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NOKIA GO Future Success Strategy

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NOKIA GO Future Success Strategy NOKIA GO Future Success Strategy Dr. Sebastian Schwarz MASTER’S THESIS October 2019 International Business Management ABSTRACT Tampereen ammattikorkeakoulu Tampere University of Applied Sciences International Business Management SEBASTIAN SCHWARZ: NOKIA GO Future Success Strategy Master's thesis 77 pages, appendices 21 pages October 2019 Abstract Nokia has fundamentally changed its business model in the recent decades, and they are not yet done. This thesis explores Nokia’s current corporate strategy, puts it to the test and recommend improvements to the current strategic planning. Starting point for this work is to provide a broad understanding of Nokia's current business environment, covering its influencing factors, stakeholders, environ- mental factors, etc. as well as Nokia’s current position & strategy. Based on this information, a set of strategic options is derived and analysed, from which a single strategic plan, nick named “Nokia Go”, is formed. Nokia Go relies on three main objectives, namely increased emphasis on the software sector, new business op- portunities in the OTT sector, and future-proofing in the wireless data transfer technology sector. This strategic plan is developed in detail, including a strategic planning calendar, critical success factors, and balanced scorecards, to provide a feasible future success strategy for Nokia. Furthermore, adjustments to Nokia’s current vision and mission statements are proposed to reflect the findings of this constructive research project. The strategy development work concludes with the implementation plan for the developed strategy, covering schedule, dissemination, and measures for contin- ued monitoring and evaluation of its success. Key words: business strategy, strategy development, telecommunications, in- ternational business administration 3 TABLE OF CONTENTS ABSTRACT ......................................................................................................... 2 LIST OF FIGURES ............................................................................................. 5 LIST OF TABLES ................................................................................................ 7 GLOSSARY ........................................................................................................ 8 1 INTRODUCTION ........................................................................................... 9 1.1. Motivation ................................................................................................ 9 1.2. Scope ...................................................................................................... 9 1.3. Background on strategy development ................................................... 11 1.4. Objectives ............................................................................................. 13 1.5. Research methodology ......................................................................... 14 1.6. Outline ................................................................................................... 17 2 UNDERSTANDING NOKIA’S BUSINESS ENVIRONMENT ........................ 18 2.1. Factors influencing Nokia’s business environment ................................ 18 2.2. Analysing Nokia’s stakeholders ............................................................ 19 2.3. Major environmental challenges affecting Nokia ................................... 20 3 NOKIA’S CURRENT POSITION AND STRATEGY ..................................... 22 3.1. Nokia’s resources to deliver on its current strategy ............................... 22 3.2. Nokia’s current market position ............................................................. 27 3.3. Evaluating Nokia’s current competitive advantage ................................ 31 4 DEVELOPING STRATEGIC OPTIONS FOR NOKIA .................................. 33 4.1. Nokia’s strategic options ....................................................................... 33 4.2. Nokia’s main competitors ...................................................................... 37 4.3. Outlining the basis of Nokia’s future strategy ........................................ 38 5 GO’s STRATEGY PLAN .............................................................................. 46 5.1. Go’s strategic planning calendar (SPC) ................................................ 46 5.2. Nokia’s critical success factors with Go strategy ................................... 47 5.3. The developed Go strategy ................................................................... 49 6 NOKIA’S KEY STRATEGIC FACTORS ....................................................... 55 6.1. Testing Go strategy for strategic fit with Nokia values ........................... 55 6.2. Nokia’s revised vision and mission statement ....................................... 56 6.3. Go’s strategy statement and management objectives ........................... 59 6.4. Go’s balanced scorecard ...................................................................... 61 7 GO STRATEGY IMPLEMENTATION PLANNING ....................................... 63 4 7.1. Schedule for implementing the Go strategy .......................................... 63 7.2. Planning the dissemination process for the Go strategy ....................... 64 7.3. Monitoring and evaluation systems ....................................................... 66 8 CONCLUSION & DISCUSSION .................................................................. 67 8.1. Delivery against objectives .................................................................... 67 8.2. Outlook .................................................................................................. 68 REFERENCES ................................................................................................. 70 APPENDICES ................................................................................................... 78 Appendix 1. Stakeholders analysis .............................................................. 78 Appendix 2. Shareholder overview .............................................................. 87 Appendix 3. PESTLE ................................................................................... 89 Appendix 4. Porter’s five forces on Nokia .................................................... 92 Appendix 5. Nokia Networks market share .................................................. 93 Appendix 6. Nokia Segmentation by Industries ........................................... 93 Appendix 7. VRIO Analysis .......................................................................... 96 Appendix 8. Nokia Go Balanced Scorecard ................................................. 97 Appendix 9. Nokia Go Force Field Analysis ................................................. 98 5 LIST OF FIGURES FIGURE 1. Hierarchy of company statements (Collis & Rukstadt 2008) ........... 10 FIGURE 2. Strategy palette - five environments and approaches to strategy (Reeves et al. 2015, 7) ...................................................................................... 11 FIGURE 3. The strategy sweet spot(Collis & Rukstadt 2008) ........................... 13 FIGURE 4. Research methodology map and selected field of research (University of Jyväskylä 2012) .......................................................................... 14 FIGURE 5. Constructive research process(Ojasalo et al. 2014, 34) ................. 16 FIGURE 6. Nokia’s influencing factors .............................................................. 18 FIGURE 7. Nokia Value Chain (Porter 1985; Czarnecki & Dietze 2017, 32; Ali- Yrkkö, Rouvinen & Seppälä 2011, 266) ............................................................ 22 FIGURE 8. Nokia’s current Strategic Architecture and core competences (Prahalad & Hamel 1990, 88; Nokia Corporation 2019e) .................................. 25 FIGURE 9. High level supply chain (Reyes, Raisinghani & Singh 2002; Nokia Corporation 2019e) ........................................................................................... 25 FIGURE 10. Innovative services for telecommunications value creation (Czarnecki & Dietze 2017, 47) .......................................................................... 26 FIGURE 11. Nokia activity systems based on Porter (1996) ............................ 27 FIGURE 12. BCG matrix for Nokia divisions in 2018 ........................................ 28 FIGURE 13. Nokia Growth / Share (BCG) Matrix ............................................. 29 FIGURE 14. Telecommunications Growth / Share (BCG) Matrix ...................... 30 FIGURE 15. Weighing opportunities and threats against strategic option (Johnson et al 2017, 382) ................................................................................. 40 FIGURE 16. Comparison of Nokia Go strategy topics ...................................... 44 FIGURE 17. Nokia Go strategic planning calendar (SPC) ................................ 47 FIGURE 18. Go-Strategy’s Timeline ................................................................. 49 FIGURE 19. Regional growth forecast for telecommunications market (assuming Nokia’s distribution of net sales stays as it is) ................................................... 51 FIGURE 20. Nokia’s sales & costs .................................................................... 52 FIGURE 21. Costs & sales of Go ...................................................................... 52 FIGURE 22. Final Risk Assessment ................................................................. 53 6 FIGURE
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