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Essay example - Executive Summary: Annual Marketing Plan Nokia
Pages 3 (753 words)
Running Head: Executive Summary: Annual Marketing Plan Nokia Executive Summary: Annual Marketing Plan Nokia Customer Inserts His/her Name University Name Executive Summary The cell phone industry is becoming increasingly competitive as different competitors are coming up with newer products with the aim of taking more and more market share…
Extract of sample
These companies have challenged the market leadership of Nokia and in turn have reduced the sales of the company significantly. The situation demands that Nokia acts immediately if the company wants to remain active in the market for a long period. Analysts have suggested lower pricing as the main reason behind company’s low profits (Arthur, 2011). Nokia, in the wake of all the new, had to lower prices in order to compete. This had a toll on the profits of the company. On the other hand Apple and Google are already shrinking the market by targeting the youth. The overall situation is developing to be disastrous for the company. Nokia was once the 5th most valuable brand of the world, but now it has plummeted to 79th (Reynolds, 2011). This is evidence of the declining situation of the company. Nokia has to invest in its marketing campaign vigorously in order to retain its position in the market. The problem is lower pricing and that can be solved by creating a brand value. Nokia has to create a sense of value for the customers and only then it can justify its higher prices. The product line of the company is the widest in the industry so the problem is not with the products; rather it is with the marketing strategy of the company. The main marketing objective must be to enhance the brand image of the company in the eyes of the users. ...
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