Nokia was once the king of mobile phones, but failed to keep up with the rise of smartphones.
The company's Symbian operating system was outdated and unable to compete with iOS and Android.
Nokia's partnership with Microsoft to use the Windows Phone operating system was a misstep, as it failed to gain traction in the market.
The company's lack of innovation and failure to adapt to changing consumer preferences also contributed to its downfall.
Nokia's decision to focus on hardware rather than software was a mistake, as software became increasingly important in the mobile industry.
The company's failure to embrace touch screen technology early on also hurt its chances of success.
Nokia's marketing efforts were lackluster compared to competitors like Apple and Samsung.
The company's decision to sell its mobile phone business to Microsoft in 2014 was seen as a sign of defeat.
Nokia's failure to establish a strong presence in the US market also hurt its overall success.
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