Delivery in day(s): 4
Management Strategic Assignment Help
This report is prepared in concentration with Management Strategy. Information related with Nokia Network will be shared in this report which will contain mission statement and vision statement of the company. Objectives of Nokia Network will be shared and with the help of internal and external analysis various factors will be evaluated which could affect the company in near future. Strategies will be developed so as to help the company to overcome from all the vulnerabilities and to move on the path of success and sustainability.
Nokia Solutions and Network is one of the leading brands in the mobile broadband. It is headquartered in Espoo, Finland and operates in 150 countries. Net sales of Nokia Solutions and Network are € 14 bn. It is a world’s specialist in mobile broadband. It was being evaluated that every day one quarter of the world’s population connects across Nokia Solutions and Networks. It is truly a global organisation which involves many parties across the globe (Antony, 2012). The key objectives of Nokia Solutions and Network are to provide transparency, monitoring and tracking the parties so that they could understand the role they play for the organisation in an efficient manner. Nokia Networks works under network industry which is full of competition as there are very big player present in the market of Network Industry. In present scenario people are totally dependent on the network industry as there various aspects that are solved with the help of telecommunication and network industries. To sustain in such a huge market it is necessary that Nokia Network should have proper set of mission, visions and objectives (Njoku, 2015). Focusing in the mission, vision and objectives of Nokia Network will help in better understanding with various aspects of Nokia Network.
Mission and Vision Statements of Nokia Network
Every organisation working in the competitive market has some or the other missions and visions and works on the path to on the planned basis so as to attain competitive position in the market. Mission statement of the company is the statement which describes the activities in which business is engaged in. Mission statement is prepared in concentration with the customers or the parties wants to engage in the business or with the company (Kundu, 2016). The statement which gives a brief and effective description of the business is termed as a good mission statement. According to (Fallon, 2015) the purpose of business and reason for its existence is declared by a brief statement.
Mission of the company provides a framework which helps in providing guidance to the strategies and actions of the company by availing the information regarding overall goals of the company. Hence, it could be said that mission statement of the company helps guide decision making and also articulate the missions of the company to customers, suppliers, and the community.
Mission statement of Nokia Networks is connecting people. Nokia believes ion connecting people working for them or using their services. There are certain ways in which Nokia Network is trying to fulfil the mission statements like Nokia Networks try to keep its data cost low and allow people to connect with the help of social media in various ways (Harrington, 2011). There are numerous ways availed by Nokia Network so as to make sure that the people using its services should stay connected. Nokia Network uses the tag line called connecting people. This tagline itself is a mission statement for Nokia Network. With the tagline Nokia also ensures that information of the customers attached with the organisation should remain safe and secure and should only be used for official purpose only. Commitment of the company is towards maintaining privacy and preserving data integrity.
Vision Statement of the company involves the information related with the future aspects of the company. It describes intend of company for future to meet all the requirements of stakeholders. Vision provides the answer to the question of “Where Company wants to see itself in few years?” Vision of the company motivates it and provides inspiration to solve the purpose of being into the market (Thompson, et. al., 2016).
Vision of Nokia Network is to create build and influence people of all the countries to communicate with each other to ensure that a world could be created where every single person stay connected with each other. Nokia wants to make people aware regarding the power of communication. Its vision is to make a better world in which communication is not a barrier to any individual. Nokia aims at delivering best services and customer support with the effect of which it wants to help people and move them into a better future and better world. Aim of Nokia is to create a network system in which individual present in any part of the world could get connected with any one present at different corner of the world (Jay, 2014).
Objectives of Nokia Network
Priorities of the organisations are resembled by the objectives. These objectives works as the mission statements of the company are in a precise form. Objectives of the company would be termed as appropriate if they would be prepared on SMART basis. SMART objectives of the company are termed as beneficiary aspects of it. SMART objectives are the objectives which are Specific, Measurable, Attainable, Relevant and Time Bound (Antony, 2012). Analysing the objectives on the basis of SMART objectives will help in making an effective decision that whether Nokia Network requires more appropriate objectives or the present objectives of it are effective and would benefit the company in near future. There are some of the objectives of Nokia Network. These objectives are:
1. To provide irresistible solutions and vibrant ecosystems
2. To make direct and continuous relationships with the consumers
3. Creating the services which are relevant and personalised
4. Target of the company to attach 300 million customers and help them providing effective services by 2018 (Njoku, 2015)
With the help of information gathered related with objectives of Nokia Networks it could be said that some of the objectives are effective but some are not prepared according to the SMART objectives. It is necessary that the objectives of Nokia Network should be Specific, Measurable, Attainable, Relevant and Time Bound. However, objectives of Nokia Network are attainable but they are not fulfilling all the criteria of SMART Objectives. Rather Nokia should have the objectives like:
1. To increase the sale by 40% by 2019
2. To attach 300 million customers with the services of the organisation by 2018
3. To avail Nokia Network stores in 10 more countries by 2019
4. To make more strong network in 50 countries in which the company is presently doing business to make customers happy by 2017 (Kundu, 2016)
These are some of the objectives that Nokia Network should have so as to sustain in the market and to move on the path of better future. These objectives will fulfil the requirements of the company to attain competitive advantage in the market and to attract more people with the services. These are the objectives which are prepared on the basis of SMART aspects as these objectives are of specific nature which are not too high expected, these are measurable with the help of progress report and by taking feedbacks from the customers present in the market, these objectives could be attained as they are based on the company’s performance and the development of the company, each and every objective mentioned is attainable, as Nokia Network would be able to attain these networks within the time bounds provided to fulfil them (Harrington, 2011).
It is necessary that the internal analysis of the company should be undertaken by every organisation. Internal analysis helps the company to gain information regarding where it stands in present scenario. With the help of internal analysis Nokia Network would be able to make appropriate strategies and will be able to make the strategies to remove the weaknesses of the company. Internal analysis of Nokia Network could be done with the help of SWOT Analysis (Thompson, et. al., 2016). SWOT Analysis will help provide the strengths, weaknesses, opportunities and threats of the company. With the help of information gathered from SWOT analysis of Nokia Network decision of managing the things will be made by the company with the effect of which it will move on the path of success and sustainability. Therefore, here is a SWOT analysis of Nokia Network:
Nokia Networks has a huge loyal customer base with the effect of which it could ensure that its customer will remain with it and will prefer to choose the services provided by Nokia in near future.
Nokia Networks has a huge presence in the developing countries. This helps in building a brand value in the market and trust among the people present in the market.
In present time Nokia is a brand leader which ensures that people will prefer the services rather than going for the services of other networks (Jain, 2013).
Nokia Network is present in 150 countries which mean it holds a huge market share.
Nokia is not good at its software and need to work on the software part to make the network more effective.
Price of the services provided by Nokia Network is very high which affects the pocket of customers available in the market.
Some of the services and products provided by Nokia Network are not user friendly. This affects the brand image and affects other products and services of Nokia Network.
Low focus on the lower class people. This type of activity affects the sale of the business and leads to reduction in the number of customers of the company.
Nokia Network is a big brand in the market and it could expand its business by moving any of the direction of market development of Product development.
Nokia Networks have loyal customers which remain attached with the company and prefer to buy products and services of it only (Harrington, 2011).
Nokia Networks is present in many countries which offers huge cope of opportunities to the company.
Spreading awareness in the rural areas and bringing network over there will help Nokia Network to increase the number of customers and so the sale of its products and services.
Advancement in the technology is also an opportunity for Nokia Networks and will help in moving on the path of sustainability.
Competitors in the market are threat for Nokia Networks as they are affecting both sale as well as market of Nokia Network.
Nokia Network also has the threat of new entrants in the market. Various new entrants could affect the sale of the company and the customers of the Nokia Network.
Rapid change in the technology. Nokia Network is not good in software which hinder in the adaptation process of new technology.
There are many other companies available in the market that is providing cheaper services, this could affect the internal process of the company.
Rapid change in the Network industry is another threat for Nokia Network as people working in the organisation will get affected due to any kind of change (Kundu, 2016). This change will directly impact on the productivity of the organisation and so the sale of Nokia Network.
Hence, these are strengths, weaknesses, opportunities and threats of Nokia Network which could affect internal processing of the company. It is necessary that Nokia Network should analyse the internal process on quarterly basis. This will help the company to make effective set of strategies and will help in gaining competitive positioning in the market (David, 2013). Research and development team of Nokia Network should focus on the weaknesses and threats of the company and should bring possible solutions to the issues that Nokia Network is facing so that smooth functioning of the company could be managed and it could move on the path of better future.
After internal analysis it is necessary that External analysis of Nokia Network should be done. External analysis of the company will help gathering information of the external environment and to bring out the best possible solutions for the external issues that could affect the business or business processing in the market (Fields, 2015). External analysis of Nokia Network could be done with the help of Porter’s Five Forces:
Threat of New Entry
There are many other companies trying to enter in Network Industry which could affect the business of Nokia Network. Entry of the big firms in the market could affect the sale as well as customers of Nokia Network. An intensive competition will be created for Nokia with the entry of new firms in network market.
Threat of Substitutes
This is a strong point for Nokia Network as there are no direct substitutes in the network market. Therefore, Nokia could stay relaxed as its market could not get affected by the substitutes (Schrempf, 2011).
Bargaining Power of Suppliers
Nokia Network has an effective position in the market and is a very well known brand in the market. Hence, there is no need of worry for Nokia Networks from the part of suppliers. Suppliers of Nokia could be managed in an effective manner as because of the brand value that Nokia has in the market.
Bargaining Power of Buyers
Nokia Network is dealing in a market which is providing communication networks to the customers available in the market. Customers do not have any option available in the market other than using the services of the network provider and they use the services at the given price. Therefore, in this case customers cannot bargain with Nokia Network and it could do business according to the way it wants and could enjoy the benefits from the market (Antony, 2012).
Strategy for Nokia Networks
On the basis of the analysis done above it is necessary that Nokia Network should design the strategies which could help it in removing all the weaknesses and prepare the organisation to overcome from all the threats available in the market. It is necessary that the strategies presented should fulfil the mission, vision and targeted objectives of the company so that it could ensure its success in the market and could attain competitive position in the market. Therefore, strategies for Nokia Network are as follows:
Substantive Growth Strategy
Various strategies are available that could provide substantive growth to Nokia Network like vertical integration, horizontal integration or diversification. These are the strategies that provide the scope of business expansion to the organisation (Njoku, 2015). Diversifying the product into the new market will help Nokia Network to attach more customers with and will help in adding value to the brand image. Entering into new market will help Nokia Network to grow and will help in generating more revenue and increasing the market share.
Retrenchment strategy could be used by Nokia Network. Working on various internal processing could help Nokia network to cut the extra cost. Cutting around the extra cost will help in lowering down the price of the products and services provided by Nokia Network with the effect of which it would be able to attract more customers towards its services which will help Nokia Network in attaining competitive positioning and increasing the number of customers till the time mentioned in targeted objectives (Jay, 2014).
Based on the above discussion it could be concluded that management strategies are very important for every organisation. Companies like Nokia Networks working in such a competitive market should focus on all the management strategies and should try to work on the weaknesses so as to reduce all the vulnerabilities of the company. Proper internal and external analysis of the company helps in bringing out effective strategies with the effect of which company could attain its targeted objectives and could sustain in the market.
Antony, J. 2012, "A SWOT analysis on Six Sigma: some perspectives from leading academics and practitioners",International Journal of Productivity and Performance Management, vol. 61, no. 6, pp. 691-698.
David, F. R. (2013). Strategic Management Concepts and Cases: A Competitive Advantage Approach. PHI Learning.
Fields, Z. (2015). Incorporating Business Models and Strategies Into Social Enterprises. Pearson.
Harrington, R.J. & Ottenbacher, M.C. 2011, "Strategic management", International Journal of Contemporary Hospitality Management, vol. 23, no. 4, pp. 439.
Jain, N. 2013, "Strategic Management", Vision: The Journal of Business Perspective, vol. 17, no. 1, pp. 89-90
Jay, B. B. (2014). Strategic Management and Competitive Advantage: Concepts. Pearson Prentice Hall.
Kundu, G.K. & Bairi, J. 2016, "Strategic management and innovation: A checklist for readiness evaluation of AACSB standards", Quality Assurance in Education, vol. 24, no. 2, pp. 259.
Njoku, V. (2015). Success Plan and Positioning Strategy. Cengae Learning.
Schrempf, J. 2011, "Nokia Siemens Networks: Just Doing Business — or Supporting an Oppressive Regime?",Journal of Business Ethics, vol. 103, no. 1, pp. 95-110
Thompson, AA, Peteraf, MA, Gamble, JE & Strickland, AJ 2016, Crafting and executing strategy: the quest for competitive advantage, concepts and cases, 20th edn, McGraw-Hill Education, New York; (ISBN: 9780077720599).