Nokia Innovative Business Case
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Nokia Innovative Business Case
Nokia is a multinational firm based in Finland, formed in 1865. Nokia can embrace numerous innovation design projects due to worldwide developments in the telecommunications business, which it can develop to accomplish corporate growth and survival in an industry with more innovative technologies. According to Mascetti et al. (2021, p.3), Cross-Platform Development is a mobile solution that is simultaneously compatible with many operating systems and platforms. Cross-Platform Development is one incremental revolutionary design initiative that Nokia can pursue. For example, Nokia could work on a technology that allows for dual recording in the camera. Existing smartphones have front and back cameras, but only one of them is operational at any one moment. Future smartphones may feature greater camera support, allowing both cameras to record simultaneously. Nokia might also include a built-in night vision camera capability. Stronger phones necessitate stronger screens; the good news is that future mobile devices may have stronger screens made of sapphire or other hard materials. Nokia attempts to make a breakthrough in modern computing settings by utilizing graphene, regarded as the world’s strongest substance.
According to Lamberg et al. (2021, p.575), Nokia capitalized on the growing popularity of computers and mobile phones in the late twentieth century. As a result, Nokia’s innovation program grew slowly but steadily. Through acquisitions, Nokia also tried to diversify into other consumer electronics industries but could not properly integrate these companies, focusing on network equipment and mobile phones. Nokia’s business relationships, however, have changed as a result of rising competition and other market forces. For example, Microsoft acquired Nokia’s mobile phone division in 2014, and HMD received Nokia’s trademark and patent licensing (Lamberg et al. (2021, p.575). Nokia’s strength was its ability to quickly iterate on phone designs while catering to a wide range of customers. In addition, Nokia was preoccupied with keeping up with technological advancements. The world is changing, and businesses are putting a greater emphasis on customer pleasure. As a result, new products are improved to meet consumer needs, and the quality of products and services requires creative minds. First and foremost, the Company must define what the industry lacks, the target market, and the new or updated product it should offer. As a result, the Company is stronger positioned to create new products and services that suit consumer wants.
A corporation’s success depends on new product development and commercialization strategy, which gives a company a competitive advantage essential for its long-term success. The product development team now has Nokia’s management board’s attention and a firm handle on the Company’s innovation management. Therefore, the Company’s survival and growth have no choice but to develop and improve if they wish to go from surviving to thriving. The mechanism for this growth and improvement is given by new products and services generated and provided by competitors.
With only a few new features or slightly better performance, the project can have an incremental improvement over the prior version. According to Gupta et al. (2019, p.3), Nokia’s current focus is almost exclusively on becoming the front-runner in the battle to sell 5G technology to mobile carriers worldwide. These items may be able to keep the Company afloat by providing enough new value to produce additional cash. Aced with a massive increase Nokia brand has a chance to make a true comeback and catch up to the top five global smartphone makers. In new product development, Nokia can focus on alignment with bigger strategic goals surrounding innovation, stakeholders, and processes. Nokia’s catering strategy to varied requirements and tastes resulted in the crystallization of phones with qualities that appealed to market segments. The strategy broadly addresses Nokia’s future direction with incremental and disruptive innovations.
The best method Nokia may use to choose a new product development project is the internal rate of return. IRR stands for the projected yearly growth rate of an investment. The process to be followed in developing this idea within the Company provides several techniques for gathering structured input from participants and professional reviewers (Zahay, 2018, p.43), Adding usability and design patterns to current content packs to improve usability, and enrichment. UX Designer who can translate consumer needs into UI design is needed to run the process. The process includes determining a viable idea, then an extensive analysis and research on the idea, development, testing, and later marketing the idea.
Disruptive technologies have recently received much attention; thus, it’s critical to rethink business models to accommodate innovations. According to Rasool et al. (2018, p.254), disruptive technologies can revolutionize the way firms operate forever. A five-step approach assists businesses in developing disruptive inventions and providing a scale for assessing their disruptive potential. The scale can also assess the disruptive potential of new products presented by competitors. Finally, interact with stakeholders and clients to obtain requirements and align the research findings with user expectations.
Gupta, M., Legouable, R., Rosello, M. M., Cecchi, M., Alonso, J. R., Lorenzo, M., … & Carrozzo, G. (2019, May). The 5G EVE end-to-end 5G facility for extensive trials.In 2019 IEEE international conference on communications workshops (ICC workshops) (pp. 1-5). EEE. https://ieeexplore.ieee.org/xpl/conhome/8751668/proceeding
Lamberg, J. A., Lubinaitė, S., Ojala, J., & Tikkanen, H. (2021). The curse of agility: The Nokia Corporation and the loss of market dominance in mobile phones, 2003–2013. business History, 63(4), 574-605. https://doi.org/10.1080/00076791.2019.1593964
Mascetti, S., Ducci, M., Cantù, N., Pecis, P., & Ahmetovic, D. (2021, October). Developing Accessible Mobile Applications with Cross-Platform Development Frameworks. n The 23rd International ACM SIGACCESS Conference on Computers and Accessibility (pp. 1-5). https://dl.acm.org/doi/abs/10.1145/3441852.3476469
Rasool, F., Koomsap, P., Afsar, B., & Panezai, B. A. (2018). A framework for disruptive innovation. foresight. https://doi.org/10.1108/FS-10-2017-0057
Zahay, D., Hajli, N., & Sihi, D. (2018). Managerial perspectives on crowdsourcing in the new product development process. industrial Marketing Management, 71, 41-53. https://doi.org/10.1016/j.indmarman.2017.11.002