Nokia Strategic Plan

Nokia strategical PlanIn this project I conf utilisation covered unhomogeneous topics of marketing which ar strategical in feed, strategic planning process, the home(prenominal) strategic planning objet dart the world-wideistic strategic planning and as advantageously the difference among them.For to a greater extent clearly understanding this topic I have overly briefly discussed the case study of NOKIA. I have deeply canvas Nokias strategic planning in India that is what all measures it took to grow and capture the Indian market. For understanding its international strategic planning and the tenableness for its success by properly implementing its strategic planning orbiculately. thus far the PEST, porters five stage model and nerd of the ph atomic number 53r also made the concept and psychoanalysis much clear.Table of contents (jump to)1.Introduction commentary of strategic planningDefinition Strategic Planning ProcessInternational/ spherical outline variety in the midst of domestic and world(prenominal) outline planning2. Nokia Case Study interior(prenominal) scheme4 Ps Marketing Mix of NokiaPorters 5 Forces Analysis of NokiaSWOT Analysis of Nokia3. Conclusion4. Recommendation5. ReferencesIntroductionDefinition of Strategic PlanningStrategic planning is the process by which it chief(prenominal)tain its competitiveness within its subject field environment by determining where the organization is and where it want to go, and how it wish to get in that location. In former(a) row examining what all strategies will enable the corporate or association to prosper in the future. This definition applies to the largest returns oriented as well as to the nonprofit organization.Definition Strategic Planning ProcessThe strategic planning process is a rational approach firms use to achieve strategic competitiveness and make above- average returns. Thus it is an essential well-nigh and foremost step in development of result establish acco untability system which is defined as the process of addressing the fol kickoffing questionsWhere atomic number 18 we?What do we have to realise with?Where do we want to be?How do we get there?These atomic number 18 the various steps confused in the strategic planning which has to be achieved or ensured one by one. The first step is to tell where are we? Thats where the company or the organization going to survey or conduct its activity. so the beside step is making themselves clear about(predicate) on what they have to work thats their product or services. Then future knowing what is their future stopping point, where they want to reach and lastly planning that how they will achieve their goals.The Strategic Planning ProcessMission and ObjectivesMission and objective of the business describes about the companies values and beliefs. They show what is the goal of the business for which it is working. The objective digest also be in financial term as well.environmental ScanT his includes the internal analysis of the firm itself which is done by SWOT analysis of the firm. While the morsel is analysis of the firms industry which is done by porters five forces model and third is microenvironment analysis which is done finished PEST analysis. scheme formulationFrom the above scan the firm will get to know where it stands among the early(a) firm. And then accordingly they have to make their strength into opportunity and also reduce their weakness and brat which can give them competitive advantage. This competitive advantage can be in form of low cost as well as differentiation.Strategy slayingAs and now the outline is been nimble for the firm, so now its time to implement it. As and when it is implemented then only company can know how much successful is the schema for the firm.Evaluation and controlThe implementation of dodge must be monitored and tested and whatsoever necessary agitates required should be made. Thus this process is done in by-lin e stepsDefine the parameters that is to be measuredDefine target values for those parametersThen the performance stepCompare the results from the targeted resultMake necessary changes required in it.International/global schemeAn international scheme is a scheme through which the firm sells its approximates and services outside its domestic market. The steps in international strategy areIdentify international opportunitiesExplore resources and capabilitiesUse core competencesStrategic competitiveness outcome.The international strategy has twain basic types business level, corporate level international strategy. There are three corporate level strategies which are -multidomestic, global and transnational. globular strategy is the strategy which assumes more normalization of product across country market. Thus global strategy is centralized and controlled by the home office.Difference between domestic and global strategy planningDomestic strategy is basi dealy defined when the co mpany is been formed while the global strategy is defined when the company enters into the clean market.Domestic strategy are the goal or the vision mission through which the company was been formed. While the global strategy are been decided according to the customers need, preference and the countries suitability.Domestic strategy is been fixed and rarely changes while the global strategy changes according to the need of that country.There are chances that the domestic strategy is similarly to global strategy while it can differ also.( strategic management-ireland.hoskisson.hitt)The major challenges that international coach-and-fours/marketer faces when strategic planning for the global markets-The greater geographical dispersion across country border increases the cost of coordination between unit and distribution of product. pile barrier of the global country also a major challenges for the managers.Even the cultural diversification and other differences by country like (acce ss to raw material and different employee skill levels) greatly complicate the implementation of strategy planning for global market.Differences in consumer needs, wants, and usage patterns for products is also one of the major challenges for the manager during their strategy planning.Some time the religion of the particular country also affects the strategy planning of the company. This is also one the important challenge for the manager to understand.Nokia Case StudyDomestic strategyVision for futureThe main vision as stated on website and an punch line of Nokia Connecting people is now connecting people to what matters whatever that means for each person giving them the power to make the most of every moment, everywhere, any time. Connecting the we is more powerful than just the individual. Thats how Nokia is needed to help make the world a better place for everyone. (http//www.nokia.com)Strategy of companyThe Nokia website states on its blog that To do this we will become the leading provider of wandering(a) solutions. Our solutions strategy leverages one of our greatest as tidy sums a portfolio of outstanding devices, with unmatched scale and geographic reach. We couple them with smart services, incorporate via an intuitive and seamless user experience. We differentiate these solutions offerings based on our in-depth consumer understanding, with a strong focus on social location (people and places). (http//www.nokia.com)Now NOKIA in IndiaThe Indian market is great and diverse and also undraped. As the boorish India is the main unexploited which could be captured. and these pastoral markets have its own challenges in it. This brought Nokia to India and captures its huge market.Nokias marketing strategy planning in India-MISSIONThe mission of NOKIA in INDIA is to provide the customer with the take up durable, economical stylish and low cost cell auditory sensation with best feature for the common use of customers.MARKETING OBJECTIVESMaintain posi tive, strong growth every quarter by selling more and more no. of cell phone.Achieve a steady increase in market penetrationTo stay fresh its countersink of Indias no. 1 cell phone producing company.Maintaining its reputation.4ps of marketing mix1. ProductDomestic strategy Nokia in its domestic strategy had developed many model of cell which been updated time to time.Global strategy The product Nokia brought for Indian market was more of user affectionate and very durable product. As Indian market always demanded more of rough and tough mobiles which could be used and handled by every person. Even one of the main product features for India was that Nokia came out with the cell phone with torch in it. Which was a good strategy to attract the Indian rural market. As after the analysis Nokia came to know that 60percent of Indian existence stays in India. And rural India is facing big problem of electricity. Thus this kind of torch in cell phones attracted the rural India So Nokia c ame with the product which was desirable by the market.2. hurtDomestic strategy The values of mobile phones are comparatively according to the economy of the country. So the call rates in Finland are also comparatively noble. But as there are very less competition so price of cell phone is high.Global strategy The Indian mobile market has an over 170million subscribers making it the most cost effective player in this industry worldwide. More over India has the most lowest call rates and apart from this mobile phone calling from anywhere around the world is just two cents per minute, as in front of China it is four cents. The market is also aiming at immense growth. But so far Nokia is aiming at its Penetration-Led strategy which means having a mobile phone with every unmarried person of the world. They are targeting at retaining their costumser which they have termed as replacement-Led. From a survey its been known that costumers in India tend to change their mobile phones very frequently. And whenever they come to change their phone are willing to pay an free penny for a new upgraded handset. Thus in this way Nokia have managed to keep their price change as per the demand of its customers In India.3. PromotionDomestic strategy Nokia is already a Finland company. So it is already a famous brand. Thus it does not require much of promotional activities to be done.Global strategy Nokia made its promotion in various ways to capture Indian market. Among this the main focus was the rural market which was huge. Various film stars were been hired to promote Nokia. Even Nokia sponsored various cultural activities and sports activities and sports teams.4. PlaceDomestic strategy In its domestic strategy it is already defined the places it has to cover. Which include whole of the country?Global strategy For Nokia it was very important to keep a strong distribution channel so that the customer gets a product at right time and at a right place. Thus for this Nokia star ted its website, showrooms, marts and and so forthteraMain strategyThe most foremost strategy for the company was to maintain the No 1 position in India among the cellular companies. This could be achieved if the firm keep on surveying the huge rural as well as the urban market. For the rural India Nokia adopted low cost strategy while for urban it adopted differentiations.Nokia external analysis Porters 5 Forces Nokiaa. terror of New EntrantDomestic strategy there is low threat of new entrant. Because it is the first company of Finland with its big brand name.Global strategy As Nokia has already built a good brand image in the Indian market. Thus it has a very weak effect of new entrants if any enters the market. Because Nokia has become number 1 as well as most reliable brand in the market now. So it will not be affected by any new players.b. Threat of the SubstitutesDomestic strategy even in the domestic field there is no proper or exact complete for Nokia cell phone.Global s trategy As in now there is no direct substitute available for the mobile phones and peculiarly Nokias advanced feature mobile phone.c. Bargaining military force of SuppliersDomestic strategy the bargaining power of substitute is low.Global strategy As in now Nokia is been No 1 brand thus it holds a strong position in the market. So bargaining power of supplier is very low.d. Bargaining Power of BuyersDomestic strategy the bargaining power of consumer is moderate. When a new model is been manufactured it is thrown in the market. Thus consumer has less influence on it.Global strategy As in mobile phone market is very price sensitive. Thus in that case the buyers demand and supply pattern matters a lot for the company. As it is been working under the assumptions of the buyers demand. Thus they have a stronger influence.e. Rivalry among CompetitorsDomestic strategy there is less competition. So rivalry among competitor is also low in this case.Global strategy There is a high competiti on in this industry. There are many competitors like Motorola, Samsung, LG and etc. thus it can be a problem for the company in the long run.SWOT analysis of NokiaStrengthNokia has the largest selling and distribution network compare to other mobile phone companies.It is backed with high quality HR and IT professional as compare to others.The financial part is very strong as it has much more profitable business.Wide range of product for all class.The re-sell value of its hand set is more compare to any other company.People trust it more compare to others.WeaknessPrice offered by the company for few handsets is high.So products are not user friendly.Not concern about the demand of lower class people.Service center are very less and scare.After gross revenue service is not good.OpportunityIt has a great opportunity in this huge.Opportunity to capture the rural Indian market.Most reliable company so people trust it more compare to others.India banner of living is also increases, so pe ople are becoming more and more trend oriented.ThreatNew players are entering with new features to attract the customers.Previously other companies were not providing user friendly mobile but now they have started meeting customers need.ConclusionThus at the last I want to conclude the following pointsThe domestic strategy should always consist of future oriented goals.They should also have some or few global strategy also.When a firm enters a new market, its global strategy should be such that it should suit to the customers needs and requirement.Nokia case study helped to understand the global strategy.It also helped me to understand the various reasons and strategy Nokia adopted due to which it become no 1 in India.The main and the most important thing which Nokia kept in mind while entering the Indian market was its culture and values. Which any company should take care when it is entering into global market with its global strategy.RecommendationWhen firm is going to enter a ne w market it should first study the global market.Proper analysis of the market should be done.The perception of the customer, their religion, there values all should be studied very well before entering into global market and before preparing global strategy.Thus manager good strategy can make firm earn more profit and vice versa.