There has been a lot of talk about what has actually happened with Nokia. This once biggest manufacturer of mobile phones, is now quite irrelevant market player. Their production is considerably lower than it was in 2007 when they controlled almost 70% of the worldwide market of mobile phones. What has happened in the meanwhile?
Well Apple designed a touch screen. Other smaller manufacturers quickly copied and tried to make their phones on touch as well. Nokia on the other hand, decided not to do so. They believed that they were big enough to afford not taking any action in this way. Instead they just stayed true to their strategy and just improved other functions on the phone. Consumers however are the gods in this game. And they decided that they prefer touchscreen. And that was a big decision. They stopped using Nokia mobile phones all of a sudden and started using other phones. That hit Nokia very badly. See, they did not expect that. The consumers turned 180 degrees on them and started exclusively using competitor’s phones.
These days Nokia still manufactures mobile phones, but it is a much smaller company. This story can teach us that in a technology world there are no permanent things. World changes very fast here and if you are a company, no matter what is your size, you should always adapt to changing needs of the consumers.