Week 7 Marketing Challenge Written Assignment
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W7 Marketing Challenge Culminating Written Assignment Nokia
Tejiri Jessa
College of Business, Westcliff University
MKT 700 Marketing Strategy & Consumer Behavior
Professor Seyed Ghoraishi
February 24, 2024
2
Executive Summary
Nokia used to be the leader in the cell phone industry, but in recent years it has had a lot of problems, such as falling sales, a smaller share of the market, and tough competition from both established brands and new smartphone brands. This report describes a complete marketing plan that Nokia can use to bring its brand back to life, improve its place in the market, and deal with the important issues of technological innovation and how people see Nokia products. Nokia should focus on growing its product line to include high-tech smartphones with unique features, focusing on emerging markets, and building on its strengths in reliability and innovation.
Situation Analysis
Strengths:
•
A well-known name with a history of dependability. •
A strong manufacturing capability and a large global footprint. •
Knowledge of how to improve technology and messaging. Weaknesses:
Not very present in the high-end smartphone market.
Thought to be behind rivals in terms of new technology.
Has trouble with how younger people think of the brand. Opportunities:
•
Growth in emerging countries where people want smartphones that are both cheap and full of features. •
Consumers are becoming more interested in eco-friendly and long-lasting goods.
3
•
There is room for new ideas in 5G technology and gadgets that connect to the Internet of Things (IoT).
Threats:
•
There is a lot of competition from both expensive names (like Apple and Samsung) and cheap ones. •
Rapid changes in technology make it hard to keep up without spending a lot of money on research and development. •
Changing what people want in terms of software platforms and integrated services.
Target Market
Nokia's main customers are people in developing markets who want cheap, durable, and dependable smartphones, as well as tech-savvy people who want new features like advanced camera technology, long-lasting batteries, and strong security features. This group includes middle-income people between the ages of 18 and 45 who value technology that works well with
their daily lives. Based on their personality, these customers value usefulness, durability, and value for money more than brand prestige. In terms of behavior, they probably use the internet a lot, rely on their phones for both work and personal chores and are loyal to brands that offer consistent quality and new ideas.
Objectives and Strategies
Objectives:
•
Within the next two years, Nokia should gain 15% of the smartphone market in emerging countries.
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