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1、EXHIBIT,Normal text,Bullet,En dash,Dot,. Double dot,NJ-262408.756/001031NdkocHR1,*,Unit of measure,Annotation,*,Footnote,Source:Sources,CONFIDENTIAL,Thisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwritte

2、napprovalfromMcKinseyitisnotacompleterecordofthediscussion.,Discussiondocument,December2000,NokiaCaseStudy:WinningintheU.S.,FINGERPRINT,NOKIA,Rationale,Focusedonhighgrowthcategories(e.g.,mobilephones,digital),AnticipatedshifttodigitaltechnologyintheU.S.beforecompetitorsanddirectedresourcestooptimize

3、opportunity;tailorsproductstotargetcustomers(e.g.,fashioncoversforyoungersegment),Somedifficultytoattractingtop-tierlocalseniormanagementduetoglassceiling(e.g.,allseniorleadershipinFinnish0;FinnishmanagersusedtomanageU.S.operations,Succeedsinattractingtopengineersbecauseofattractiveproducts,Localman

4、agershavelimitedautonomyandaccountabilityexistsattheunitlevel,butheadofficeretainsfinalinput,Difficultytranslating,“,“TheNokiaWay,”,”toU.S.(,“,“Theculturedoesn,thavethesamerichnessorvalueasitdoesinEurope,”,”),Devotessufficientresourcestolocalorganizationtowininmarket(e.g.,providedresourcesforU.S.tow

5、ininmobilephonesegment),Outsourcesnon-coretechnologies(e.g.,microprocessorsfromIntel,componentsformMotorola)andusesstandardcomponentstosaveonRleveragespartnershipsformoreefficientR&D(e.g.,JVwithCisco,Geoworks,HP),N/A,Createsbroaddistributionreachthroughnumerous,innovativerelationshipswithretailersan

6、ddistributors(e.g.,Sears,AT&Twirelessservices,Tandy),Developsandlaunchesinnovativemarketingcampaigns(e.g.,firsttotargetconsumersratherthanprofessionals),Successfullyalliesandacquirestogaincapabilities(e.g.,jointventurewithTandyfordistribution,acquisitionofMobiratoenterpromisingmobilephonearea),High,

7、Low,Encouragessharingofbestpracticesbuthasnotbeenverysuccessfulatdoingsotodate,1,NJ-262408.756/001031NdkocHR1,NOKIA,Keyfacts,Largest1-3yearrevenuesgrowthofcompetitors,Largestmobilephonemanufacturerandsecondlargestproviderworldwide(behindEricsson),Products,Mobilephones,GSM/DSCnetworks,Competitors,Eri

8、csson,Motorola,Timeline,1865,1990s,Developedintoconglomerate(flooring,TV,footwear,etc.)untilrefocusingonhighgrowthmobilephonesegmentinlate1980sand1990s,Divestsnon-corebusinesses,1995,1999,Americas,ROW,EUR,Revenues,$Billions,Stockappreciation(1998-99),Nokia,S&P,S&Pcellandwirelessindex,CAGR%,Capabilit

9、ies,Firsttousemassmarketersasdistributors(e.g.,sellingmobilephonesinRadioShack),Usesalliancesfordistributionchannels(e.g.,AT&TWirelessServices,Sears),Adopts consumerrather than professionalfocus inmarketing,unlike competitors,Usesalliancesin R&D togrowdevelopment capabilities(HP, Cisco, Geoworks),Or

10、ganization,Autonomy provided tosenior leadership in local subsidiaries,Top managementis all Finnish;obstacleto hiringtop U.S. talent,Strong emphasison corporate valuesandculture with “The Nokia Way” teamwork,innovation, production;difficultto implement inU.S.,Excellentopportunities for advancement-f

11、astcareer tracks,earlyresponsibility, rotationprograms,Hierarchyand bureaucracyreduced,Young, innovative, non-rigid leadershipstyle,Ratedin Fortune top100firmsto work for intheU.S.,Product,Grewmobile phone segmentfrom16%of total salesin 1991 to66%in 1999,Allied togainproduct expertise (e.g.,Motorola

12、 to standardize technology,Cisco andHP to developnetwork products),Technologydesign innovator; firstto marketwithmanyproduct innovations,Tailored product totarget keycustomers(e.g., phoneswithfashionable, changeablecovers toattract young segment),Background,Levers forsuccess,19.8,6.2,Founded aspaper

13、 mill,58% CAGR,Enters U.S. throughTandyJV,Growsmobile business inU.S.,1988,1983,Acquires Mobira,1981,Operatesas aconglomerate,1960s,2,NJ-262408.756/001031NdkocHR1,CONTENTS,Company overview,U.S.market entry strategy,Products,Capabilities,Organization,3,NJ-262408.756/001031NdkocHR1,NOKIACOMPANY BACKGR

14、OUND,Founded 1865, in Finland,as apulpandpapermill,Entered U.S. in1983, when cellularservice was just launching intheU.S.,Global employees 55,260;in U.S. 10,500,CEO:Jorma Ollila (Finnish),Mostsenior managersforU.S.:,Kari-Peleka Wilska,Presidentof Americas,RichGeruson, Head of USASales andMarketingfo

15、rNokiaMobile Phones,Key divisions:Mobile Phones,Nokia Networks, Communications Products,Market cap: $193.3billion (as ofOctober 27,2000),Key industry offocus: Mobilephones (65% of1999total sales),Number 1 mobilephone maker globally,Number 2 GSM/DCS mobile phonenetworks provider globally,Competitors:

16、 Motorola, Ericsson,4,NJ-262408.756/001031NdkocHR1,COMPANY EVOLUTION,Source:International Directory ofCompany Histories,1800s,Founded 1865 inFinland as pulp andpaper manufacturer,Constructsownpowerplants asindustrybecomes energyintensive,1960s,Merges with FinnishRubber Works and FinnishCableWorks in

17、1966as part ofdiversification plan,Begins todesign andmanufacture data processing,industrialautomation, and communications systems,Nokiaconglomerate consists ofintegrated cable operations,electronics, tires,and rubberfootwear,Makesfirst public shareoffering in 1966,1970s,Oil crisisin 1973 reduces re

18、lianceon exports (timberproducts and machinery) to Soviet Union(12%of sales),KariKairamo,appointedCEOin1975,realizesthatforNokiatogrowithastoexpandabroad;expandsNokiainScandinaviaandEurope,Sellsswitchingsystemsunderlicensefromallocated(French),Helpsdesignworld,sfirstinternationalcellularsysteminthe1

19、970s,1980s,Acquiresnearly20electronicscompaniesoverthedecadeandcompleteskeymergers,AcquiresMobira(Finnishmobilephonecompany)in1981,togainfootholdingrowingmobilephonesegment,MergesSalora(largestTVmanufacturerinScandinavia)andLuxor(Swedish-stateownedelectronicsandcomputerfirm)in1984,Throughthe,80s,man

20、ufacturesOEMequipmentforHitachi;Ericsson,NorthernTelecom,Granada,IBM,EntersU.S.,in1983throughJVwithTandyCorporationtosellNokiaphonesunderTandyname,Launchesfirstproduct(mobilephones)marketedinternationallyunderNokiabrandnamein1986,Nokiahasevolvedsubstantiallysinceitsfoundation,movingfromaFinnishpaper

21、mill,toadiversifiedFinnishconglomeratetoaglobalwirelessleader.,1990s,AggressivelygrowsmobilephonebusinessintheU.S.,BuysTandy,sshareofJVin1993tofullyownfactoriesinU.S.andSouthKorea,Signssignificantcontractstoincreasedistributionchannels(e.g.,AT&TWirelessServices),Conglomeratephase,ExpandsinScandinavi

22、aandEurope,AcquiresandallysintomobilephonesandU.S.,AllystostrengthenU.S.position,5,NJ-262408.756/001031NdkocHR1,Time,Horizon1,Drivecoregrowth,Horizon2,Buildmomentumofemerginggrowthengines,Horizon3,Securefutureoptions,Profit,“,Wearenowbenefitingfromthevisionarytechnologicalsolutionswemadeyearsago;the

23、long-termsuccessofourcompanyrequiresconstantagilityinpositioningourselvesinthisdynamicindustry.,”,”,JormaOllila,CEO,“Toidentifywhatisrequiredinthelongtermyouneedthecompetenciesandtheproducts;gettingtherightfocusisthetoughpart.,”,”,JormaOllila,CEO,“TheCEOhastounderstandthedynamicsofeachbusinessthecom

24、panyisin;inordertounderstandwherethefuturelies.”,JormaOllila,CEO,Source:,Annualreports;pressclippings,LEADERSHIPCOMMITMENTACROSSTHREEHORIZONS,WhenplanningNokiasfuturedevelopment,CEOJormaOlliladistinguishesclearlybetweenthreewaves.ThefirstwaveemphasizesthecontinuousexploitationofNokiascorebusinesses.

25、ThesecondwaverequirestheidentificationofcapabilitiesandproductsthatwillhaveimpactonNokiassuccessintheimmediatefuture.Finally,thethirdwavedeterminesthecompany,sfuturedirectionthroughsettingaspirationsandplacingoptions.,6,NJ-262408.756/001031NdkocHR1,PLANNINGACROSSTHREETIMEHORIZONS,Profit,Horizon1,Hor

26、izon2,Horizon3,Drivecoregrowth,Buildmomentumofemerginggrowthengines,Securefutureoptions,Products,Boostmobilephonesalesthroughbrand-buildingefforts,Makeproductextensionssuchas,“,“Swatch-likeneon-coloredmobilephones”,Expandproductrangethroughnewfeaturesandcomplementaryaccessories,suchasphonecoversordi

27、fferentbatterysizes,CreateR&Dalliancesforproductdevelopmentinwirelessdatatransmissionandterminaltechnology,Increasesalesoffixed,andcellularnetworktopublictelecomoperators,Winprivatetelecomoperatorsasnewcustomers,Launchfirstwirelessproducts(e.g.,Nokia9000Communicator,aportablewithphone,fax,email,Inte

28、rnetaccessallinone),Markets,FurtherpenetrateScandinavia,partsofWesternEurope,ImprovepositioninginAsia/Pacific,US,otherEU-countriesthroughstrongerdistributionnetwork,Prepareforfullderegulationoftelecomindustryandentryintoremainingmarkets,Time,Horizon1,Drivecoregrowth,Horizon2,Buildmomentumofemergingg

29、rowthengines,Horizon3,Securefutureoptions,Source:,McKinseyanalysis,7,NJ-262408.756/001031NdkocHR1,SENIORMANAGEMENT,Source:AnnualReport,Spent6monthsintheU.S.in1999,Spends50%ofhistimeinSiliconValley,8,NJ-262408.756/001031NdkocHR1,*,As of January 2000,Source:EpsicomBusinessIntelligence,NOKIA ORGANIZATI

30、ONALSTRUCTURE,“I am influenced by the American way of managing companies; solving problems through organising and motivating people, rather than seeking a technical solution.”, Jorma Ollila,Nokia Group,Jorma Ollila, CEO,Headofficefunctions,CFO,International TradePolicy,Technology,ResearchCenter,Gene

31、ralCounsel,Human Resources,Communi-cations,International TradeAffairs,Nokia Networks,Nokia MobilePhones,Nokia CommunicationsProducts,Nokia MultimediaTerminals,Nokia IndustrialElectronics,Nokia Ventures,Nokia Research Center,Nokia Internet Communications,Nokia Ventures Fund,InternalVenturing Unit,Nok

32、ia Wireless BusinessCommunications,Nokia Wireless SoftwareSolutions,Nokia IPApplicationandConnectivity Platform,9,NJ-262408.756/001031NdkocHR1,World telecom equipmentindex,S&P500,Nokia,NOKIA STOCKPRICE COMPARISON,$ Thousands,Source:Datastream,Value,1988,1989,1990,1991,1992,1993,1994,1995,1996,1997,1

33、998,1999,Nokia clearly outperforms the marketanditscompetition.,10,NJ-262408.756/001031NdkocHR1,Asia-Pacific,Europe,1995,1996,1997,1998,1999,NOKIA SALESBY REGION,EuroMillions,Nokiassales inNorth America havegrown dramatically in the late 90switha CAGRof 58 percent, whileEuropean contribution to sale

34、shasdiminished steadilyshrinking.,North America,6,191,6,613,8,849,13,326,19,772,CAGR,Percent,34,37,26,58,Source:Annual reports,100%=,11,NJ-262408.756/001031NdkocHR1,ROW,Finland(676),1991,100%= EURO2,600,ROW,1999,100%= EURO19,772,Finland(395),Nokiassales inFinlandhave fallendramatically asa percentag

35、e oftotal sales.,Source:Annualreports,Euro Millions,NOKIAS FINLANDSALESCOMPAREDTORESTOFWORLD,12,NJ-262408.756/001031NdkocHR1,NOKIAS INDUSTRY FOCUS ANDPRODUCT MIX,Euro Millions,Source:Annualreports,Salesbyproduct,Consumerelectronics,Cablesand machinery,Mobileproducts,Telecommuni-cations,1991,100% =EU

36、RO2,600,Basicindustries,Network solutions,Mobileproducts,1999,100% =EURO19,772,Home,multimedia,andother,Nokias products,Mobileproducts,full range of digitaland analogcellularphones, wide-areapagers, as wellasaccessoriesand componentsfor mobilephones,Network solutions, telecommunication systemsand eq

37、uipmentforbothfixedandmobile networks;principalproductsincludedigital exchanges,transmission systems, andcellularsystems,whicharesoldtoPTT, publicutilities, newoperators, andcableTVcompanies,Home,multimedia andother, includes PC andworkstationmonitors,aswellasinteractivedigital satelliteandcableterm

38、inals,In1998,Nokiabecamethe worldslargestmanufacturerofmobile phones,selling40.8 millionhandsets, andgrew sales grew51percentfrom 1998to1999.,“,Threeyearsagowedecidedtocreateatelecom-oriented,company.Wehave beenableto,implementthe changesfaster than,weexpected.,”,”, Jorma Ollila,FinancialTimes,09/07

39、/1995,13,NJ-262408.756/001031NdkocHR1,SUBSIDIARY LOCATIONSANDRESEARCHCENTERS,NOT EXHAUSTIVE,(5),(2),(3),(1),(3),(14),(3),(1),(4),(1),(17),(2),(3),(1),(5),(1),(2),(1),(5),(6),(3),(1),(3),(4),(2),(2),(2),(2),(2),(1),(2),(2),(2),(6),(1),(2),(3),(3),(1),(1),(1),(9),(7),(2),(2),(1),(1),(1),(1),(1),(1),(2

40、),(1),(1),(1),(1),(1),(6),(7),(3),(2),Research,Nokiacoversanexpansive geography.,14,NJ-262408.756/001031NdkocHR1,CONTENTS,Company overview,U.S. marketentrystrategy,Products,Capabilities,Organization,15,NJ-262408.756/001031NdkocHR1,STORYLINE,Atthebeginning of the1980sNokiawas still adiversifiedcompan

41、y,relyingpredominantly on Europe(particularly Scandinavia)todrivesales,However,thecompanyrealizedthat significant growthwouldbedependentonbuildingamajorpresenceintheU.S.market, in highreturn segments,Todosothey acquired Mobira(Finland)in1981togain afootholdinthe rapidlyemergingmobile phone sector.Th

42、eyrapidlygrew thisopportunityinthe U.S.througha seriesofOEMrelationships(GTE,Delco,Southwestern Bell, BellAtlantic) anda joint venturewithTandyCorporationin1983,Nokialaunchedtheirownbrandmobile phone in 1986and pursuedaggressivebrandingandalliancestrategies(e.g.,RooftopCommunications,Compaq,AT&T Wir

43、eless Services)tosolidifytheirpresence,16,NJ-262408.756/001031NdkocHR1,Nokiawasthe first playertousemassmarketdistribution channels fortelecommunicationsequipment.,Source:InternationalDirectory forCompany Histories,Annual Reports, press clippings,1992,Begins to aggress-ively market own branded produ

44、cts,1983,1992,1993,1995,1997,1983,Cellular service launched in U.S.; JV with Tandy Corp. to sell Nokia phones through 6,000 Radio Shack stores; JV includes joint ownership of factories,1992,Nokia and Tandy Corp. open a mobile phone factory in Texas; North and South American markets are half of globa

45、l mobile phones market,1996,1994,1997,CFO of Nokia deployed as Head of U.S. business; U.S. subsidiary sees immense growth from 1997-99,1993,Acquires Tandys share in both manufacturing companies; overall, operates 5 factories; continues selling through Tandy retail formats,De-emphasizes consumer elec

46、tronics business,1995,New distribution facility opened in Fort Worth, TX,Granted license to American Portable Telecom (private cellular network operator) for PCS 1,900 MHz product,1996,Signs significant contracts with AT&T Wireless Services, Sprint Spectrum, and Powertel,1986,Launches own brand prod

47、uct globally,1988,Divests flooring, paper, rubber, and ventilation systems businesses,1986,1988,Early and mid-eighties,Aggressively sought and signed OEM deals with numerous U.S. companies (e.g., GTE, Delco, etc.),TIMELINEOFKEYEVENTS IN NOKIASU.S.BUSINESS,17,NJ-262408.756/001031NdkocHR1,CONTENTS,Com

48、pany overview,U.S. marketentrystrategy,Products,Capabilities,Organization,18,NJ-262408.756/001031NdkocHR1,Nokiamade bigbets as to which technologieswouldemerge, redirecting resourcesandcompanyfocustoemphasizethesecategories.,PRODUCT STRATEGY,“,Thechoice of focus is extremelyimportant.,Weconstantly s

49、trivetomake sureweare focusedon,targetedmarkets in which thegrowthrateismuch higher,than thatofthe total market,Nokia,saimistogrowsomewhat,fasterthanthetargetedmarketsdo.,”,”, Matti Alahuta, President,Mobile Phones,19,NJ-262408.756/001031NdkocHR1,Nokias acquisitionsintheU.S.were primarilytobroaden i

50、tsproduct capabilities.,PRODUCT ACQUISITIONS,Source:SecuritiesDataCorporationandpressclippings,20,NJ-262408.756/001031NdkocHR1,CONTENTS,Company overview,U.S. marketentrystrategy,Products,Capabilities,Organization,21,NJ-262408.756/001031NdkocHR1,Developed, launched and ran innovative consumer goods m

51、arketing campaigns unlike their competitors who were running professional focused campaigns,Established brand name in the U.S. through clever consumer segment targeting (e.g., extensive ads on MTV to reach younger segments),Marketing,Developed relationships with retailers and distributors to broaden

52、 and deepen market penetration,JV with Tandy Corporation to sell through Radio Shack,OEM manufacturing for GTE, Delco, Southwestern Bell, Bell Atlantic mobile systems and others,Distribution agreement with Sears,Distribution contracts with AT&T Wireless Service for Nokia branded mobile phones,Distri

53、bution,R&D controlled out of Finland,Leveraged partnerships for more efficient R&D,Cooperation with Geoworks to develop next generation wireless products,JVs with Hewlett-Packard, Cisco, Geoworks for high-tech product development,Low investment, high return R&D strategy provides competitive advantag

54、e to Nokia who can react faster to changing technologies than any competitor,Use of standard components to enable outsourcing of non-core technologies (e.g., micro processors from Intel, components from Motorola, semi-conductors from AT&T),Similar product design allows Nokia to use the same producti

55、on line for multiple products and enables them to react quickly to changes in demand by shifting from one model to another,R&D,Alliances/partnerships providealargeportion of Nokia capabilities,Nokiahasdeveloped astrong capabilityplatforminthe U.S.; primarilydrivenbyalliances andpartnerships.,CAPABIL

56、ITY PLATFORM,22,NJ-262408.756/001031NdkocHR1,BRANDDEVELOPMENT,Startingin1994,Nokiaincreasedcorporate brand awarenessthrough vigorous advertising campaigns.,Source:Annualreports;pressreleases;pressclippings;company website,Nokia6100 Seriesphone,23,NJ-262408.756/001031NdkocHR1,Nokiakept itsadvertising

57、consumerfriendlyandeasytofollow, in contrast to their competitors whotargetedprofessionals,NOKIACOMMUNICATION STRATEGY,SincetheearlyninetiesNokia,svaluepropositiontotheconsumerhas beensingle-mindedon,simplicityand easeofusingmobilephones,Thepropositionof,simplicity, is furtherenhancedbythe toneofvoi

58、ceand visualsusedinthecommunication,The propositionhasbeencommunicated throughalltheircommunicationefforts both inmassmedia andat point-of-sale,24,NJ-262408.756/001031NdkocHR1,Source:,Pressarticles;annual reports; ECCH Collection Case Study,Nokia,Motorola,Ericsson,Percentageof sales,R&D EXPENDITURES

59、 1995,Nokiaspends relatively littleon R&D, but stillachieves ahighreturn onitsR&Dinvestmentthrough,Numerous R&D partnershipswithoutsiderssuchas universities, and high-tech companies,Outsourcing ofnon-core technologies (e.g., microprocessorsfromIntel, components from Motorola, semiconductors from AT&

60、T),Focused R e.g.,cellular data transmission,Use of cheap industry standardproductsas abaserather than more expensive systems,Everythird Nokia employee works inR&D.R&Dcenters existin 14countrieson four continents.,25,NJ-262408.756/001031NdkocHR1,JOINTR&DACTIVITIES,“We do notaimto doeverything,by our

61、selves; and when it,s necessary weformpartnerships with otherpioneers of technology; this meansfocusing on what wearebestat and complementingit withthe expertise of others.”,Partner company,Products,Start,AT&T, U.S.,GSM components,1989,Qualcomm, U.S.,CDMA technology,1990,Cicso, U.S.,ATM networks,199

62、4,Geoworks, U.S.,Wireless products,1995,Psion, U.S.,Software for GSM,1996,NokiahasbuiltextensiveR&Dpartnerships.For example, atthebeginningof 1994, Nokiasigned anagreementwithHewlett-Packardto cooperate in thedevelopment ofIntelligent Networksystems for telecommunications operators. The agreement ce

63、ntersaround theintegration and development of keyIN architecture elements.,Source:,Pressclippings; press releases; Internet homepage,NOT EXHAUSTIVE,26,NJ-262408.756/001031NdkocHR1,President,NokiaTelecommunications,Network and Access Systems Division,Objective,To jointly develop ATM-based (broadband)

64、 service solutions for competitive telecom operators in deregulated markets that provide services for, Corporate customers: need to increase connectivity across the company, Residential customers: require advanced data and video (multimedia) services,Cisco, Data and private network/corporate applica

65、tions know-how (market leader in switched internetworking; e.g., routers, LAN, and ATM switches,Nokia, Experience in telecom operator business, Expertise in voice transmission infra-structure and network management,“Thiscooperation,answers the need forfaster,building of newcompetencies,faster R&Dcyc

66、les, and the,righttiming ofproduct,launches.”,Source:,Nokiapress release;press articles,NOKIA/CISCO R&DALLIANCE, EXAMPLE,In 1995, Nokiaand CiscoSystems, U.S.,established a strategic alliance todevelop ATM-based network productsto provide total telecomservice solutions to companies.,27,NJ-262408.756/001031NdkocHR1,Source:Press clippings,NOT EXHAUSTIVE,Nokiausedstrategic