Nokia: We’re slashing prices on our phones!

Nokia isn’t going to idly sit by while handset manufacturers the world over try to catch up to the Finnish handset vendor’s industry-leading market share. Nokia (NYSE: NOK) has been cutting prices on their media-centric handsets by up to 10% – particularly their Nokia 5310 and 5610 music phones and the Nokia N81 8GB.

While other handset makers are struggling to turn a profit in an increasingly hostile economic environment, Nokia has turned to significant price cuts in the US and Europe. Nokia has also made lesser price reductions across its handset portfolio.

The move to make their handsets more accessible is seen as a way to press harder on the competition. Nokia has always kept their finger on the pulse of various markets’ prime pricing strategies, and it seems that cheaper is the way to go these days.

So, now is the best time to get a hold of one of Nokia’s handsets. With 41% market share, Nokia’s in the perfect position to undercut the competition with cheaper wares. In the end, its the consumer that wins.

[Via: Reuters]