Nokia: Target Market Segmentation & Product Strategy



Abstract

Analysis and development strategic plan play a major role in Strategic formulation and implementation of product and its sale. This study provides detailed analysis of the implementation plan for the new and latest technology in the Nokia mobile phones with new and advance features. It requires detailed analysis of the target market, market segmentation, market mix, and product strategy for the successful implementation and marketing of the product. It generally deals with focused market planning and product development in the field of mobile technology. This highlights the fact that planned and focused marketing planning assists in achieving targets and success.

Nokia: Target Market Segmentation & Product Strategy

Introduction

The success of a company depend on various factors such as product quality, customer satisfaction, advertising, company strategies and different other important factors. Marketing is the most important factor in the success of a company. Mission of every company is to increase growth and productivity, which is only possible with the increase in sales, which mainly depends on the effective marketing strategies (Steinbock, 2010). Marketing strategies involves various factors such as understanding customers and allocating correct price, promotion, place, and product strategy for the right customer. These 4 P's of marketing play a major role in defining functions and target market, which leads to the success of a product. Nokia is a telecommunication company, which follows excellent marketing strategies resulted in making it top brands. It has business all over the world; it operates its business in over 120 countries (Stolle, 2006, p.1). Nokia has the major share of the global market in telecommunication and mobile products.

Discussion

Background and Company Overview

Nokia is the leading brand name in global communication market. It was established in 1865 in a small town “Nokia” in South Western Finland by a mining engineer Fredrik Idestam (Stolle, 2006, p.1). Nokia deals in wireless technology and mobile phones. It involves producing mobile phones for all customers. Nokia offers a wide range of mobiles for target customers. One of the most important factors is that, Nokia deals with producing a wide range of telecommunication solutions and offers cost effective and compatible products. It deals with the marketing and selling of products all over the world, and this is the reason that setting target market, product strategies and market segmentation are very important factors for the Nokia Company.

Nokia Market Strategies

Nokia follows well planned market strategies, which consist of excellent leadership management skills for analyzing market, understanding internal and external environment, analysis of the competitors, marketing mix, target market and market segmentation. Market strategy of Nokia is based on strategic planning of 4Ps; product, price, promotion and place. According to Levi, “Nokia's strategic intent is to take a leading role…and creation of new services” (Levi, 2006, 23). Nokia also follows strategies of innovation and diversification with the new technological advancements and introducing innovative styles and attractive designs in mobile technology. It also involves horizontal integration and business expansion. For example, in the beginning, it over run Motorola in UK ...