Management

Running head: MANAGEMENT
Management
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction:...............................................................................................................................3
Overview of the company:.........................................................................................................4
Situation of the Company:.........................................................................................................5
Relationship between the Strategies:.........................................................................................7
External Environment Analysis:................................................................................................9
Political:.................................................................................................................................9
Economic:..............................................................................................................................9
Social and Cultural Factors:.................................................................................................10
Technological:......................................................................................................................10
Legal:....................................................................................................................................11
Environmental:.....................................................................................................................11
Evaluation of the Strategy:.......................................................................................................11
Selection of the leadership Strategy:........................................................................................12
Implementation Plan:.................................................................................................................0
Recommendations and Conclusions:.........................................................................................0
References:.................................................................................................................................1

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Introduction:
The importance of efficient business strategy in the modern business context, is
significantly high. With the idea of the impact of the globalization on the modern business
industry, the increasing intensity of the business competition is pretty visible. Majority of the
business analysts have claimed that one of the major reason of the intense market competition
is the entry of the new organizations in the business industry. In recent years, almost each and
every industry is seen to be populated with the new entrants and that is increasing the
pressure on the existing organizations. The survival and the growth of the existing
organizations are becoming tougher and that is pretty evident with the increase in the urgency
of the existing organizations in applying different strategies. Weinstein (2013) claimed that
majority of the business organizations are observed to apply the low pricing strategy for the
effective management of the detrimental impact of the business competition on their business
operations. The fundamental objective these organizations in applying the low pricing is
considered to be the urge of the in gaining the cost leadership over the competitor
organizations. However, Brynjolfsson, Hu and Rahman (2013) highlighted an important fact
while claiming that many of the existing business organizations are more inclined in
improving the quality of the products rather than providing the products at cheaper rates to
manage the impact of the competition.
The paper is dedicated in the elaboration of one such business organization that faced
considerable amount of impact of the intense business competition, in the form of Nokia.
Nokia is one of the established name in the global telecommunication and consumer
electronics industry. However the selected company has faced significant amount of effect of
the price war and the intense level of competition triggered by the continuous product
development of the competitor organizations. The paper provides a brief overview of the

3MANAGEMENT
selected organizations and along with that, it focuses on the formation of the strategies that
have the potential of improving the condition of the selected company. In the formation of the
strategy, the company precisely discusses regarding the stakeholder expectations along with
the performances of the company with a precise focus on the strategic management theories.
Apart from this, the paper identifies the external factors that can affect the strategy making
and the business operations of the selected company and along with that, the paper explains
the encouragement that the formed strategy provides to the change and evaluates the
contribution of the strategy in the improvement of the selected organization. Apart from this,
the paper elaborates the best suited leadership style that can be utilised for the effective
implementation of the formed strategies with a precise focus on the advantages of the style of
leadership. In addition this, the paper includes an implementation plan for the formed
strategies and shows how the plan can fulfil the major stakeholder expectations. In addition to
the implementation plan, the paper provides a set of important recommendations for the
efficient implementation of the new strategies.
Overview of the company:
The selected company is Nokia or professionally known as Nokia Corporation. As
mentioned earlier, the company is one of the biggest names in the consumer electronics and
telecommunications industry owing to the significantly rich history of the company in
producing quality consumer electronics and telecommunications products. The company was
established in the month of May of 1865 by a trio of Finnish professor, Leo Mechelin,
Finnish mining engineer, Fredrik Idestam and Eduard Polón (Nokia.com 2019). The selected
organization is currently headquartered in Espoo, Finland. The company is one of the elite
companies that are able to serve the customers across the globe with the optimum quality
products. However, the worldwide business operations of the selected company has faced a
major decline in the recent years owing to the inappropriate formation of the strategies from