[Date]

The Rise and Fall

of Nokia

NilimaPokharel
 INDIVIDUAL ASSIGNMENT
TECHNOLOGY PARK MALAYSIA

BM020-3-M-MO

Managing Organisation

INTAKE CODE

HAND OUT DATE: 13 June,2022

HAND IN DATE: 13 July,2022

INSTRUCTIONS TO CANDIDATES:

1 Students are advised to underpin their answer with the use of references
(cited using the Harvard Name System of Referencing).

2 Late submission will be awarded zero (0) unless Extenuating

Circumstances (EC) are upheld.

3 Cases of plagiarism will be penalized.

Contents
Introduction......................................................................................................................................4

Background..................................................................................................................................4

Objectives....................................................................................................................................5

Analysis and Discussion..................................................................................................................6

Historical development of the company......................................................................................6

Overview of the company........................................................................................................6

Major transitions of Nokia Company......................................................................................6

Competencies of the Corporation............................................................................................7

Personality counts................................................................................................................7

Brand name..........................................................................................................................7

Research & development.....................................................................................................7

Mass production...................................................................................................................7

Corporate culture.................................................................................................................7

Success factors of the company...............................................................................................8

Market demand....................................................................................................................8

Youth market and fashion-oriented costumers....................................................................8

Positive outcomes in mobile phone division.......................................................................8

Downfall factors of the company............................................................................................9

Resistance to Smartphone Evolution...................................................................................9

The deal with Microsoft.......................................................................................................9

Failed marketing strategies................................................................................................10

Moving too slow with the Industry....................................................................................10

Lack of innovation in products..........................................................................................10

Nokia’s comeback after downfall..........................................................................................10

Finland current situation............................................................................................................11

Pandemic crisis in the Country..................................................................................................11

 Economy of the country.............................................................................................................12

Nokia Corporation’s financial health.........................................................................................13

Future Directions...........................................................................................................................14

Strategies suggested...................................................................................................................14

Early preparations for new Covid-19 variant crisis...........................................................14

Implementation of Rigid rules and regulations.................................................................14

Mobile brand marketing through online ads......................................................................15

Deep communication between the company and employees............................................15

Identification of weakness and strength............................................................................15

Quick adaptation to changing mobile industry..................................................................15

Recommendations......................................................................................................................16

Conclusion.................................................................................................................................16

References......................................................................................................................................17
 Introduction

Background
Business transition is the process of change of ownership of a business (Transition?, 2022). The
change may be success of the company or the downfall. With the origin of the new pandemic
Covid- 19 since 31 December 2019 as stated by WHO, many businesses and organizations faced
negative transition that made them difficult in achieving the goals of their business. Many
industries had downfall and they had a huge loss. But however, some companies kept up their
courage and fought with the unexpected transition of their business to move their company
forward towards success. Among many known companies, Nokia is one of the recognised mobile
company that too faced Covid-19 transition.

Nokia Corporation is the well-known mobile company all around the world with the tagline
‘Connecting people’. Recognised as world’s one of the biggest communication equipment
manufacturers, it has established many brands in the market expanding its business in many
countries in order to achieve customer’s need and necessities. It produces communication
equipment for GSM, CDMA and WCDMA ("Company Overview On NOKIA | The Lawyers &
Jurists", 2022). It also provides telecommunication equipment for ISDN, mobile radio, traditional
voice telephony, wireless LAN, satellite receivers and voice over IP. It has more than 130
countries in operation and 4000 patent families that are declared as essential to 5G. The company
has completed 155 years of business and has won 9 noble prizes.

Covid-19 that originated from Wuhan city, China spread widely over the world affecting
renowned companies like Nokia Co-operation. Not only Nokia it affected other mobile
companies too. During Covid-19 Nokia corporation faced many difficulties such as lack of
manpower, shortage of materials, rise in the cost of resources and fear of spread of Corona.
The study is focused on the discussion of historical background and current situation of the
Nokia Corporation and it also aims to find out on how Covid-19 brought huge transition on the
Nokia Corporation and how the company dealt with the change.
Objectives
The objectives of the study are as below:
 Introduce Nokia Corporation.
 Discuss the historical background of the Nokia Corporation.
 Overview the Nokia Corporation
 Identify the competencies of the company.
 Determine the success and downfall factors of the company.
 Detect how Covid-19 lead the company towards transition.
 Understand the pandemic crisis and economy of the country.
 Find out the company’s current financial health.
 Suggest strategies for company’s better future  Give recommendations for the company.

Fig: Objectives of the Report

 Analysis and Discussion

Historical development of the company

Overview of the company

The name ‘Nokia’ was originated from the name of the river ‘Nokianvirta’. The word noki means
soot and nokia is the plural form of noki. Nokia co-operation was established in 1865 A.D. at
Finland. Initially, the Company was founded as a paper mill by an engineer named Fredrik
Idestam but later it started to generate electricity and then Nokia Corporation was luckily born in
1967 A.D. After Nokia Corporation was developed in 1967 from a simple paper mill, the
company started to do business in rubber, forestry, cable and electronics. During the phase, it
initiated creating communicating devices and slowly, it focused more and more in
communication field.
The current CEO of Nokia Corporation is Pekka Lundmark.

Major transitions of Nokia Company

Below are the major transitions of Nokia Company:

 In 1967, Nokia Corporation was born from a simple paper mill to Electronics Company.
 First portable mobile phone was launched in 1987 named Mobira Cityman 900.
 The 1st GSM call was successfully made by using of nokia equipment.
 In1998, the company became the best mobile phone selling brand in the entire world.
 Nokia was known for contributing 4% of Finnish GDP and raising Finland’s economy.
 The company produced the 1st camera phone in 2003 ("Our history| Nokia", 2022).
 The Corporation won the ‘Best mobile imaging device’ title in 2007 for the production of
Nokia 3600/3650 camera phones.
 Nokia had to compete with Apple and Google companies from 2007.
 The Corporation fired 10 thousand employees due to the huge loss reported in 2011.
 Nokia did partnership with Microsoft Company to create better operating system for its
mobile phones. But unfortunately, the operating system of Microsoft didn’t attract any
customers and it had huge loss. Therefore, the mobile and devices division of Nokia
Company was sold to Microsoft in 2013.
Competencies of the Corporation

The slogan of the Nokia Corporation is ‘Connecting People’. The corporation’s mission is to
connect every people with each other all around the world. The slogan itself is the major
competency of the company that touches the heart of the people by its beautiful sentence. The
other competencies of the Nokia Company are as follows:
Personality counts
The company has the ability to detect the right candidates to fit into the Nokia team. It evaluates
candidates’ character while employing engineers. It assures that technological capabilities are
easier to evaluate and acquire rather than personal abilities that plays a part in the company’s
team regulated traditions ("Strategic Management Nokia", 2022).

Brand name
Nokia brand has power to attract customers. It has a successful history and almost known every
people around the world. It has excellent client package. The brand name has the ability to
continuously function despite complex market conditions.

Research & development

The company is serious on financing in its research and development sectors. 9.5% of the
company’s revenues was invested on R&D. To achieve growth in its technology, Nokia deals
with universities, research institutes and related corporations.

Mass production
Nokia has the ability to mass-produce its products fast to fulfil the needs of its clients. Almost
half of the market section of mobile phones is occupied by the company. They produce mobile
phones according to the interests and needs of the customers in order to satisfy the customers and
visit the company’s products again in future.

Corporate culture
The corporate culture of the company makes them clear why they exist. Its slogan “connecting
people” represents its culture and describes the cause of its corporal amenities.

Success factors of the company

Success of Nokia Corporation began when Kari Kairamo became the CEO of the Corporation in
1977. He introduced the company with attractive television brands such as Salora and Luxor AB
that aided the company to become the third largest television producer of Europe. After the
suicide of Kari Kairamo, next CEO turned the company into telecom oriented. The business of
the Nokia telecom touched the success rate very high with huge profit than expected. First
portable mobile phone Mobira Cityman 900 was launched in 1987. With the use of nokia
equipment, the 1st GSM call was successfully made. Nokia Corporation became the best seller of
mobile phone brands. Around 1998, it earned great profit with the revenue of $20 billion (Garg,
2021). By the 2000, more than 50 thousand employees worked in the company. It branched its
telecommunication business over 130 nations. It contributed highly in Finish economy and 4% of
the Finish GDP was accounted by the Nokia Corporation. Continuously, it produced Nokia
3600/3650 camera phones and in 2007, it won the ‘Best mobile imaging device’ title.

The main factors of the company success are as follows:

Market demand
People were bored of using telephones and they wanted portable mobile phones which they can
carry wherever they go. After nokia launched its first mobile handset, market demand increased.
People were pleased by the mobile phones as it was comfortable, easy to carry and use. Nokia
was the first company to introduce portable mobile handset. The new and portable mobile phones
attracted customers and the market demand of Nokia increased tremendously.

Youth market and fashion-oriented costumers.

The major reason of Nokia Corporation is that it targeted the youth market. Models of Nokia
were displayed in a several range of colours that attracted youth and fashion oriented customers.

Positive outcomes in mobile phone division.

The tremendous growth of mobile phone sector in the market made the company leaders wise to
recognize the needs and interests of consumers. So in order to fulfil consumer’s needs, the Nokia
introduced GSM call, camera phone and interesting games in mobile that gained big market for
the company in several countries.
Downfall factors of the company

Downfall of the Nokia Corporation began from the end of 2007 when Apple Company
introduced iPhone. Apple gained 5% of the global market share in 2007(Minds, 2018). By the
2010, Apple and Google companies grew its business rapidly while Nokia remained stubborn in
not accepting the android operating system of Google. ‘The iPhone Killer’ was launched by
Nokia but it was not successful to beat the competition of other telecom companies. In 6 years,
the company’s market value decreased by 90%. By the 2011, the company was in a complete
loss. Therefore, it cooperated with Microsoft Company to implement new operating system for
its mobile phones.
But unfortunately, the collaboration with the Microsoft didn’t give positive outcomes and the
market share of Nokia reduced. The greatest loss was reported in 2011 and the company fired 10
thousand employees. Finally, Nokia sold itself to the Microsoft Company for $7.2 billion.
The main factors of the company’s downfall are as follows:
Resistance to Smartphone Evolution
Nokia refused to accept the android system for its mobile phones. Other manufacturers of mobile
phones were busy on improving the operating system of its smartphones while Nokia stayed
stubborn on improving only the hardware system of smartphones.

The deal with Microsoft

When Stephen Elop became the CEO of Nokia Corporation, he drive the corporation towards
Microsoft and killed the platform of Nokia series: Symbian, MeeGo and Meltemi that had the
chance of growing future sales (H.Namavar, 2012). With the advice of Stephen Elop, the
company implemented windows operating system of Microsoft that didn’t attract customers. The
deal with Microsoft was the worst decision that Nokia had ever made. Nokia N9 also called
Meego was launched in 2011 and Lumia 920 in 2012 with advanced features. These phones
achieved positive responses from the mobile market. Asha series was also fruitful. The company
was starting covering up its losses but unfortunately, the Corporation sold itself to Microsoft. The
company was sold to Microsoft when it was dealing with sudden losses while Samsung and
Apple kept on improving themselves in innovation and technology. The huge billion dollar
Nokia Company was sold to Microsoft for just $7.2 billion. The Microsoft’s windows operating
system didn’t work out in market and Nokia brand destroyed its own career by giving its future
in others hand.
Failed marketing strategies
Nokia pursued an ineffective umbrella branding strategy. Apple Company was the first one to
apply umbrella branding strategy followed by Samsung. Apple and Samsung were successful
because they added new branding models every year while Nokia focused in only umbrella
branding. Umbrella branding failed to grow the business of Nokia. Unsuccessful marketing
strategies also played important role in unfitting of Nokia in mobile industry.

Moving too slow with the Industry

Nokia Corporation never accepted new evolving technologies and trends. The company was
famous for the strong hardware system of mobile phones and it didn’t pay much attention to
software system (Shrivastava, 2022). Mobile industry was evolving with new trends and
technologies whereas Nokia stuck with its same routine of old technologies. Its business required
diversion and when they realised this, it was too late for them to catch the pace of mobile
industry.
Lack of innovation in products
Nokia came with windows phone every time with primary features while Apple and Samsung
launched advanced smartphones every year. Lumia 920 series had a positive response initially
but gradually, that also collapsed because of absence of innovation. The unappealing and
ordinary features of Nokia phones didn’t please any customers. In the generation of 4G network,
Nokia mobile phones didn’t even consisted 3G network system. Lack of right decisions and
innovation collapsed the Nokia Corporation in a way that it was very hard for them to bounce
back in market.

Nokia’s comeback after downfall

By the 2016, Nokia Company was with left network materials only as it sold its mobile division
to Microsoft. Fortunately in 2016, the company’s CEO Rajiv Suri announced that it will be
coming to its mobile phone trade. Gently, Nokia achieved Alcatel brand of mobile phone. It
launched Nokia 6 smartphones in 2017. Taking a lead in 5G networking, it cooperated with NTT
Docomo of Japan for 5G radio base station (Garg, 2021). For doing research in 5G, the Canadian
government assisted Nokia Corporation in 2019. In 2020, Nokia had collaboration with Flipkart
for marketing Nokia products in India.

Current situation of Finland in midst of Covid-19 crisis

Finland current situation
A Chinese man was diagnosed as the first case of Covid-19 in a resort of Lapland in Finland on
Jan 29, 2020. By the mid-March, the COVID-19 initiated to evolve around the country soon after
the World Health Organization declared Covid-19 outburst as a pandemic (Tiirinki a et al.,
2020). In comparison to other countries, Finland had a late arrival of the pandemic that gave
them to implement regulations and preparations early. Finland has distributed health system that
is categorised by municipalities having rights to assemble health care for the residents by
themselves. Finland is branched into twenty district hospitals that runs 15 regional and 5
universities hospitals. Looking at the current situation of Finland 1,125,342 Covid-19 cases
have been reported till now where number of deaths are 4771("Finland COVID - Coronavirus
Statistics - Worldometer", 2022). Active cases are 1,074,571 and closed cases are 50,771.
Finland has less Covid-19 cases compared to other countries.

Pandemic crisis in the Country

Though was less affected by Covid-19, there are many pandemic crisis and its effects in Finland.
Regular Communication among relatives and friends has decreased than before (Pietiläinen,
2021). Remote working has increased as people are afraid of getting Corona in the crowd. The
employment rate has decreased by -1.8%. Women employment suffered more. Emergency
actions and policies taken is reflected in women-dominating industries. Male dominated
industries are the one who suffered first (Mesiäislehto1 et al., 2022 ). Self-employed jobs in
women declined whereas men lost their employee jobs as mothers were more committed to their
childcare than men.

By the end of 2021, travel agencies and their services had a decline in their sales. Small firms are
affected more as they don’t have much resilience than large firms. Global supply chains of motor
vehicles is declined by 42 % (Statistics Finland, 2021). Businesses are hit hardest due to the
previous lockdown and to bounce back in their businesses is needing a lot of efforts. Industries
have to slightly reduce their working hours with limited number of workers due to fear of
Covid19 transmission. Global value chains, and customers confidence to recovery has become
fragile.
Economy of the country
Finland’s economy system is recovering after facing Covid-19 crisis. Global supply chains are
growing ("Economy growing in the shadow of the virus – Bank of Finland Bulletin", 2022). The
price of products like oil and electricity has been pushed up to recover the economy of the
country. Global economy has increased after the recovery of global trade. Fig.2 shows that there
has been disturbances in world trade in the mid-2021 but the trade started increasing by the end
of 2021.
Finland’s forecast predicts that global trade disruptions will further improve from the mid of
2022.
 Finland Global Trade
140

120

100

80

60

40

20

0
2018 2019 2020 2021 2022

World Trade Finnish Export Market

Fig 2: Finland’s Global Trade situation

According to the ministry of Finland, the country’s economy is predicted to rise in 2022. The
GDP is forecasted to rise by 3.0% in 2022, 1.5% in 2023 and 1.4% in 2024-19. Finland’s bank
assumed the growth of GDP by 2.6% in 2022. The huge saving rates and customer’s confidence
have put together the situations for fast growth in the private consumptions. Private investments
are also predicted to grow in 2022 Xinhua, 2021). The covid-19 is mutating its variants and the
country needs to take wise actions, regulations and policies to cope up the new mutated variants
in order to prevent declination in the country’s national and global economy system.
Nokia Corporation’s financial health
There was a 1% growth in net sales by 5% in a constant currency in 2022. Infrastructures of the
networks increased by 9%, cloud & network services grew by 5% in a constant currency. Due to
the restrictions of supply chain, there was a decline in mobile networks currency by 4% because
the expired license in 2021 has not been renewed yet (NOKIA, 2022). According to the data of
2022, the net sales of Nokia Corporation is approximately 24 billion. Below is the reported
results of financial health in 2022.

Results Q1’21 (2022) Q1’22 (2022)

(EUR million) (EUR million)
Net sales 5 076 5 348
Gross margin 37.9% 40.6%

Operating profit 431 354

 Operating margin 8.5% 6.6%
Selling and administrative expenses 675 649
Research and development expenses 1 072 996
Interest-bearing financial investment 4 904 3 689

Table: Financial results of Nokia Corporation in 2022

The net sales of Nokia increased despite of Covid-19 pandemic crisis. Gross margin rose y-o-y in
Q1, 2022. Operating profit has also increased followed by net profit increment. In 2021, the
ROIC was 19.5% but in 2022 it is 15.3% resulting as an increment. Looking at the overall sectors
of Nokia Corporation financial health is affected less than other countries. This may be due to the
wise strategies followed by the Corporation. Another reason for its growth may be that the
Finland didn’t had many Covid-19 cases compared to other countries and it didn’t suffer huge
from pandemic crisis. Due to the Finland’s less pandemic crisis, the Nokia Corporation also
didn’t suffer badly. But still, the Nokia Corporation faced some serious challenges during the
pandemic. But luckily now, the Nokia Corporation has been able to recover its losses and has
been able to increase its and national global sales. Hope the company would further get success
in its financial health.

Future Directions

Strategies suggested
Below are the useful strategies for the Nokia Corporation to implement for its better future.
Early preparations for new Covid-19 variant crisis
The company has already faced pandemic crisis and Covid-19 is still mutating to new variants.
With the experience of before situation, it should learn a lesson and prepare for upcoming
variants. For this, it should have extra medical materials for the emergency purpose of its
infected employees, sanitizers should be placed in every door of the company’s room so that
anyone who enters has the avaibility to sanitize themselves and free masks should be provided to
the employees who works in the company so that there is less chance of Covid-19 transmission.
Safety awareness against Covid-19 variants must be given to all the employees of the company.
Not only Covid-19, the company should be aware of other virus if any new arrives. Early
preparations should against various diseases so that the company and its employees are safe
enough to work.
Implementation of Rigid rules and regulations
Rigid rules and regulations are the only solution to operate a company in a disciplined way.
That’s why Nokia should implement strong rules and regulations among its workers. Without
rules and regulations, anyone in the company will do whatever they like and it is not wise to
leave the employees freely. To make them discipline and wise certain regulations must be
implemented. Therefore, big companies like Nokia must apply strict regulations in the company
making everyone to follow them seriously. Only then, the corporation will get success when its
employees are serious about their work. Below are some rules and regulations the company
should follow.
 Everyone must be punctual in their working hours.
 Employees must come to office wearing a mask.
 Before entering office, every employees must apply sanitizer in their hands.
 If someone is Covid-19 positive, he/she must stay at home compulsory.
 If someone is caught as fraud in the company, he/she must be expelled from the company
and handed to the police instead of giving only some warnings.
 Everyone in the company must follow all the rules and regulations seriously.
Mobile brand marketing through online ads
Todays are active using mobiles. Almost everyone has a mobile phone and they are prone to use
internet. Nokia’s branding can be done using internet ads via mobile phones. The company can
do branding via ads of internet like google ads, short video ad in games, YouTube and social
media Facebook ads and Instagram ads. By doing this, people can see the features and latest
version of mobile phones and it can interest them.

Deep communication between the company and employees

Deep communication between the company and employees is very important in order to keep the
work in constant pace. If anyone distracts from his working, his one mistake can lead the
company towards loss. Therefore the company owners and seniors should communicate wisely
with their employees. The company should find time to listen to the issues of their employees.
Every dissatisfactions, problems, new ideas and feelings of workers should be listened and given
advice.

Identification of weakness and strength

Nokia Corporation has many weaknesses and strengths. So, it should identify its weaknesses and
strength wisely and work on them. Its strength should be used as confidence for further
development of the company’s success and its weaknesses should be used as improvement
lesson. Weaknesses of the Nokia Company must not be neglected in any case and those
weaknesses should be improved by the punctual identifications and hard work. The cause of
weaknesses should be identified on time and every employees should work sincerely to improve
them thinking the company is their own home and every team of the company are their family
members.

Quick adaptation to changing mobile industry

It is difficult to plan solutions before arriving a problem because any company don’t know what
problems are coming. Therefore, immediate thinking and adaptation to the changing environment
is the only way to cop up issues. Nokia brand also need to think quickly and adapt to the
fluctuating industry of mobile phones. Instead of being stubborn in their old culture and routines,
they should accept new technologies and trends. Looking at the history of Nokia, it had many
downfall just because it didn’t adapt to the change of new technologies in the mobile phones
market. Nokia should adapt to the changing environment of mobile industry.
Recommendations
Below are the recommendations suggested for the Nokia Corporation.
 Be able to identify symptoms if someone in the company has been infected by Covis-19.
 Focus on the employee’s mental and physical health. When employees get sick, grant
them permission to take rest some days instead of being strict to them.
 Don’t become stubborn to adapt emerging technologies and ideas.  Improve the
operating system and features of Nokia smartphones.
 Conduct surveys and online review system to know the customers thoughts and
experiences of using Nokia phones.
 Hire only educated and eligible candidates for the Nokia Company. Don’t hire anyone by
someone else’s recommendations and request.

Conclusion
Nokia Corporations faced many success and downfall in the past. The downfall has given it a
lesson on how to cope with the bad circumstances. Covid-19 affected Nokia too just like other
mobile companies. There was chip shortage for phones, many workers got ill by Covid-19 and
dealing with the company’s economy was difficult. Though Nokia faced, many challenges, it
never lost its faith. With many downfall in the past and later Covid-19 pandemic crisis, the
company still chose to work hard and bounce back in its business. That is why the Nokia
Corporation is still surviving through the tough and competitive mobile market.
 References

Transition?, W. (2022). What is Business Transition? - Business Transition Alliance. Retrieved 6

June 2022, from https://www.btahelps.com/articles/what-is-business-transition/

Company Overview On NOKIA | The Lawyers & Jurists. (2022). Retrieved 6 June 2022, from
https://www.lawyersnjurists.com/article/company-overview-on-nokia/

Our history | Nokia.(2022). Retrieved 6 June 2022, from

https://www.nokia.com/aboutus/company/our-history/

Strategic Management Nokia. (2022). Retrieved 6 June 2022, from

https://www.bestassignmenthelp.co.uk/strategic -management-nokia.php

Garg, M. (2021). How Did Nokia Story Fail After Selling One Billion Phones?. thedigitalyug.com. Retrieved 9 June

2022, from https://thedigitalyug.com/startup/how-did-nokia-story-fail-after-selling-one-billionphones.

Minds, B. (2018). Why did Nokia fail and what can you learn from it?. Retrieved 10 June 2022, from

https://medium.com/multiplier-magazine/why-did-nokia-fail-81110d981787

Shrivastava, D. (2022). 6 Reasons Why Nokia Failed?. Retrieved 10 June 2022, from

https://startuptalky.com/reasons-why-nokia-failed/

H. Namavar, R. (2012). How Stephen Elop Destroyed Nokia [Blog]. Retrieved 14 June 2022, from

https://seekingalpha.com/article/916271-how-stephen-elop-destroyed-nokia.

Tiirinki a, H., Tynkkynen b, L., Sovala c, M., Atkins d, S., Koivusalo b, M., & Rautiainen e, P. et al. (2020). COVID-19

pandemic in Finland – Preliminary analysis on health system response and economic

consequences. Health Policy And Technology, 9(4), 649-662. doi: 10.1016/j.hlpt.2020.08.005

Finland COVID - Coronavirus Statistics - Worldometer. (2022). Retrieved 19 June 2022, from

https://www.worldometers.info/coronavirus/country/finland/

Pietiläinen, M. (2021). The impact of the COVID-19 crisis on gender equality in Finland – the Finnish
 example [Ebook]. Retrieved 19 June 2022, from

https://unece.org/sites/default/files/202109/PPP_pietil%C3%A4inen_finland_eng_1.pdf.

Mesiäislehto1, M., Elomäki2, A., Närvi¹, J., Simanainen3, M., Sutela4, H., & Räsänen³, T. (2022). The gendered

impacts of the Covid-19 crisis in Finland and the effectiveness of the policy responses [Ebook].

Retrieved 19 June 2022, from

https://www.julkari.fi/bitstream/handle/10024/143669/TYO2022_002_korj.pdf?sequence=4&isAllowe

d=y.

Statistics Finland, O. (2021). FINLAND: ROAD TO RECOVERY AFTER COVID-19 [Ebook]. Retrieved 19 June 2022, from

https://www.oecd.org/sdd/its/Finland-COVID-Report-May-2021.pdf.

Economy growing in the shadow of the virus – Bank of Finland Bulletin. Bank of Finland Bulletin. (2022). Retrieved

19 June 2022, from https://www.bofbulletin.fi/en/2021/5/economy-growing-in-the-shadow-

of-the-virus/.

Xinhua. (2021). Finland's economy stable despite pandemic: Finance Ministry. News.cn. Retrieved 19 June 2022,

from http://www.news.cn/english/europe/2021-12/21/c_1310384666.htm.

NOKIA. (2022). Interim Report for Q1 2022 [Ebook]. Retrieved 19 June 2022, from

https://www.nokia.com/system/files/2022-04/nokia_results_2022_q11.pdf?

_ga=2.99939548.313681086.1655633395-979535869.1655497302.

Four strategies for mobile brands looking to build market share in 2021. The Drum. (2022). Retrieved 19 June 2022,

from https://www.thedrum.com/opinion/2020/12/03/four-strategies-mobile-brandslooking-build-market-share-

2021.