The Strategic Audit of Nokia Corporation through the Use of Frameworks Essay - 8

The Strategic Audit of Nokia Corporation through the Use of Frameworks such as Porters Five Forces Model, Porters Generic Strategies, and Resource-Based View Approach - Essay Example In this study, it can be understood that strategic analysis falls under strategic management which is an important part for Nokia to sustain in the prevailing market. Moreover, through the use of secondary sources, the company’s overall performance in the year 2013 has been revealed that provides an understanding that Nokia’s performance in the market for the past few years has been declining. Thus, the company must effectively use its resources in order to improve its performance and get the competitive advantage in the global market. Nokia was founded in the year 1865 by Fredrik Idestam and is headquartered in Espoo, Finland. It is a multi-national company which is specialized in producing mobile phones that provides telecommunication services to its customers. In the year 2013 Nokia had employed more than 87,771 employees across 120 nations and the company has been selling its product to 150 nations. Moreover, it was witnessed that Nokia earned revenue of 30 billion euros in the year 2013 and the company is a public limited-liability company; it is listed in the New York Stock Exchange (NYSE) and Helsinki Stock Exchange (HSE). However, presently the company’s market share has been declining due to the tough competition faced by Samsung and Apple. Besides, lack of innovation in the recent time has been identified as a major reason behind the company’s losing market share worldwide. Correspondingly, the study is primarily focused towards strategic analysis of Nokia Corporation through frameworks such as Porters Five Forces, Porter’s Generic Strategies and Wernerfelt’s Resource-Based View framework. Moreover, the study focuses to provide the recommendation to Nokia Corporation through the strategic analysis so that it can regain its supremacy in the global industrial context. Strategic management is a systematic process that involves the combination of actions such as strategic analysis, preparation of strategies along with its implementation.Strategic analysis is an integral part of strategic management that involves examining the organization in relation to the organizational structure and culture, strengths as well as weaknesses, product, people along with services.