The Mission Statement Essay Example for Free

The Mission Statement Essay In this case study will discuss the strengths, weakness, opportunity’s and threats of the Vertu Nokia mobile phone. How well the company did and what the company will do to be completive in today’s changing world of mobile phones. Synopsis of the Situation The situation of the Vertu is how the company can survive in today’s world of technology changes. Nokia manufactures a unique luxury mobile phone by using precious materials such as diamonds, sapphires, titanium and exotic leather for phone production. Key Issues Nokia has a unique product and although it does well it has been shrinking in the market shares. Nokia hired Stephen Elop as the new CEO was given the task of revamping Nokia’s business and save it. Define the Problem The problem is the drop in share price. The problem faced in the lack of ability to not only produce new products but sustain current innovations within the mobile arena. Another issue is the use of an unproven operating system before understand the effects of a fall that could occur. There is also not a set purpose of the change nor what the company can do for its shareholders. Alternative Solutions The solution present was to phase out the outdated operating system and adopt Microsoft’s Window phone as its principal smartphone strategy. The transition from Symbian which was the outdated operating system to Windows Phone was a major move for Nokia and it could take it further by building a successful Third Ecosystem with Microsoft. Selected Solution to the Problem Due to rapid economic growth in emerging markets like China and India, the Asia-Pacific became the fastest growing region for luxury mobile phones. With new developments the luxury mobile phone market looked promising and attracted new market entrants such as Mobiado, GoldVish and GRESSO. Other well established luxury brands, including Christian Dior, Tag Heuer, Versace and Ulysse Nardin also joined the luxury mobile industry through brand extension initiatives with handset manufactures. Implementation In 2005 Nokia branded 8800 series and a year later a special edition of the Nokia 8800 was introduced. These new editions included ultra-lightweight carbon fibre and 24 carat gold plated versions. Despite these products introductions Nokia continued to empower its Vertu subsidiary to take the lead in penetrating the high end luxury mobile