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It also underestimated how important the transition to smartphones would be.

And this was, in retrospect, a classic case of a company being enthralled (and, in a way, imprisoned) by its past success.

It also demonstrates just how far and fast Nokia has fallen in recent years.In 2008, Nokia was said to have one of the most valuable brands in the world.But it failed to recognize that brands today aren’t as resilient as they once were.Today is the world of mobile phones, smartphone, i Phone and Tablets.Those days are gone when people used to carry simple bar-type handsets of popular brands like Nokia, Motorola or Sony Ericsson.

Several Chinese manufacturers and others from around the world have also lately joined the competition.