Market Model Patterns of Change Essay Example | Topics and Well Written Essays - 1000 words - 1

Market Model Patterns of Change - Essay Example In the year 1981, it introduced a Nordic mobile telephone (NMT); NTM was the first mobile phone or cellular phone which was able to permit roaming network. In 1987 the Nokia Corporation launched a mobile phone that was capable to be handled, the phone used NTM network. Regardless of its price and its weight, the phone became classic as it recorded biggest sell of the time. In the year 2002 the Nokia Corporation launched Nokia 3650, the phone had camera feature. Later in the year, the company launched Nokia 6650; it was the first 3G phone in the market. Currently, Nokia has made a major step on the models of the phone they are manufacturing. In the year 2011 February, the Corporation declared to work together with Microsoft Company to improve features of Smartphones they plan to manufacture. After the two major company united, in October they launched two models; Nokia Lumia 880 and Nokia Lumia 710 (Pulkkinen, 2011). Previously, Nokia Corporation was enjoying monopoly; it was the firs t company to develop hand mobile phone. Despite the size and the price of the phones, in made highest sell than what the company was expecting. In 2005, the company manufactured Nokia 1100 which recorded billion sell even though it was having less features. The monopoly of the industry Nokia to enjoy profits and failed to concentrate on the advancement of their products. As the industry evolved, new technologies were brought into the market. Small industry entered into the market and impressed technology, these new companies in the industry started manufacturing products that had more features, hence attracting more customers. With the increase in competition, Nokia Corporation started to follow new drift of the technology and started to manufacture better phone models. Initially, Nokia Corporation enjoyed monopoly, currently there is pressure in the communication industry. Different and new companies have entered into the market and are making remarkable profits; therefore, Nokia C orporation is facing oligopoly. At present, other companies that are into the market includes; Motorola Corporation, Samsung company, apple industry, Alcatel, Sony Ericson, and blackberry Corporation. Each new product brought into the market by one company, it is countered by other company by producing a more advanced technologically handset. With these competition trend seen in the market, consumers or the buyer of the product are the ones who enjoys better product. Also with this tendency of competition, consumers have a wide variety of product to choose from and at an affordable price (Morris, 2009). Presently, it is viewed that the market or the industry trend has changed to a perfect competition; there is no dominant company in the market. Each company is trying to manufacture best possible product than what the other company can produce. In the short term run, the major dominant or the giant company in the industry will enjoy the market as a result companies known and trusted names. This dominancy with major company will hinder penetration of the emerging businesses into market. The new company has never been on the market before and there product has never been used before; it will be difficult for them to penetrate into the market. Therefore, in a short run, the dominant corporation including Nokia, and Samsung; they will prevent entry of the new companies into the market (Gruber, 2005). In the long