Due to complex and challenging environment Nokia is faced with several strengths, weaknesses, opportunities and threats. By analyzing internal environment comprising of strengths and weaknesses and external environment comprising of threats and opportunities can help Nokia decide future strategies. External Factors The external environment consists of technological, legal, social, economic and political factors. For the company to be successful it has to ensure that political situation is not unfavorable in a particular county.
Rather, each organization operates in an environment that affects everything, from the availability of skilled workers, to the price of raw materials. Understanding your organization's external environment helps you proactively take advantage of opportunities and nimbly sidestep threats.
Competition Nokia internal external environment your organization or business offers, you'll be well-positioned to succeed, if you have a deep and broad understanding of who else provides similar offerings, or who else has different products or services that can meet the same need.
If you run a car service, you're in competition with other car and taxi services, and also with public transportation, ride sharing services, and even bicycle and vehicle-sharing companies. When analyzing your competitive landscape, think in terms of the customer need that you're trying to meet, and list every imaginable way that this need can be addressed.
Economic Landscape Your external economic environment determines whether people have money to spend and how willing they are to spend it. Consumer optimism about the economy is influential in generating consumer spending, and fear of economic instability prompts them to hang onto their money.
Some products and services may actually do better in an economic downturn.
If your business offers an affordable staple such as food or clothing, customers may be more likely to choose it over more luxurious alternatives when times are hard.
Consumer Tastes Customers tastes can be fickle, influenced by fads and trends, among other things. Demographics also influence the types of products that your customers are likely to buy. You can respond to customer tastes by proactively studying your external environment, including evolving trends.
You can also take the lead by coming up with innovative products and services which entice customers to want what you offer. Your customers may even become influencers, encouraging their friends to try your offerings as well.
Regulatory Environment Your organization operates in a landscape of laws and regulations which determine what you can and cannot do. If you vend at farmers' markets selling wine or beer, you'll be more likely to succeed if your local government allows you to sample alcohol, than if sampling is prohibited.
Permits and licenses can also be expensive, adding to your cost of doing business. The price of permits and licenses isn't always an obstacle, however. If it is expensive to obtain permits for your industry and you have deeper pockets than your competitors, the permitting environment could actually work to your advantage.
Technology The technology available to your business affects what you're able to do and how you're able to do it. Digital photography gave photographers the opportunity to snap and choose from a great many more photos, and new medical devices enhance the ways that doctors treat maladies.
New technologies can also put your organization at a disadvantage:Nokia’s internal control over financial reporting is designed to provide reasonable assurance to the management and the Board of Directors regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements.
Internal and external market analysis of Nokia. Print Reference this. Disclaimer: Major change in External Environment of Nokia: (internal factors): Nokia is going to be one of the most popular Mobile communications companies in the industry all over the England, Nokia provide high quality of product with average price.
Nokia internal external environment. The clout of any given supplier depends on scarcity: Despite being the market leader in the mobile phone market sincethe company saw a decline in its brand value since the early But it is too late to avoid the first loss in more than a decade.
Free Essays on Internal Environment Of Nokia for students.
Use our papers to help you with yours 1 - In , in addition, based on NOKIA’s internal resources and external business environment, an assessments were made about NOKIA’s dominance in mobile phone industry through Porter’s five forces (Porter, , ) and Barney’s framework (Barney, ) as follows.
Environmental Analysis: An environmental analysis is the fourth dimension of the External Analysis. The interest is in environmental trends and events that have the potential to affect strategy. The interest is in environmental trends and events that have the potential to affect strategy.