Nokia's turnaround from failure to success can be summarized as follows:

1. Initial Failure:
 Nokia was once a market leader in the mobile industry in the 1990s and early 2000s with its
successive Nokia phone models.
 However, Nokia lost its dominant position when it failed to respond quickly to the smartphone
revolution with the introduction of the iPhone and Android-powered phones.
 Nokia fell behind in competition, unable to adapt to rapidly evolving technology trends, and lost its
competitive advantage.
2. Turnaround Strategy:
 After facing difficulties, Nokia implemented several crucial steps to turn around and transition
from failure to success.
 Firstly, Nokia acknowledged the need for change and devised a strategy aligned with the modern
mobile market.
 Nokia focused on restructuring and innovation by introducing new and improved product lines,
such as the Lumia series running Windows Phone OS.
 The company also formed a strategic partnership with Microsoft to leverage the strengths of both
companies and regain competitiveness in the smartphone market.
3. Focus on Strategic Business Areas:
 Nokia made the strategic decision to exit the mobile phone manufacturing business and
concentrate on other high-tech sectors such as network infrastructure, Internet of Things (IoT), and
5G technology.
 The company's focus on these strategic business areas allowed Nokia to tap into the growth
potential of emerging technology industries.
4. Technological Innovation and Creativity:
 Nokia heavily invested in research and development to innovate and sustain competitiveness.
 They introduced advanced products and technology solutions, such as 5G networks, IoT, and cloud
technologies, to serve various industries and customers.
5. Restructuring and Efficient Management:
 Nokia underwent a restructuring process and optimized its organizational structure and business
processes.
 They enhanced efficient management, reduced costs, and focused on high-profit activities.
ABC Bakery managed to turnaround from failure to success through a series of strategic actions. To
transform from failure to success, ABC Bakery implemented the following key steps:
1. Evaluation and Improvement: ABC Bakery conducted a thorough assessment of its operations,
identifying the reasons behind the initial failure. They then implemented necessary improvements
in product quality, operational processes, and management practices.
2. Seeking New Opportunities and Innovation: ABC Bakery actively searched for new opportunities
within the industry and embraced innovation. They developed new product lines, explored unique
flavors and designs, and introduced creative marketing strategies to attract customers and stand out
in the market.
3. Customer Relationship Building: Recognizing the importance of strong customer relationships,
ABC Bakery focused on engaging with customers, understanding their needs, and delivering
exceptional service. They actively sought customer feedback, implemented changes based on
suggestions, and built loyalty through personalized experiences.
4. Effective Financial Management: ABC Bakery implemented efficient financial management
practices to ensure optimal resource allocation. They closely monitored costs, streamlined
operations, and implemented effective inventory management strategies to minimize wastage and
maximize profitability.
5. Enhancing Operational Performance: ABC Bakery worked on improving overall operational
efficiency. They optimized production processes, invested in technology and equipment upgrades,
and trained their staff to ensure high productivity and quality standards.