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Nokia to sell phones for Rs 100 weekly installment

Created by : Sonal Singh, Project Manager, Nortel Networks  | 08 20 2009 10:11:04 +0000
Industry : Telecom/ISPFunctional Area : India(Markets)
Keywords : idea airtel vodafone nokia reliance tata docomo spice nokia phones weekly installment sony ericcson
Activity:  2760 views;  last activity : 07 12 2011 06:45:17 +0000

In a recent news it is seen that the popular mobile handset maker Nokia is coming up with an installment schmes for new buyers of its phones where there will  be a weekly installment of Rs 100.  Till now we have seen only  Monthly installments happen till date and this somewhat generated interest, and this made me create this debate.. and would like to ask the users here that will this concept of weekly installment work out?

  
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I would say yes, this concept will work out and is a very good strategy and this has been targetted to tap the middle class market that is there in the country which is very huge and this weekly installment is something that they badly needed to own a phone as most of them would have found difficult to buy a good phone for that matter...so this is a welcome move from Nokia which will help most of the people in the country especially the poor, and this also helps Nokia to stamp their authority of being the number one in mobile phone sales in the country.
By Sonal Singh, Project Manager, Nortel Networks  08 20 2009 10:22:19 +0000
 
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Its good strategy.

However, please mind income pattern of middle class. In india we get salary monthly.. and perhaps this is why we have EMI. I therefore, do not agree that such a schemes will drive middle class. I am better off paying monthly installement and i will have to make extra effort to pay on a weekly basis.

I think NOKIA is adopting this strategy to tap into low end market (workers who get weekly payments. in some case daily peyments as well). Also petty shopkeepers who might check their account daily/weekly. I have seen many such people having weekly saving schemes. Such people will lap up any weekly installment things.

It will be interesting to see which price band products NOKIA targets this schemes to.

 
By Prakash Kumar, Consultant (IT Services Strategy), Dell International Services (India)  08 20 2009 19:22:41 +0000
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This is a great idea....
By Bharat Chandra, Manager - Business Dev., Roma Ventures  | 07 12 2011 06:45:16 +0000
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Nice idea to have phones on weekly instalment. i think the pay out for the employees also shall be weekly.
By MAJETY CHANDRA SHEKHAR, Construction-Residential, SINDHU INFRATECH  | 03 15 2010 13:47:07 +0000
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this is really a good policy,this will affect the the competitor badly and they will have to come up with another good policy..atlast we the consumers are beneficial will get benefits...
By himanshu gadkari, RETAIL STORE MANAGER(PUMA RETAIL LTD)  | 08 20 2009 15:50:13 +0000
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Mobile today has become a MAGNET for our body. Already we had monthly installments offered by major mobile stores. Its good to see WEEKLY installments.

But all that matters is the INTEREST RATE charged on these schemes. Whichever is less people will go for that (monthly/weekly).
By C Nijagunaradhya, Project Engineer, Aarvee Associates  | 08 20 2009 14:26:51 +0000
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Yes its a very good strategy by Nokia.

This would help the penetration of mobile phones to a further level in our country.

There will be combo schemes now: PAY RS. 150 and GET A NOKIA PHONE WITH CONNECTION.....
By Japan Shah, Assistant Professor, Oxford School of Management  | 08 20 2009 11:44:33 +0000
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good one ,but there is  a doubt for how many weeks and at which rate of interest?
By SB DIKSHIT, STATE QUALITY MONITOR, U.P.R.R.D.A  | 08 20 2009 11:34:40 +0000
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I believe this can be a nice idea. In this way, a man who is not in a position to pay the whole money at a time can buy cell phones..........
By Radha Sundaram, Sales/BD Manager, Bharti Airtel  | 08 20 2009 11:10:42 +0000
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Idont think this will workout. people in the starting due to craze may que up , but then itz the head ache for the seller in coming weeks to get the installment, run behind them. and also we need to know, what if they dont pay after a few weeks?, all this counts, so what i feel is this may not workout.
By MAHESH.A.V , RITTAL INDIA  | 02 04 2011 08:43:18 +0000
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Nokia should shave off its exorbitant margins and price competitively if they want to say in the market and fight the competition from G'Five and Micromax. 100/month scheme means financing, means interest factor, means paraphernalia to support the scheme and the documentation - all adds to the already high cost of the handsets offered by Nokia. Won't work, not in India. Little wonder their market share has dipped from 70% to 35% over a last few years - someone at the top in Nokia India is resting his brains, if he has one... 
By ktaja , Consultant, Independent Consultant  | 12 31 2010 01:10:06 +0000
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Well said Prakash!!

Its time these high end gadgets found their way to rural markets which is still birgin and there are people who may afford high end machines!! Which price band products of nokia is something to see... Weekly is how people are paid abroad particularly in USA. Good point Prakash!!

Thanks for the referral Sonal! Good debate. :))
By Makrand Bhave, Marketing & MICE, WIZCRAFT International  | 08 21 2009 03:08:32 +0000
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