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Nokia mobile phone is the world largest mobile phone manufacturer, with its comprehensive product portfolio covering all consumer segment and standards.Nokia is the one of the pioneer of the mobile information society.Nokia's mission is to enable people to connect with one another and to information sources regardless of time or place.Nokia's technology and applications are designed for human needs and based on solutions that function seamlessly and effectively together.
Nokia has adopted excellent techniques to influence a consumer, the price of their phone are reasonable. Almost every shop dealing in mobiles sells Nokia phone apart from their Nokia care and Nokia priority outlets. Their products are also well promoted.
In this project report I have discussed the brand value, brand image, product range and target market of Nokia in detailed manner. Everything said in this report is related with theories.
The world of similarity has hit the mobile phone market just as it has many other technology product categories. There are lots of ranges of products from complex to simple, but every manufacturer offers, of course, the latest features. Leapfrogging in sales between brands frequently occurs based on design. But overall the market is predictable, with Nokia, Motorola, and Ericsson fighting it out at the top and several less successful brands like Samsung, Philips, Siemens and Panasonic trying hard to make way into their top competitors' market share. So what makes the difference between the most successful and less successful brands? It certainly is not what product features are offered. How, then, do consumers choose? The answer seems to be what the brand names mean to them.
Nokia corporation is world's one of the biggest telecommunication equipment manufacturers. It is the Finland-based company of mobile phones which was incorporated in 1961, and established as a top and successful brand in local market but its big business has expanded in all areas to support customers need and wants and the growth of telecommunication industry.
It was started as a pulp, rubber and cable manufacturing company but with continuous effort now it is the leading manufacture of mobile devices. It offers a wide range of mobiles devices with the experience in music, video, imaging, gaming and a lot more. It also provides the service to network operator. Its efforts have paid off, because it is now the number one brand in many markets around the world. I have chosen this brand because it is very popular in the market. In this report you will find how this brand managed to keep up their image in the market when the competition is so strong, and how they managed to keep the same position during the year if the market wasn't perfect all the time and how they succeed with their strategies regarding the sale.
Brand can be defined as the mixture of a number of parameter such as name, term, sign, and symbol used for the identification of the goods and services of may be one seller or various sellers and to differentiate them from the competition. Kotler (2009) for example Pepsi, coke, lux, Nokia etc. in other words it means that whenever a person or marketer create a name, logo or symbol this means he or she has formed a new brand.
Due to huge competition companies are stretching themselves to brand their products image as well as brands value to their customers. They are spending in great amount so that they can maintain or stand in today's competitive world. These companies are spending lots on research so that they can establish a peculiar identity. Brand which is stronger in numbers will generate huge advantages for the company.
Brand image is the unique set of associations prevailing in the mind of the customers about what brand stands for and brand makes what types of promises. It can also be defined as the total of those traits which are tangible and intangible. A brand image of a product is one of the most important aspects in one organization so; therefore it is critical for every business to sustain a strong brand image. The manufacturer of Nokia has managed to establish and maintain its brand image overtime. Image of the brand is the perception of the brand by consumers. The goal of working strategically with the brand image is to make sure that consumer hold strong and positive associations of the brand in their minds.
Over the years academics have differently defined brand image, but yet they have the same meaning. According to McDonald and De Chernatony (1998), a noticeable "person, service, place or a product" applied in a way that fulfill the user's needs and wants through perceiving added value and maintaining this added value against the competition is a sign of a strong brand image. Another study by McDonald and Christopher (2003) identifies the criteria that a brand must meet to build a strong brand image. As Herzog (1963) defines it as based on the brands relation in the consumer's memory over time, a brand image is viewed. Images, ideas, pictures in consumers' minds that draw the knowledge of a brand image (Levy, 1978).
- A strong brand is associated with a name, design, a symbol, or a combination. These will classify the product as having a competitive advantage.
- Strong brands generate better earnings and a better performance in the market.
- If a brand has continues competitive advantage then it could be classified as an asset.
Moreover, McDonald and Christopher (2003) add that a brand image is a mix of sensual, rational, and emotional appeal.
Nokia has created a distinct image in customer mind by its Logo, its Slogan, and its standard ring tone standard message tone, and the specific message that is conveyed to the customers in every advertisement is" Nokia enables you to get more out of life"
Keller (2002) states that the parts of a brand can also explain the brand; by parts Keller means the unique trademarks of a brand that differentiate it from other brands such as a name, logo, package, slogan, and etc.
Nokia focused on building customer relationship and trust, their logos shows their brand personality.
Brand images are usually evoked by asking consumers the first words/images that come to their mind when a certain brand is mentioned (sometimes called "top of mind"). Nokia has made its very strong image in the mind of consumer. What is the first thing that comes in our mind when we think about Nokia? "QUALITY"
Nokia is known for its best providing call reception and hardware quality. Their phone is more durable and reliable than any of the other mobile phone in the market. The quality and battery life of nokia phone is longer than any other cell phones available in the market. People who talks a lot always prefer Nokia than any other brand.
Logo of Nokia is to "connecting people" Nokia help people a lot to fulfill this need and it help people feel close to what matter to them.Nokia focus on providing consumer with very human technology- technology that is intuitive, a joy to use and beautiful.
According to Keller (2002) some of the key effects of a strong brand image are that the image can remove any negative experience by the customer. Strong brand image can increase the consumer's confidence level and Purchasing decision. This usually leads to a higher price and a greater market share, Also a strong brand image can stand against competitive advertisement.
Brand image can be reinforced by brand communications such as packaging, advertising, promotion, customer service, word-of-mouth and other aspects of the brand experience.
Packaging is important because it protects product as they make their way from factory to customers.Nokia has a good attractive & secure packaging; they have reduced the amount of printed material inside the box.
Nokia has undertaken no 1 of promotional activities to promote its product like website which provide the full information of the product through newspaper TV, Magazines,signboards,billboards.Filmstars and players are also hired for promotions.Nokia has also sponsored many cultural activities, sports events, sport team to promote its brand.Nokia also provide discounts to online purchaser through nokia discount coupons or coupon codes,nokia also provide commission to retailer on the sales of every Nokia cell phone and accessories.
Nokia has a very vast and huge list of mobile phones.Nokia mobile phones are available for every consumer group, starting from simple and durable phones for the low income group and high end phone for those who can afford to spend money. So regardless of being a corporate honcho or a fresher into the world of economy, Nokia has something for you.The following is a partial list of products branded by Nokia Corporation.
This list is about the modern Nokia products. In the past, Nokia has produced at one time or another paper products, car and bicycle tires, footwear (including Wellington boots), communications cables, televisions and other consumer electronics, personal computers, electricity generation machinery, robotics, capacitors, gas masks such as the M61 for the Finnish Army, plastics, aluminium and chemicals.
- Nokia 1000 series
- Nokia 2000 series / Basic series
- Nokia 3000 series / expression series
- Nokia 5000 series / Active series
- Nokia 7000 series / Fashion and exprimental series
- Nokia 8000 series / Premium series
- Nokia 9000 series / communicator series
SPECIAL FUNCTION PHONE
- Nokia E-series / Enterprise series
- Nokia N-series / Multimedia computer series
- Nokia N Gage / Mobile gaming device
- Vertue / Luxury phone
MARKET SEGMENTATION & TARGET MARKET
We know that the market is very wide and marketers can't satisfy everyone in the market with every product.Thats why nokia has divided the cell phone market into different segments. Nokia has divided and identified the different group of buyers who require or prefer different features and facilities in their cell phone by examing, demographic, psychographic and behavioral difference among buyers.
1000 series, and the 2000 series are entry-level phones. However, the 2000 series generally have more advanced features than the 1000 series. In this series Nokia targeted low income and first time mobile Buyers.The sets include in this series are 1200,1208,1100,1110,1110 etc.
The Nokia 6000 series or Classic Business series is range of mobile phones marketed by Nokia. This family of phones is notable for their conservative, unisex designs, making the family popular with business users.In this series Nokia Targeted decent people.Sets include in this series are 6300,6233,6120,3120 etc
N GAGE SERIES
Nokia targeted game lover in this series.These sets includes game like play station,PSP and Xbox.
Nokia launch this series for the people who love music .So in this series of Nokia Music lover are targeted.Sets Includes 5220, 5310, 5800, 5610, 5320 etc
NOKIA N- SERIES
is a product family that includes multimedia smartphones. These are mobile devices supporting digital multimedia services such as music playback, video capture, photography, mobile gaming and Internet services. Some Nseries devices support high-speed wireless technology, such as 3G, or Wireless LAN.This series is also called Multimedia computer.Named as on step ahead multimedia.Sets are N70, N73, N95, N96, N80, N81, N91 etc.
Nokia n-Series consists of business-oriented smartphones, it emphasis on enhanced connectivity and support for corporate e-mail push services. All devices have advanced office features. Phones equipped with Wireless LAN also provide a VoIP client (SIP Protocol).This series is for business people.Sets includes are E51,E66,E71,E61i ,E90 etc.
In this series Nokia Targeted People which show visual status.Sets includes in this series are Sephira arte,8800 Gold,8800 arts etc.
COMPETITORS OF NOKIA
Nokia is fundamentally changing its buiness model to transform both the company and the industry.While Nokia continue to compete with the traditional mobile device manufacturers,Nokia also are dealing with new competitors entering the market from the PC and internet industry.These are the ares where the biggest opportunities lie.with all this technology available in the communication market it is obvious that Nokia will have lots of competition they include
- Sony Ericsson
Brand value is basically the amount that a brand worth in terms of income, reputation, prestige, potential income and market value. Brands with a high value are regarded as considerable assets to a company, so that when a company is sold a brand with a high value may be worth more than any other consideration.
In today's competitive environment creation and maintenance of brands are more important. Brand equity creates when you invest in branding activities. And equity of the brand exist when customer are aware of the brand, loyal to the brand and perceive the brand as having quality. These three are the main components of the successful brand.
Nokia accounts for over half of the value of the Finland stock market, and has taken big market share from its competitors. According to one brand valuation study it ranked 11th on the world's most worthless brand list, making it the highest-ranking non-U.S. brand. As has been pointed out, it has unseated Motorola. Nokia achieved its brilliant feat through consistent branding, backed by first-class logistics and manufacturing, all of which revolve around what consumers want.
Nokia has a competition with Samsung, Sony Ericsson; Motorola.Nokia is the major supplier of the phone. It has grown enormous enterprise by simply being cost leader and using its advantage to constantly bring about product innovation and participate aggressively in the market places.Inspite of the big name in consumer electronics like Samsung, LG, Motorola, Sony Ericsson, Nokia really rules the mobile phone market all over the world with nearly 40% of the market share with no close competitors.Nokia is certainly the king when comes to brand value, Service and experience. The Finnish mobile giant is clearly no 1 position because nokia's call quality is best, there hardware quality is best. The battery life of Nokia mobile phone is longer than any other cell phones available in the market. The price tag of nokia phone is very reasonable.
The world leader in mobility has jumped up one place from last year's study, which annually displays the top 100 brands in the world based on independent measurements that assess the brand's total value. Nokia knocked computer hardware giant Intel from their 2006 number five position, beating automotive company Toyota to fifth place. US household names Coca-Cola, Microsoft, IBM and GE occupy the first four positions.
Nokia was also named as a notable performer with their brand value increasing by 12%. "Nokia has rediscovered the theme of demand creation by focusing on simple, easy to use handsets that are sleek and stylish,"
Nokia is the only Finnish brand to make the top 100, in a table which is dominated by 53 US brands. Other notable presences by origin country are from Western Europe - Germany the UK and Switzerland, while Japan and North Korea represent Asia, mostly in the Automotive and Consumer Electronic sectors.
ANALYSIS AND FINDINGS
For this report I have gather data from different sources from online journals weblinks,articles and magazines, now I m going to analysis my findings, Today Nokia has succeed where the other big brand failed, mostly by putting together the human technology and dominating in the emotional high ground.Nokia also distinguish itself through its pricing strategy. Huge range of nokia products allow customers choose not only by technology features but also by price.Nokia has huge brand equity. It is also sponsoring international festivals.
- Nokia should improve product designing because it capture large number of market share. It should increase the advertisement and use all mass media for advertisement.
- Nokia recognition is very well but there is possibility to increase. This can be done through extensive communication campaign.
- Nokia should provide some extra service to customer that buy Nokia like free excess to nokia software for a year.
- Nokia should make some joint venture with fashion brand like Dolce & gabbana to create fashion mobile phone.
- It is a great opportunity for Nokia to increase revenue and reach customer loyalty if they sell more software like games videos etc through nokia website.
Nokia mobile phones have got worldwide appreciation. Because they have captured the large portion of mobile market. Due to high quality, cost effectiveness & large features; The Nokia mobile phones can be easily repaired on the mobile repair shops, as the company also supplies spare parts in the market. Nokia mobile phones resemble latest features with the change of time.
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- Herzog, H. (1963) Behavioral Science Concepts for Analyzing the Consumer. Marketing and the Behavioral Sciences, Peny Bliss, ed., Boston: Allyn and Bacon, Inc., 79-84.
- Keller. K. (2002). Branding and brand equity. In B. Weitz & R. Wensley (Eds.), Handbook of Marketing. London: Sage Publications. 165-175.
- Kotler.P. Kevin Keller (2009) marketing management 13th edition
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- McDonald, M., & Christopher, M. (2003). Marketing: A complete guide. New York: Palgrave MacMillan