Long line of mistakes led to Nokia's downfall

The former CEO of Nikia, Jormal Ollila, blames a lack of keeping up with the trends as one of the reasons Nokia fell from the top to be lingering somewhere in the middle and falling fast.

Nokia’s management team made several mistakes, including its failure to identify changing consumer demands and compete against Asian manufacturers, which led to the company’s eventual downfall.

Former CEO and board chairman, Jorma Ollila, said in his 450-page memoir published Thursday that the Finnish phonemaker was unable to maintain its lead due to intense competition in the market as well as the emergence of cheaper handsets from Asian manufacturers.

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