BUS1BFX Business Fundamentals

BUS1BFX Business Fundamentals

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BUS1BFX Business Fundamentals

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BUS1BFX Business Fundamentals

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Course Code: BUS1BFX
University: La Trobe University

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Country: Australia

Question: 

1. Management Issues Identified(You will relate the challenges to Management Issues (concepts, theories, models) that you have studied in this subject. This section is where you apply what you have learned.
 
2. Recommended Solutions for the Management Issues(You will develop the solutions for the management issues discussed above using the knowledge you have learned from this subject. Concepts, terms, theories and models to be used in this section to demonstrate your ability to apply.)

Answer:

Management Issues at Nokia
It is not an astounding fact that Nokia failed miserably to stay upbeat and keep its position of competitive advantage intact, however, this dream was surreal and the company failed miserably. Some of the management issues identified at Nokia are:
Leadership Style Flaw
The leadership initially at Nokia was transformational in nature, this is the reason that until the year 2003 the company which was sitting at the pinnacle of success, fell flat on the ground. It was absolutely the inability of the company to assess the competitive environment and create strategies to overcome the challenges (Cronin, 2014).
External Environment Analysis
Strategic management tools such as PESTLE, Porter 5 forces helps in ascertaining the external environment in context of the industry in which Nokia is operating. The analysis of PESTLE and PORTER 5 forces indicated towards the change in the technology landscape which was rubbished by Nokia. Thus, the company failed to focus on the strategic planning by ignoring the changing trend and evolution of technology (VanRooij, 2015).
Failure of Planning
The management and the leadership who were supposed to conduct a risk planning, risk assessment and plan to bounce the company back in the industry completely failed to do so. Thus, the failure of planning led to worsening of the company’s financial health and performance (Tichy, 2014).
Recommendations
The recommendations will serve as a service/product recovery by the business organization.
Transformational Leadership
Transactional leadership is a simple give and take, the employees who perform are appreciated, and the employees who do not perform get punishment. This however is extremely demotivating and leads to high attrition rate in the organization. Transformational leadership on the other hand transforms the business organization by careful planning, change in the business process, goal orientation and visionary approach. Thus, a transformational leader can change the fate of Nokia by transforming the business organization.
External environmental analysis
Untill 2003, Nokia was the market leader in the mobile phone category and it was using its Symbian OS. However, the efforts were going strongly in creating another OS which was open for the users and app developers, in order to give them a better control over their smartphones.  This can be seen as a major technological shift, which could have been easily understood through the scan of the external environment. But the company failed to do so; it also failed to research on the perception of the customers and kept blindly moving in the same direction. The key takeaway here is to always ascertain and scan both the internal and environmental scan to create competitive strategies for the present and the future (Spanyi, 2015).
Planning-Risk Planning and Assessment
Planning is the first and foremost function of the management and a significantly important one indeed. The key takeaway from the planning activities is to create a comprehensive plan for the way forward, along with the strategical initiatives and a risk management plan. At Nokia, there was no proper planning done, and also the absence of risk management team lead to the debacle of the organization. Thus, the key take away here is to formulate a proper planning team along with a risk management team to identify, assess and mitigate the risk in the planning process.
References:
Cronin, M.J., 2014. Nokia drops the torch. In Top Down Innovation (pp. 37-47). Springer, Cham.
Spanyi, A., 2015. The governance of business process management. In Handbook on Business Process Management 2 (pp. 333-349). Springer, Berlin, Heidelberg.
Tichy, N.M., 2014. Succession: Mastering the make or break process of leadership transition. Penguin.
Van Rooij, A., 2015. Sisyphus in business: Success, failure and the different types of failure. Business History, 57(2), pp.203-223.

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