Recent news reports show that mobile phone giant Nokia has seen slumps of around 40% in its recent profits thanks to the release of the new iPhone and various other smartphones, including iterations of phones using Googles new Android operating system. Despite being the dominant market leader in the mobile phone in the world Nokia is now showing signs of weakening while trying to compete with these other phone brands.
These reports demonstrate that businesses with an innovative and unique product may well be able to beat the competition, even in a competitive market. Not to say that Apple and Google are small fish, but when you consider that figures show that 4 out of every 10 mobile phones sold (until recently) were a Nokia, it’s quite impressive to see these other companies taking a slice of the market. It is plausible that a small business with a clever product could outsell the competition and significantly increase their own profits.
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