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Lack of Change

The document discusses the importance of brands adapting to changes in consumer preferences and market trends. It provides the example of Nokia, which was once the market leader in mobile phones but lost significant market share because it failed to keep up with the shift from hardware-focused to software-focused phones. A brand sticking only to print media or failing to understand customer needs risks losing customers to more adaptive competitors. The document also cautions that brands should avoid ego-driven expansion into unrelated product categories, using Amazon's unsuccessful fire phone launch as an example.

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22 views2 pages

Lack of Change

The document discusses the importance of brands adapting to changes in consumer preferences and market trends. It provides the example of Nokia, which was once the market leader in mobile phones but lost significant market share because it failed to keep up with the shift from hardware-focused to software-focused phones. A brand sticking only to print media or failing to understand customer needs risks losing customers to more adaptive competitors. The document also cautions that brands should avoid ego-driven expansion into unrelated product categories, using Amazon's unsuccessful fire phone launch as an example.

Uploaded by

Verendra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lack of Change

The environment in which the brand functions is dynamic and requires it to


change its marketing and branding strategies from time to time to keep up
with the trend and to maintain and gain new consumers. In this age of the
digital world, if a brand still sticks with print media, it surely lags behind
many of its competitors. Similarly, if a brand fails to infer the current and
future needs, wants, and desires of the customers, there are greater
chances that it may lose to its competitors.

Example of brand failure due to Lack of Change


Nokia Brand Failure
Nokia sat on a wall, Nokia had a great fall.

This is the actual story of a brand which was once a market leader in the
mobile phones industry.  Today, it has just three percent of the global
smartphone market(which is a fifth of what it was in 2007). Nokia had great
research and innovation, the only place where it lagged behind was
marketing. Nokia had a set of best hardware engineers but it overlooked
the fact that the consumer preference was shifting from hardware to more
of software. Hence, Apple (ios) and other companies like Samsung
(Android) were able to crush Nokia and succeed in a comparatively short
span of time.
Brand Ego
Sometimes, a successful brand, because of its ego, may get a feeling
of megalomania and plans to spread its hands in every possible product
category. This strategy might not work for every brand. Even Amazon faced
losses when it launched its fire range of phones.

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