Marketing Management Examination Essay Example | Topics and Well Written Essays - 5000 words

Marketing Management Examination - Essay Example Product 20 B. Price 21 C. Promotion 22 D. Place 23 References 25 1a. Internal environment of Nokia The following points represents internal environment of Nokia’ 1. Place for Product based Innovation 2. Demand for craftsmanship within the company 3. Demand for high product design 4. Declining market share 5. Lack of brand identity for Nokia Talking on the above mentioned points, there can be a broad array of issues that can be highlighted in this case. 1. Place for product based innovation: It can be said Nokia, being a company that has technology based offering in its product portfolio always realizes the need to create value on a regular manner for its customers. The company believes that since they are in the technology industry, the product life cycle is very small. In an attempt to generate value for the customers, they will have to keep on producing high level of innovative features and new products, so that they can retain the interest of the consumers to their products . As a result, Nokia has developed itself as a hub of product innovation 2. Demand for craftsmanship: The Company Nokia has identified the fact that in an attempt to create value for the customers, they have to focus on the process of creating products of luxury status, which will create a tremendous level of appeal to the customers belonging to the wealthy as well as upper class people of the society. As a result of this, during the process of production of the luxury status phones like Vertu, the company focused on developing mobile phones that requires high level of craftsmanship that will provide an excellent appeal of the company’s products to the elite category customers. 3. Demand for high product design: Nokia has realized that since they cater to the technological sector, hence the demand for providing highly innovative product design is typically high. In order to provide innovative products, the company keeps on providing product that have been designed on the basi s of new product design. 4. Declining market share: It can be said that the company has faced a decline in the market share as a result of various internal issues ranging from the lack of accountability as well as inefficiency arising out of incompatibility in the leadership styles. The company’s representative from the top level management also highlighted that the issues related to the lack of synchronization among various divisions of the company has automatically taken its toll in the process of delivering products of innovative nature on a regular basis. 5. Lack of brand identity: It needs to be mentioned that the entire product offering of the company lacks a factor related to brand equity. Though the company has attained high level of consumer popularity in the previous years’ among a wide range of customers, it can be said that the popularity was mostly related to the luxury category mobile phones named Vertu. So, naturally, it can be said that the company lack s a proper and original brand identity in the market in the recent times. General trends Points: 1. New operating structure 2. Shift to touch screen phones 3. Value added services 4. Counterfeiting issues Talking in broad manner, the following can be mentioned 1. New operating structure: Nokia’s luxury division, Vertu was operating on its own through effective decision making processes. The change that have been initiated as a part of strategic restructuring might hamper the company luxury division’