Nokia CEO Olli-Pekka Kallasvuo told investors that company would like to act “more like an internet company” than a “traditional manufacturer”. Translation – we have a Google Strategy and an iPhone Strategy.

The company has been on a buying bing very much like AOL has been. However instead of buying into new markets like AOL, the company has been making acquisitions that extend its core products in new markets.

Google Strategy
Nokia has bid to acquire car navigation devices and mapping services company Navteq for $8.1 billion to gain digital maps of 69 countries. Google has been making inroad with device manufacturers and carriers to provide Google Maps as the default mapping service on their handsets. Google has an initiative with BMW to provide in car mapping services. Sales of navigation products is expected to triple to $12.8 billion by 2010, according to iSuppli Corp.

Recently Nokia launched a mobile ad network for placing advertisements through text messages and e-mail. The mobile advertising market is dominated by Google and Yahoo. Global sales are estimated to rise to $11.4 billion by 2011 from $2.17 billion currently, according to Informa Telecoms & Media Group. Nokia acquired the technology via the purchase of Enpocket.

iPhone Strategy
In March of this year Nokia debuted its online music retailer in Germany. The company acquired Loudeye to create a mobile music service to counter the iTunes and diversify its offerings. The services enables user to download music directly to their handset. Devices with mobile music players and cameras fueled a 74% increase in profit in the first half of 2007 for the company.