Nokia's Stephen Elop at CES 2012

Nokia is still taking its lumps in earnings, but CEO Stephen Elop has an idea as to how the troubled phone giant can carve out its slice of the smartphone market: like a real estate agent, it's all about location, location, location. As he outlined in the company's fiscal results call, the aim is to make Nokia the "where?" company -- the go-to for location-based services, whether it's Drive, Transport or anything else that locks in on our whereabouts. Facebook and Google are the "who?" and "what?" companies, Elop says. He also imagines that his own firm "could be a leader" in sensors as a whole, tracking subtler cues like the owner's pulse rate. Whether or not Nokia puts itself in front through positioning, the executive gave a small tease of the future during the call -- the next wave of Lumia phones will have "more differentiation," and both Windows Phone 7.8 as well as Windows Phone 8 will make their way to budget Nokia hardware.

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Nokia wants to become the 'where?' company, Lumias to become sensor masters