV market, neithertechnology nor price provides a competitiveadvantage. The decision a consumer makes topurchase is primarily motivated by emotion, and isdriven largely by comfort level with a particular brand.A successful branding strategy for NCE is, therefore,critical to gaining a competitive advantage.Specifically, NCE should brand for the followingreasons: • Competitive advantage is gained through brandname (not technology or price) • According to brand awareness studies, Nokia isrecognized most of the time (in Germany, France,Italy, UK and Norway), but not necessarily affiliatedwith consumer electronics such as TVs and VCRs• Consumers buy televisions based on emotion• Consumers perceive value in features that aremarketed as userfriendly. In the past Nokia hasrelied heavily on its ability to innovate—it is a strongtechnology company.However, it is not good at introducing or packagingthis technology for consumers. It must introduce anew mindset to NCE; a strategic shift that encouragescustomer service and international marketing.Internal Management Challenge faces at least twochallenges within NCE that he must addressimmediately:1. Lack of a marketing champion in corporateheadquarters2. A continued reliance on technology as the mainmarketing approach. For example, the remote controlTV mouse is
centered on technology and may frightenaway potential customers who may perceive it as tootechnical.
DATA CAN BE COLLECTED IN TWO FORMS. 1. PRIMARY DATA2. SECONDARY DATA METHODS USED IN PRIMARY DATA INCLUDE SURVEYS INTERVIEWS QUESTIONNAIRES METHODS USED IN PRIMARY DATA INCLUDE JOURNALS BOOKS CENSUS DATA NEWSPAPERS etc.
* Produce a clear analysis of the external influences affecting the development of a marketing strategy.
THE PESTLE FACTORS Political The Political factors relates to the factors which the government also affects such as government instability or rules and regulations which the business must follow. Nokia have recently moved one of its manufacturing facilities to India, and because of this it is important that Nokia follow the rules and regulations that are set in India, so that they can operate as efficiently as possible. The types of things they will have to be aware of is the minimum wage, the maximum hours a week employees can work and especially the Health and Safety regulations; this is to avoid any bad press or revolt from employees that will ultimately damage the reputation of Nokia both short term and long term. As well as foreign government it is vital that Nokia have a good relationship with their government in Finland, as any political instability such as a change in government or coalition may result in new laws being implemented, which will affect Nokia a lot Economical
Nokia are vital to the Economy in Finland as it currently occupies a third of the market on the Helsinki stock exchange. The organisation is so important to the economy of Finland that the government had to step in when the business, earlier this year Nokia planned job cuts in Finland and with fears of what that would do to the economy the Finnish government stated they were prepared to help find jobs for those who are sacked (Reuters, 2011). Nokia will also have to be aware of changes in exchange rates, as they operate on a global scale and drastic changes in rates can have a devastating effect on the financial operations of the company if the business do not take appropriate steps to ensure the effects are minimum. The threat of recession on western economy has also had an effect on the interest rates in banks, which means the cost of borrowing money for business activities has increased and Nokia will need to be aware of the changes in interest rate. Social With Nokia mainly operating in the Western market it is important for them to fully understand the social factors in these markets and the main factor they need to understand is the culture of the society; which is to have the latest and most up to date phone, is considered a key fashion icon. Consumers are always after the most innovative and best looking Smartphone because in today’s culture people are judge on how fashionable they are by their choice of mobile phone. The increasing trend in Smartphones means when consumers purchase new mobile phones less and less consumers are choosing the standard mobiles phones over Smartphones because of the social trend in today’s society. Nokia will be aware of this and may now spend the majority of their efforts developing a Smartphone that can compete with their rivals’ products, in order to keep up with the trends of their consumers. Technological The technological advances in the industry are vital to the success of any new Smartphone in the market that is continually growing, as the level of competition rises Nokia must ensure that their Smartphones are at the highest level of innovation. With functions such as camera, internet, social networking and email all necessities on Smartphones Nokia will have to think of other functions to help differentiate and stand out from its rivals. As well as function more and more consumers are looking at the software running all the functions as a key indicator of the success and quality of the Smartphone, so Nokia’s alliance with Microsoft for their latest Smartphones seems a very good move as everyone are aware of the technological capabilities of Microsoft and the value they can add to any technological product. In the past Nokia were the market leaders in innovation in the mobile phone industry, however in recent times they have seemed well off the mark and struggle to compete with their rivals. This is why Nokia must consider their position in the industry and attempt to once again become the market leader by offering a new innovative capability and get to the market before its rivals. Legal Intellectual property is the key to any technological business and must be cared for and protected to the fullest amount to ensure the business does not lose out to rivals. Nokia operate in an industry where it is very difficult to have a product that is different to its competitors, when they do release a product with an innovative capability it is vital to protect the rights to it through patents, copyright,
trademarks or design to ensure they are not “stolen” by their competitors. Not only are competitors a threat of intellectual, but Nokia must ensure they do not fall victim to counterfeiters who claim to be a Nokia products but are cheap knock-offs. As Nokia have manufacturing plants in a various countries it is extremely important that they abide by the laws and regulations set by the different countries as the laws will differ depending on the country, these can be employments laws, Health and Safety or even trade restrictions. Environmental In today’s culture it is very important for organisations to be seen as environmentally friendly and ethical with its manufacturing, because of the global effect it has on global warming so Nokia must ensure that they operate in an appropriate manner. With mobile phone recycling organisations becoming more and more popular, this demonstrates how important people are regarding it. The main issue with mobile recycling is the disposal of the batteries in the phones as these can become dangerous if not disposed of appropriate
* Complete a realistic rationale for the development of a coherent marketing mix for Nokia communications.
The marketing mix are four principles of marketing that enable a firm to develop their strategy around providing the right product, at the right price, promoted to the right target audience who can then purchase the product at the right place SO BASICALLY THE MARKETING MIX FOR NOKIA COMMUNICATION CONTAIN 4 FACTORS PRODUCT PRICE PLACE PROMOTION
* Show a full understanding of a marketing strategy for Nokia with a clear understanding of marketing principles.
MARKETINGPRINCIPLES 1. Customer satisfaction: Market research must be used to find out whether customers' expectations are being met by current products or services. 2. Customer perception: this is based on the images consumers have of the organization and its products, this can be based on; value for money, product quality, fashion and product reliability.
3. Customer needs and expectations: This is anticipating future trends and forecasting for future sales. This is vital to any organization if they wish to keep their entire current market share and develop more.
4. Generating income or profit: This principle clearly states that the need of the organization is to be profitable enough to generate income for growth and to satisfy stakeholders in the business. Although satisfying the customer is a big part of a companies plans they also need to take into account their own needs. 5. Making satisfactory progress: Organizations need to make sure that their product is developing along with the market, if a product is developing well, then income should increase, if not then the marketing strategy should be revised. 6. Be aware of the environment: An organization should always know what is happening within their designated market, if it is changing, saturation, technological advances, slowing down or rapidly growing, being up to date on this is essential for companies to survive.
* Produce a full, well-balanced marketing strategy that reflects appropriate use of marketing models and tools.
.The marketing tools can be-: Radio Television Hoardings
Emails Newspaper etc
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