Way back before phones had apps, touchscreens, or cameras, one Finnish brand led the mobile phone revolution. This company is Nokia. A company that has total dominant of in producing and distributing their phones worldwide.
Renowned for its indestructible build and multiday battery, Nokia swiftly captured market share by promoting mobile phones as fashion accessories. Just like with watch straps, users could swap cover colors, turning a cellphone into a fashion statement.
By 1998, Nokia overtook Motorola to become the world’s largest mobile phone brand. As its pinnacle in 2007, Nokia had 51% of worlds market share in mobile phones. To put that into context, Apple now has roughly at 25% world market.
From the highs of global dominance to the lows of nearing bankruptcy, Nokia’s phone business culminated in a sale to Microsoft for $7.2 billion in 2013. Nokia Their biggest mistake was avoiding making a mistake. The CEO had a good management of the company but finally he failed the company.
Nokia was a respected cellphone manufacturer and for a long time became the number one producer of cellular phones until Apple, Samsung and the rest of the smartphone gang came. The CEO of the time lived in regret and blame for such huge mistake.
Nokia’s strategy was to stay the course and do nothing. They didn’t want to change and take risks. In the end, avoiding change to avoid mistakes cost them everything. This cost a countless grief to the company CEO.
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