Analysis of a fading brand: Nokia
Introduction
Mobile phone industry went through the revolution after smartphones were introduced for the first time in 2007 and companies like Apple, HTC, Blackberry, and Samsung started the race to get the biggest piece of constantly growing highly attractive market. Nokia’s past strong brand equity was strongly touched by it, and it required instantaneous brand revitalization. In this report we will concentrate on Nokia’s efforts at reinforcing and revitalizing brand equity, as well as offer few suggestions on how to improve the process. At the beginning Nokia’s current problematic situation will be defined as well as closer look on the importance of emotional positioning in consumers mind and building …show more content…
With big brands establishing their name such as: Apple, Blackberry, and Samsung etc. Consumers became more aware of the possibility of choice and started experiment more, looking for alternatives in order to find the product personally suitable, and exactly matching their preferences. Increasing competition and lack of ability to adapt to constantly changing demand and environment, led Nokia to experience a radical drop in the market shares. Nokia’s brand imagery faded in consumers mind and therefore its brand value has been dented and it was clear that the company needs to be revitalized. Nokia has lost its value on the market significantly from being worth 35,942m$ to 21,009m$ in 2013. And stood vulnerable against Microsoft who …show more content…
The brand has ability to penetrate market and win back the minds of the consumers who either had an amazing experience with the brand in the past as well as new customers. This will help enhance a revitalization of the market place as well as emotional bond with its consumers. Nokia is in better position, since their old products were of high quality and always been perceived as high quality, it means that Nokia’s customers trust will be recovered by bringing new representative, character and personality meanings that decreases the perceived risk and increase consumer trust. This is a challenge as the feelings towards the brand change based on cultural, social and geographical aspects. Building strong relationship with new customers and renewing the trust and commitment of old customers can be exceptionally beneficial as it would allow to understand and ménage customers emotions and possibly help building an emotional bond, increase loyalty and decrease uncertainty. Nokia would gain the consumers trust and competitive edge, which helps to apply brands, desired revitalization
Introduction
Mobile phone industry went through the revolution after smartphones were introduced for the first time in 2007 and companies like Apple, HTC, Blackberry, and Samsung started the race to get the biggest piece of constantly growing highly attractive market. Nokia’s past strong brand equity was strongly touched by it, and it required instantaneous brand revitalization. In this report we will concentrate on Nokia’s efforts at reinforcing and revitalizing brand equity, as well as offer few suggestions on how to improve the process. At the beginning Nokia’s current problematic situation will be defined as well as closer look on the importance of emotional positioning in consumers mind and building …show more content…
With big brands establishing their name such as: Apple, Blackberry, and Samsung etc. Consumers became more aware of the possibility of choice and started experiment more, looking for alternatives in order to find the product personally suitable, and exactly matching their preferences. Increasing competition and lack of ability to adapt to constantly changing demand and environment, led Nokia to experience a radical drop in the market shares. Nokia’s brand imagery faded in consumers mind and therefore its brand value has been dented and it was clear that the company needs to be revitalized. Nokia has lost its value on the market significantly from being worth 35,942m$ to 21,009m$ in 2013. And stood vulnerable against Microsoft who …show more content…
The brand has ability to penetrate market and win back the minds of the consumers who either had an amazing experience with the brand in the past as well as new customers. This will help enhance a revitalization of the market place as well as emotional bond with its consumers. Nokia is in better position, since their old products were of high quality and always been perceived as high quality, it means that Nokia’s customers trust will be recovered by bringing new representative, character and personality meanings that decreases the perceived risk and increase consumer trust. This is a challenge as the feelings towards the brand change based on cultural, social and geographical aspects. Building strong relationship with new customers and renewing the trust and commitment of old customers can be exceptionally beneficial as it would allow to understand and ménage customers emotions and possibly help building an emotional bond, increase loyalty and decrease uncertainty. Nokia would gain the consumers trust and competitive edge, which helps to apply brands, desired revitalization