As we all know that there are three different approaches to marketing. They are entrepreneurial, formulated and intrepreneurial marketing. Entrepreneurial marketing is when a new business starts up and starts to cater to the needs and wants of consumers. A lot of creativity and innovation is present in companies practising entrepreneurial marketing. For example, Nokia anticipated the shift to software and services much earlier than other handset-makers. It launched Ovi in 2007, almost a year before Apple opened its highly successful App Store. A few months later, Nokia bought Navteq, a maker of digital maps, for a whopping €5.7 billion (then $8.1 billion), to be able to offer better location-based services. Shortly thereafter, Nokia launched Comes With Music, an innovative pairing of a handset with a digital-music subscription.
However, after establishing themselves, businesses indulge in formulated marketing which is much too formal and creativity may take the back seat in such a marketing. Thus, due to a lack of creativity and contact with customers, the business may suffer. For example, the first version of Nokia's smart-phone, called the N97, was a let-down. It has as many bells and whistles as a Swiss army knife, says Carolina Milanesi of Gartner, a market-research firm, but its software, based on Symbian, makes them almost impossible to use. “It is like having a Ferrari body with a Fiat Cinquecento engine inside,” she says.
All this proves that Nokia will have to focus again on creativity and a passion for solving consumer problems. If Nokia does this then it will practice intrepreneurial marketing. Last February Nokia’s management kicked off what is internally known as a “transformation project” to address all these concerns. “We needed to move faster. We needed to improve our execution. And we needed a tighter coupling of devices and services,” explains Mary McDowell, Nokia’s chief strategist. The firm has since introduced a simpler internal structure, cut its smart-phone portfolio by half, ditched weaker services and begun to increase Ovi’s appeal to developers by allowing them to integrate Nokia’s services into their own applications. While giving Symbian a makeover it is also pushing a new operating system, called Maemo, for the grandest, computer-like smart-phones.
Guys, I tried to explain the different approaches to marketing strategy by using the example of Nokia. I included some extracts from the article I read about Nokia. Guys, check out the entire article and do give feedback.
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