Nokia : A Sinking Ship

Nokia, the name synonymous with mobile phones and the worlds largest cellphone vendor of cellphone from 1998 to 2012. Nokia's reign at the topmost position for 14 years was recently snacthed by Samsung. Samsung a underdog earlier became the worlds largest cellphone vendor with the help of Android.

Stephen Elop CEO Nokia

{Image By luca.sartoni}

Nokia changed its CEO and Stephen Elop took over Nokia in 2010. Stephen Elop came in the news when the strong worded Burning Platform letter was leaked over the Internet. Burning oil platform referred to Symbian as the platform that was burning and the only way was to burn with it or to jump in the sea and perish. The letter also clearly mentioned that Symbian didn't have enough power and ammunition to compete with the more advanced iOS and Android And a Strong change in Strategy was necessary to once again become the leader.

Struggle to get Back to Power

• In order to get back to profits and a increase market share first step Nokia took was to put an end to Symbian. Symbian will be last shipped with Nokia N97.
• Nokia entered in to a Partnership with Windows as it Primary OS. This Partnership with Microsoft is the major step that Nokia thinks will take it back to the top position.
• Lumia the result of Partnership is a newline of Smart phones from Nokia. Although the sales figures were not satisfactory still there is a hope that Profits will ring in as the market is flooded with improved devices.

Cost Saving Measures.

Recent Press Releases by Nokia Indicate following things :

In an attempt to save cash Nokia announced the end to 10000 jobs by 2013.
Top management changes have been done. [Press Release]
Nokia will sell its Vertu Brand of Luxury phones. Nokia will retain a 10% minority stake. [Press Release]