In the early $2000$s$,$ Nokia was the world's largest mobile phone manufacturer, with a market share of over $40\%($Pisano & Shih, $2012).$ The company's success was due in part

to its ability to anticipate and respond to changing market trends. Nokia was the first company to introduce a mobile phone with an integrated antenna, and it was also an

early adopter of colour screens and cameras in mobile phones $($Pisano & Shih, $2012).$

Nokia's focus on research and development also played a key role in the company's success. In $2000,$ Nokia invested $9\%$ of its sales revenue in R&D$,$ which was significantly

higher than the industry average $($Pisano & Shih, $2012).$ This investment in R&D allowed Nokia to maintain a competitive edge and continue to innovate in a rapidly changing

market.

Despite its early success, Nokia's market share began to decline in the late $2000$s$.$ By $2013,$ Nokia's market share had fallen to just $3\%($Statista$,2021).$ In $2013,$ Nokia sold its

Device and Services business to Microsoft for $5\mathrm{.}4$ billion

$$We didn$$t do anything wrong, but somehow, we lost $.$ In $2013,$ this was the statement given by Nokia$$s then CEO, Stephen Elop. Provide specific and realistic solution$($s$)/$ strategies or changes needed $($what would you have done differently and why$).$ Explain why this solution was

chosen. Support this solution with evidence: Concepts from class $($text readings, discussions, lectures$)$ and outside research.