Competition, it is the driving force behind all decisions in the organization. W

Question

Competition, it is the driving force behind all decisions in the organization. Without competition organizations wouldn't need to make pricing decisions or craft product strategies. You would just buy what was for sale and pay what was being asked, you would have no choices. But, since there is competition in all we encounter from job searches to the marketplace we must address the competition in attempting to grow. For this week's discussion, pick an organization you are familiar with and discuss what competitive information do you think that organization should keep in mind when planning to grow and how would you go about setting product strategy for them?

Explanation / Answer

The organization I pick is Nokia. It is known to everyone that Nokia lost almost all of its market share to android phones in the past. However, after a few years, the company has come back into the market by incorporating, Andraoid OS into its phones. But Nokia has been quite laggard in getting back its market share. The main reason for this is stiff competition from companies like Samsung, Huawei, Xiaomi, Honor, Oppo etc. Aggressive pricing is the only way through which Nokia can increase its market share in the Android phone market. The company must bring the best products at cheapest prices. Though the profit margin may become lesser, the focus must first be on increasing the market share. Xiaomi is a great example for this.The company through its aggressive pricing tactics and superior products, overtook top and established brands like Samsung in many countries. Further, Nokia can make best use of AI and Machine learning to make its products smart, effective and efficient. Customers today are looking for, best performance, superior camera, fast charging and durable battery life. Combining most of these features in their phones by incorporating best in class processors and cameras along with aggressive pricing is the only way for the company to sell more phones. Furhter, the company must invest more on research and development and keep up with market trends so that the past failures do not get repeated.

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