I vehemently disagree with this premise:
Nokia did not take advantage of any of the opportunities that it had by being in first place. It failed to leverage its partnerships with carriers, manufacturers, software developers, and content companies.
When disrupted, large incumbents invariably fail to respond adequately to the threat.
You can only blame management if the threat is symmetric and they fail to take up the challenge. This failure almost never happens.
Asymmetric competition is intractable in almost all instances. This failure always happens. A response in kind by management is usually worthy of dismissal “for cause”.