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1、CONFIDENTIAL,Discussion document,Nokia Case Study: Winning in the U.S.,摹昧斟痔托民俞藻揪偿乃偏涸蚊灼烯善驾兽最耶疑勇返辗钓确唉聊称重媒NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,1,FINGERPRINT NOKIA,Rationale,Focused on high growth categories (e.g., mobile phones, digital),Anticipated shift to digital technology in the
2、 U.S. before competitors and directed resources to optimize opportunity; tailors products to target customers (e.g., fashion covers for younger segment),Some difficulty to attracting top-tier local senior management due to glass ceiling (e.g., all senior leadership in Finnish0; Finnish managers used
3、 to manage U.S. operations,Succeeds in attracting top engineers because of attractive products,Local managers have limited autonomy and accountability exists at the unit level, but head office retains final input,Difficulty translating “The Nokia Way” to U.S. (“The culture doesnt have the same richn
4、ess or value as it does in Europe”),Devotes sufficient resources to local organization to win in market (e.g., provided resources for U.S. to win in mobile phone segment),Outsources non-core technologies (e.g., microprocessors from Intel, components form Motorola) and uses standard components to sav
5、e on R leverages partnerships for more efficient R&D (e.g., JV with Cisco, Geoworks, HP),N/A,Creates broad distribution reach through numerous, innovative relationships with retailers and distributors (e.g., Sears, AT&T wireless services,Tandy),Develops and launches innovative marketing campaigns (e
6、.g., first to target consumers rather than professionals),Successfully allies and acquires to gain capabilities (e.g., joint venture with Tandy for distribution, acquisition of Mobira to enter promising mobile phone area),High Low,Encourages sharing of best practices but has not been very successful
7、 at doing so to date,郴成匝怎奇擞舌烯摔窍栅骋亨够吸馏退绽滞衔犁摇峰恩冉缀舷弗分斗惠底NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,2,NOKIA,Key facts Largest 1 -3 year revenues growth of competitors Largest mobile phone manufacturer and second largest provider worldwide (behind Ericsson),Products Mobile phones GSM/DSC net
8、works,Competitors Ericsson Motorola,Timeline,1865,1990s,Developed into conglomerate (flooring, TV, footwear, etc.) until refocusing on high growth mobile phone segment in late 1980s and 1990s,Divests non-core businesses,1995,1999,Americas,ROW,EUR,Revenues $ Billions,Stock appreciation (1998-99),Noki
9、a,S&P,S&P cell and wireless index,CAGR %,Capabilities First to use mass marketers as distributors (e.g., selling mobile phones in Radio Shack) Uses alliances for distribution channels (e.g., AT&T Wireless Services, Sears) Adopts consumer rather than professional focus in marketing, unlike competitor
10、s Uses alliances in R&D to grow development capabilities (HP, Cisco, Geoworks),Organization Autonomy provided to senior leadership in local subsidiaries Top management is all Finnish; obstacle to hiring top U.S. talent Strong emphasis on corporate values and culture with “The Nokia Way” teamwork, in
11、novation, production; difficult to implement in U.S. Excellent opportunities for advancement-fast career tracks, early responsibility, rotation programs Hierarchy and bureaucracy reduced Young, innovative, non-rigid leadership style Rated in Fortune top 100 firms to work for in the U.S.,Product Grew
12、 mobile phone segment from 16% of total sales in 1991 to 66% in 1999 Allied to gain product expertise (e.g., Motorola to standardize technology, Cisco and HP to develop network products) Technology design innovator; first to market with many product innovations Tailored product to target key custome
13、rs (e.g., phones with fashionable, changeable covers to attract young segment),Background,Levers for success,19.8,6.2,Founded as paper mill,58% CAGR,Enters U.S. through Tandy JV,Grows mobile business in U.S.,1988,1983,Acquires Mobira,1981,Operates as a conglomerate,1960s,窑巍念龋阶鸣镐睁掐蚀恕丈畴睹疙哦掂榴甄猾炒惨澄铁腋偶佩硼
14、蠢珍矢幸NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,3,CONTENTS,Company overview U.S. market entry strategy Products Capabilities Organization,剪胎羚屋涕求沪奸哮灯盼跌棚沤肉绕伙幢郧亚榔棠冬囚目粳舒割侮内竿雹NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,4,NOKIA COMPANY BACKGROUND,Founded 1865, in Finland, as a pulp
15、 and paper mill Entered U.S. in 1983, when cellular service was just launching in the U.S. Global employees 55,260; in U.S. 10,500 CEO: Jorma Ollila (Finnish) Most senior managers for U.S.: Kari-Peleka Wilska, President of Americas Rich Geruson, Head of USA Sales and Marketing for Nokia Mobile Phone
16、s Key divisions: Mobile Phones, Nokia Networks, Communications Products Market cap: $193.3 billion (as of October 27,2000) Key industry of focus: Mobile phones (65% of 1999 total sales) Number 1 mobile phone maker globally Number 2 GSM/DCS mobile phone networks provider globally Competitors: Motorol
17、a, Ericsson,压瘫华之杀傣姚俊列富釉悠衍柞淄割蜡浑胞孙槐项寸锁莎搔阂良究睫储董NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,5,COMPANY EVOLUTION,Source: International Directory of Company Histories,1800s Founded 1865 in Finland as pulp and paper manufacturer Constructs own power plants as industry becomes energy intensive,1
18、960s Merges with Finnish Rubber Works and Finnish Cable Works in 1966 as part of diversification plan Begins to design and manufacture data processing, industrial automation, and communications systems Nokia conglomerate consists of integrated cable operations, electronics, tires, and rubber footwea
19、r Makes first public share offering in 1966,1970s Oil crisis in 1973 reduces reliance on exports (timber products and machinery) to Soviet Union (12% of sales) Kari Kairamo, appointed CEO in 1975, realizes that for Nokia to grow it has to expand abroad; expands Nokia in Scandinavia and Europe Sells
20、switching systems under license from allocated (French) Helps design worlds first international cellular system in the 1970s,1980s Acquires nearly 20 electronics companies over the decade and completes key mergers Acquires Mobira (Finnish mobile phone company) in 1981, to gain foothold in growing mo
21、bile phone segment Merges Salora (largest TV manufacturer in Scandinavia) and Luxor (Swedish-state owned electronics and computer firm) in 1984 Through the 80s, manufactures OEM equipment for Hitachi; Ericsson, Northern Telecom, Granada, IBM Enters U.S., in 1983 through JV with Tandy Corporation to
22、sell Nokia phones under Tandy name Launches first product (mobile phones) marketed internationally under Nokia brand name in 1986,Nokia has evolved substantially since its foundation, moving from a Finnish paper mill, to a diversified Finnish conglomerate to a global wireless leader.,1990s Aggressiv
23、ely grows mobile phone business in the U.S. Buys Tandys share of JV in 1993 to fully own factories in U.S. and South Korea Signs significant contracts to increase distribution channels (e.g., AT&T Wireless Services),Conglomerate phase,Expands in Scandinavia and Europe,Acquires and allys into mobile
24、phones and U.S.,Allys to strengthen U.S. position,乾覆重午雪滴之述皱突秧胳裂裁侨磋许定霉汗金将泊交津镍弱玛郧紊排渡NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,6,Time,Horizon 1 Drive core growth,Horizon 2 Build momentum of emerging growth engines,Horizon 3 Secure future options,Profit,“We are now benefiting from the visi
25、onary technological solutions we made years ago; the long-term success of our company requires constant agility in positioning ourselves in this dynamic industry.” Jorma Ollila, CEO,“To identify what is required in the long term you need the competencies and the products; getting the right focus is
26、the tough part.” Jorma Ollila, CEO,“The CEO has to understand the dynamics of each business the company is in; in order to understand where the future lies.” Jorma Ollila, CEO,Source: Annual reports; press clippings,LEADERSHIP COMMITMENT ACROSS THREE HORIZONS,When planning Nokias future development,
27、 CEO Jorma Ollila distinguishes clearly between three waves. The first wave emphasizes the continuous exploitation of Nokias core businesses. The second wave requires the identification of capabilities and products that will have impact on Nokias success in the immediate future. Finally, the third w
28、ave determines the companys future direction through setting aspirations and placing options.,音忿飘寥娄咋鲜高吃奥震速媳爽聂蒜显俺喂戌漆淮窍增逊悟功牛分遗陆又NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,7,PLANNING ACROSS THREE TIME HORIZONS,Profit,Horizon 1,Horizon 2,Horizon 3,Drive core growth,Build momentum of emergin
29、g growth engines,Secure future options,Products, Boost mobile phone sales through brand-building efforts Make product extensions such as “Swatch-like neon-colored mobile phones”, Expand product range through new features and complementary accessories, such as phone covers or different battery sizes,
30、 Create R&D alliances for product development in wireless data transmission and terminal technology, Increase sales of fixed and cellular network to public telecom operators, Win private telecom operators as new customers Launch first wireless products (e.g., Nokia 9000 Communicator, a portable with
31、 phone, fax, email, Internet access all in one),Markets, Further penetrate Scandinavia, parts of Western Europe, Improve positioning in Asia/Pacific, US, other EU-countries through stronger distribution network, Prepare for full deregulation of telecom industry and entry into remaining markets,Time,
32、Horizon 1 Drive core growth,Horizon 2 Build momentum of emerging growth engines,Horizon 3 Secure future options,Source: McKinsey analysis,编申廓像倒踌姆赎抗厉矮帮染胸憎坤毙惋睹灶括蛹逾戊浙蛊簇砾熟丢怀盏NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,8,SENIOR MANAGEMENT,Source: Annual Report,Spent 6 months in the U.S. in 19
33、99,Spends 50% of his time in Silicon Valley,园脉嗓衫彭道释躇坏杖盗飞椭掳诺拄认俘桩情即矛叉迭崭既状收祝定莆锌NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,9,* As of January 2000 Source: Epsicom Business Intelligence,NOKIA ORGANIZATIONAL STRUCTURE,Head office functions CFO International Trade Policy Technology Research Cen
34、ter General Counsel Human Resources Communi-cations International Trade Affairs,Nokia Networks,Nokia Mobile Phones,Nokia Communications Products,Nokia Multimedia Terminals,Nokia Industrial Electronics,Nokia Ventures,Nokia Research Center,Nokia Internet Communications,Nokia Ventures Fund,Internal Ven
35、turing Unit,Nokia Wireless Business Communications,Nokia Wireless Software Solutions,Nokia IP Application and Connectivity Platform,只匿献资心揍围户乍碱耶企听零趣秃拜翌过掸侗刽陪偶焙踏炭活蛙阻祷谊NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,10,World telecom equipment index,S&P 500,Nokia,NOKIA STOCK PRICE COMPARISON,$ Th
36、ousands,Source: Data stream,Value,1988,1989,1990,1991,1992,1993,1994,1995,1996,1997,1998,1999,Nokia clearly outperforms the market and its competition.,当人之衙充桩午吻恨霞叫陀苫拉佣辐锯裹默彰摸兵挺病蔼局随溯璃朽啼埋NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,11,Asia-Pacific,Europe,1995,1996,1997,1998,1999,NOKIA SALES
37、BY REGION,Euro Millions,Nokias sales in North America have grown dramatically in the late 90s with a CAGR of 58 percent, while European contribution to sales has diminished steadily shrinking.,North America,6,191,6,613,8,849,13,326,19,772,CAGR Percent,34,37,26,58,Source: Annual reports,100% =,峙睡自棱挛贮
38、锚投烽卞圆吊矫法念贴缩掂挪昏另颅障检室硅臼年归雄坷份NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,12,ROW,Finland (676),1991 100% = EURO 2,600,ROW,1999 100% = EURO 19,772,Finland (395),Nokias sales in Finland have fallen dramatically as a percentage of total sales.,Source: Annual reports,Euro Millions,NOKIAS FINLAND
39、 SALES COMPARED TO REST OF WORLD,微蛔支恕潞哗廷逐材例躯聘柯凌距精身诀稿奄迅华渡驳喧脾沾察沥汾声呻NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,13,NOKIAS INDUSTRY FOCUS AND PRODUCT MIX,Euro Millions,Source: Annual reports,Sales by product,Consumer electronics,Cables and machinery,Mobile products,Telecommuni-cations,1991 1
40、00% = EURO 2,600,Basic industries,Network solutions,Mobile products,1999 100% = EURO 19,772,Home, multimedia, and other,Nokias products Mobile products full range of digital and analog cellular phones, wide-area pagers, as well as accessories and components for mobile phones Network solutions teleco
41、mmunication systems and equipment for both fixed and mobile networks; principal products include digital exchanges, transmission systems, and cellular systems, which are sold to PTT, public utilities, new operators, and cable TV companies Home, multimedia and other includes PC and workstation monito
42、rs, as well as interactive digital satellite and cable terminals,In 1998, Nokia became the worlds largest manufacturer of mobile phones, selling 40.8 million handsets, and grew sales grew 51 percent from 1998 to 1999.,“Three years ago we decided to create a telecom-oriented company. We have been abl
43、e to implement the changes faster than we expected.” Jorma Ollila, Financial Times, 09/07/1995,脓惜碾迎倘欣马献盖奠盂观柏潘脊设谋苦糊么傅夜樟囤欢辆青昨寻摈故兴NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,14,SUBSIDIARY LOCATIONS AND RESEARCH CENTERS,(6),Nokia covers an expansive geography.,焙性花组逃次掌劫捕您憾饲地呜兄嘛恳妙吮书哄恰去鱼捉缮万喉瞧泪脚
44、赚NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,15,CONTENTS,Company overview U.S. market entry strategy Products Capabilities Organization,膝薪阔挤憎寝吸肃励定锌佛肺要兆珠榔敏捏繁源肋晨叼妹木烘伤尹带捍焕NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,16,STORYLINE,At the beginning of the 1980s Nokia was still a div
45、ersified company, relying predominantly on Europe (particularly Scandinavia) to drive sales However, the company realized that significant growth would be dependent on building a major presence in the U.S. market, in high return segments To do so they acquired Mobira (Finland) in 1981 to gain a foot
46、hold in the rapidly emerging mobile phone sector. They rapidly grew this opportunity in the U.S. through a series of OEM relationships (GTE, Delco, Southwestern Bell, Bell Atlantic) and a joint venture with Tandy Corporation in 1983 Nokia launched their own brand mobile phone in 1986 and pursued agg
47、ressive branding and alliance strategies (e.g., Rooftop Communications, Compaq, AT&T Wireless Services) to solidify their presence,死琐苗阴糕汇轰磨驴甥宝捏瓦磷变爷茫牙砒慰师钠搅仓窝渔铜卉许讹己倚NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,17,Nokia was the first player to use mass market distribution channels for teleco
48、mmunications equipment.,Source: International Directory for Company Histories, Annual Reports, press clippings,TIMELINE OF KEY EVENTS IN NOKIAS U.S. BUSINESS,钟琉奢仓嘉殖绦裸幕软慧贡唤氢漫羡碾板亿谗闹揭识押惭宙驰擦缓屏裁晨NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,18,CONTENTS,Company overview U.S. market entry strateg
49、y Products Capabilities Organization,浦烧鹤镶称壳陌祁慑肚延句垂敌奄京缴稼煞撩匿鹰拧咀仲卒弄裕给漫梁彝NOKIA制胜美国市场报告NOKIA制胜美国市场报告,NJ-262408.756/001031NdkocHR1,19,Nokia made big bets as to which technologies would emerge, redirecting resources and company focus to emphasize these categories.,PRODUCT STRATEGY,“The choice of focus is extremely important. We constantly strive to make sure we are focused on targeted markets in which the growth rate is much higher than that of the total market, Nokias aim is to grow somewhat faster