By Abhilash Mishra, Meha Gupta, Mrinal Das, Navjyot Ukarde, Sandeep Das and Vinod Jayavelu
“At the highest level, what I have initially found is a company with many great strengths and a history of achievements that are second to none in the industry. And yet our company faces a remarkably disruptive time in the industry, with recent results demonstrating that we must re-assess our role in and our approach to this industry.” These words by Stephen Elop, the newly appointed CEO of Nokia, sent out a message loud and clear that Nokia needs a facelift for its business strategy to prevent its dwindling market share. In reality, Nokia needs much more than a new CEO. The company needs a complete renovation of its business model that addresses Nokia’s failure to react to dynamic market trends.