Go through the HBR case study The Rise and Fall of Nokia to find some of these answers.

Nokia was once a dominant player in the mobile phone market. As per data provided by the research company Gartner, Nokia had a commanding share of 49.4% in the smartphone market in 2007. At its height, the company was known for its innovative designs and durable products.

However, in the following years, its market share declined to 43.7% (in 2008), then 41.1% (in 2009), and further down to 34.2% (in 2010). In the first half of the year 2013, Nokias market share drastically dropped to a mere 3%. This decline was accompanied by a significant drop in the company's revenue and profits.

Conduct an External Analysis

• Conduct an external/industry analysis for Nokia to identify its opportunities and threats. To do this, consider the following points:
  • Competition (Market)
    • What is/was its competitive landscape?
    • Apply Porters five forces framework to Nokia.
  • PESTEL Analysis
    • Analyze the political, economic, sociological, technological, legal, and environmental factors affecting Nokia.