Describe a historical situation where a failure to assess and correctly interpret the external environment resulted...

Describe a historical situation where a failure to assess and correctly interpret the external environment resulted in a business' failure. What elements of the external environment were missed? How might the company have corrected this oversight? Cite any sources used to support your answer. in 250-350 words please

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Let us take Nokia, a leading company, whose failure to assess the external market adequately led to a significant loss and failure for its business. While Nokia is a popular and highly valued company in the international cellular industry, its domestic market can not be adequately measured and its global brand business has unexpectedly decreased. This situation took place due to the shift in phone technology from the keypad to smartphone technology. As a result, Nokia lost its entire market share due to poor assessment and interpretation of its external market. It is the biggest historical example of a firm whose poor analysis led to a severe business loss.

In this situation, essential elements like technology and the completion elements of the external environment were missed completely. Further, analysis of changing market trends, customer interest, and preferences were also missed. The reason being, it was a period when the interest of the customers was shifting from keypad phones to smartphones. Hence, it became necessary for the firms dealing with the production of the cell phones to timely interpret this change in order to take proper actions for ensuring their survival in the changing environment. However, Nokia failed to do so.

Nokia might have corrected this oversight by conducting proper and intense research on the current and future market conditions in order to determine what steps it could take to ensure its growth and survival and to manage the external forces at the period of technology shift. It should have conduct a proper evaluation and research on changing market trends and shifting customers demand due to change in their interest.

Many meetings could have been conducted to develop descriptive plans with various innovative and creative ideas in order to develop a business readiness plan for meeting the challenges that could have taken place after the entry of new technology in the market as a substitute for its products or cell phones.

References:

Bouwman, H., Carlsson, C., Carlsson, J., Nikou, S., Sell, A., & Walden, P. (2014). How Nokia failed to nail the Smartphone market.

Joshi, S., Saxena, S., & Tarkas, J. (2015). Analysis of the Innovative Strategies for Value Creation in the Smartphone Market: A Case Study Approach Using Blue Ocean Framework. SAMVAD, 8.

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