From Industry Leader to Near Extinction: Unpacking the Tragic Tale of Nokia's Downfall

Abstract

In-depth assessments and analyses of Nokia Corporation's strategic technology management are provided in this study. We examined and studied the historical evolution of Nokia's core business, leadership strategies, business architecture, R&D policy, innovation strategy, various product launches, and recognition and demonstration of smartphones using traditional narrative literature studies and secondary sources. We discovered a number of strategic gaps that earlier analytical investigations appeared to have failed to recognize and generalize. In order to add to the body of knowledge, we present a collection of the lessons discovered that chronologically explain why Nokia was unable to establish and maintain a competitive edge, particularly in the smartphone market. We concluded that Nokia's issues were not caused by a lack of innovation but rather by a lack of precise technology forecasting and a failure to recognize that the demands of the smartphone market went beyond simply showcasing a mobile phone that can make calls, send texts, and connect to the internet, but also the platform that runs all these functions simultaneously. We further debate how likely it is that the new Nokia handsets would compete and credibly succeed in a very well-established market since the brand name Nokia has lately returned to the market through a newly licensed company (HMD Global).