Task 3
Vision and Mission
It is important to understand the difference between vision and mission statement in order to understand whether Nokia’s statements are aligned to the need of its customers. Vision is a projection of what a company intends and what they might achieve in future (Constantin & Balanescu, 2008). A company is considered as having a good vision if the vision is powerful, purposeful, emotional, concrete, self-determining and multi-faced (Bratianu, 2007).
On the other hand, mission statement is the reason why a company exists and it’s a statement that declares the core purpose of a company. Mission statement usually will remain the same over time (Bratianu, 2007). The mission is different from a vision as it aims to create competitive advantage and also achieve the social goal of a company (Bratianu, 2007).
Nokia’s vision is “Connecting People” (Nokia, 2013). And the company’s mission statement is an elaboration of its vision:
“Connecting People. Our goal is to build great mobile products that enable billions of people worldwide to enjoy more of what life has to offer. Our challenge is to achieve this in an increasingly dynamic and competitive environment” (Nokia, 2014)
From Nokia’s vision and mission statement it can be inferred that Nokia wants to be known for its credibility and to be a market leader again as it was before the year 2007 (Kess, 2014). Nokia understands that the company has to use innovation to offer products that are not yet
Without a Mission and Vision statement the company is missing key components to measure it’s long term success, are much need parameters to keep the company in line when things get chaotic. A
A mission statement should focus on goals, clarify issues and outline visions and objectives. It should communicate the essence of the company to the employees, shareholders and to the public (Hassan, M 1988). Similar to this, Doyle (1998) points out, that a mission statement describes the purpose of the business and its essential characters.
Both statements make sure that the leadership team, management, and employees know the current, present, and future goals of the organization. Having substantial mission and vision statements will inspire employees to support and promote the organization’s goals. “Strategic direction is a course of action that leads the achievement of the goals of an organization’s strategy” (“WebFinance, Incorporated” 2011, para 3).
A vision statement focuses on where a firms intends to be in the future ahead and what it intends to become. It is a written statement of its services and attributes that will continue to be provided to its customers and stakeholders. “It is also important to note that vision statements reflect a firm’s values and aspirations and are intended to capture the heart and mind of each employee and, hopefully, many of its other stakeholders” (Hitt, Ireland & Hoskisson, 2013, p. 18). Both the mission and the vision statement summarize the aspirations, objectives and company goals. This is important information for stakeholders in order for them to determine the amount
A company's vision is a "general statement of its intended direction that evokes emotional feelings in organization members." (Dessler, 2003). The mission statement determines the type of business it will be by setting the purpose for the company, and
A mission statement describes the objective of a company or an organization. It shortly defines the overall goal and clarifies why the company exists (Griffin,1990). A mission statement should indicate some core points..
A vision is a statement of desired future state for an organization and society at large. The mission is a statement of what an organization does to help make the vision come true. A mission also helps an organization communicate its purpose and stay focused as it makes decisions regarding hiring patterns, policy shifts and etc.
To effectively regain entry into the markets and remain competitive, the memo emphasizes on the evolution of Nokia and ensure that innovations are delivered to the market in a timely manner. Collaboration among the staff is
The aim of this project is to identify how Nokia has approached its market and what has enabled the company to
On February 11, 2011, Stephen Elop, a recently appointed CEO of Nokia’s Finland headquarters, announced that the company would be introducing a new mobile strategy that would adopt Microsoft’s new Windows phone. The new smartphone was reportedly to be unproven and the market was not interested in the new development. Upon hearing of the adopted mobile strategy, the market to react poorly to Mr. Elop’s new decision as company stock took a 14-cent dive. In reaction to the company stock plunging and a struggling market for Nokia, Stephen Elop partnered with Microsoft in order to save the company. This partnership allowed them to manufacture a new global ecosystem mobile phone called the Vertu Luxury cell phone. Frank Nuovo created the Vertu Luxury mobile phone in the 1990’s (Kwong-Kay Wong, 2011, p. 1).
Mission statements must be specific enough so that they define what is unique about the company, yet general enough to allow the company to change with the needs of the times
Nokia faces serious challenges in a radically altered mobile phone market. It will need to radically alter its business model and products simply to survive. At this junction, it is unclear if Nokia will ever be able to become a major player in the consumer electronics business again.
For Nokia to stay in the business they need to meet these basic requirement of the customer. If Nokia does not meet the customer requirements, then the customers will walk away and will use another brand such as Samsung, Erickson etc. Nokia was successful because they met the needs of the customers. “The Marketing concept holds that the key to achieving the organisational goals lies in determining the needs and wants of target markets and delivering the desired satisfaction more efficiently and effectively than the competition”[3]. For an organisation to provide products that satisfy customers needs through a co-ordinated set of activities that also allows the organisation to achieve its goals, because customer satisfaction is the major aim of marketing concept.[4] Organisations need to communicate effectively with their customers, outlining the benefits of its service and how they can be used to
One of the greatest things about Nokia is that they create technology that connects people all over the world from coding theories to saving energy and more. Future star trek ideas are closer because of companies like Nokia and the people who work for them. Nokia, which is a truly worldwide company, has over 160 nationalities, who are working in over 100 countries and coming up with new and better ways to help society by expanding on the human possibilities by using future technology. Nokia words about sustainability. We create the technology to connect the world, in a responsible way. Together. We invent, design, and deploy sustainable technologies that make a real difference to people’s lives, and take responsibility for the impact we can make in the world. (Sustainability) The people of Nokia are so focused on finding ways to solve real-world need, that they are spending over five billion dollars on research and development in
For example, in Europe, Nokia’s market share in the European smart phone market has shown a huge decline in the past couple of years. The problem began with the introduction of the Iphone in 2007, which set a new trend in the market. In order to return to the market leadership position, Nokia entered into partnership with Microsoft. Threatened by the rapid lost of market share to rivals, Nokia created series of Smartphones called Nokia Lumia. Nokia bet on these products to regain its lost market share. However two years after the partnership, with 9 Lumia products out in the European market. As Alison Donnelly (2008) points out the situation is already changed in late 2008. She stresses the fact that not so long ago it was very popular to own Nokia, but at this time the company was losing customers to rivals. The Finnish company had troubles adapting to the market changes, it did not recognize that the Iphone release in 2007 would create a new era into the mobile world. In a fast growing industry, time is a very expensive asset, as every company wants to possess the most innovative technologies and products before its