【Unlocking Word Meanings】
Read the following words/expressions found in today’s article.
1. glory / ˈglɔr I / (n.) – the magnificence of something
Example: The old building was restored to its former glory after its renovation.
2. arm / ɑrm / (n.) – a department or section of a company
Example: The company’s new arm will be headed by Mr. Smith.
3. come to fruition / kʌm tu fruˈɪʃ ən / (idiom) – to happen as it was intended
Example: The CEO’s dream came to fruition when his website reached one million users.
4. foray / ˈfɔr eɪ / (n.) – entry into a new industry or field
Example: Jack’s book is his first foray into writing.
5. namesake / ˈneɪmˌseɪk / (n.) – something or someone with the same name as another
Example: Charles Jr. is the namesake of his father, Charles.
Read the text below.
Finnish company Nokia is known for being a mobile phone company, but new initiatives show a possible shift in the company’s future.
The company was founded in 1871 by Finnish engineer Fredrik Idestam. It started as a paper manufacturing company but shifted its focus to telecommunications. In 1998, it became the world’s leading manufacturer of mobile phones. One of its most iconic models, the 3210, sold 160 million units worldwide.
In 2007, Apple’s release of the iPhone challenged Nokia’s dominance. Aside from Apple’s game-changing products, other factors affected and eventually caused Nokia’s downfall. For instance, Nokia saw a large loss when new operating systems, such as Apple’s iOS and Google’s Android, allowed new features to be introduced to mobile phones. In 2014, software giant Microsoft purchased Nokia, but the move did not return the latter to its former glory.
During the same year, a new division called Nokia Technologies (TECH) was developed, which showed a shift in the company’s focus. TECH focuses on three sectors: digital health, digital media, and patent licensing.
TECH’s Digital Health arm came to fruition with the acquisition of French tech company Withings, which has rolled out innovative products such as the Activité smartwatch that tracks wellness indicators like sleep cycles. Nokia OZO, on the other hand, is the company’s foray into digital media. Its flagship product, its namesake OZO camera, promises to give filmmakers a professional-grade virtual reality capture device.
While the company’s focus has shifted, Nokia still maintains some mobile phone-related initiatives, though on a different scale. In May, the company announced that it had teamed up with Finnish company HMD to create Nokia-branded mobile phones and tablets.
Enjoy a discussion with your tutor.
· Do you think Nokia’s shift is a smart move? Why or why not?
· What are the possible reasons why HMD chose to work with Nokia?
· In what industry should mobile phone companies branch out to? Why?
· In your opinion, what brand or company is least likely to lose its market leader status?