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In July 2012, shares of Nokia were trading below $2 - far off from their highs of nearly $60 in 2000 and nearly $40 in 2007. At the time of this writing, the shares have somewhat rebounded, up more than 300% after having climbed into the $6.50 range. At the turn of the millennium, Nokia was one of the world's largest suppliers of mobile devices. This, of course, was before smartphone mania swept the nation (and the world). Fast forward to 2010, and while Nokia remained profitable, the writing was on the wall. It was only a matter of time before Nokia phones, as they currently existed, would remain relevant. Because Apple beat Nokia to market with its iPhone, the latter company missed its opportunity to lead the smartphone revolution. Understanding this all too well - Nokia has reinvented itself time and again in its 150-plus-year history - the Finland-based company hired a new CEO to take the reins. Nokia could not adopt changes with the passing time and get failed due to failure in the implementation of strategic change systems. Ultimately, Nokia's new management team decided to sell the company's struggling phone division to Microsoft.
Description:
What were the constraints for Nokia in the implementation of strategic change systems? And what could be an appropriate approach to implement change effectively?
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