The Austrian-American economist Joseph Schumpeter is well known for coining the term "creative destruction." The term refers to the cyclical phenomenon in economics whereby markets destroy themselves from one generation to the next. This phenomenon has accelerated and become more obvious in the 21st century as a result of the internet and globalization. Marketers cannot ignore the fact that markets, whether defined geographically, demographically or by product, cannot be counted on in the long term and have become more and more transient. The markets for instant cameras, for hand-held calculators, and more recently for MP3s have all but disappeared. The reason they've disappeared, or been destroyed, is simply that new technology, new solutions have been invented that have allowed users of these devices to get the same jobs done - record an important moment, speed up calculations, listen to music anytime anywhere - in less time, more efficiently and often with more benefits. Not only are the important moments recorded, but they can be shared instantly with anyone in the world, the same patterns of calculations can be repeated on massive amounts of data with little human intervention, and music is accessed from a cloud. Those companies that harnessed creative destruction in these markets were a step ahead of the game and redefined their products and markets in terms of the new jobs they allow their customers to perform.
The phrase that "any publicity is good publicity" does not always apply.
Luxury brand Rolex faced this matter when they were associated with demonstrations in Milan.
The Italian government hoped the Milan Expo global trade fair would hit the headlines for positive reasons, focussing on the benefits of investing in this Mediterranean country's industries after several years of economic downturn. "In these coming months, the world will be able to taste Italy, its specialities but especially the profound desire it has to write a new chapter of hope," said Prime Minister Matteo Renzi.
Global brand consulting agency Landor's work for FEDORA - The European Circle of Philanthropists of Opera and Ballet - has just won two prestigious awards: the top prize for best global brand design, at the 'Grand Prix Stratégies du Design 2015' awards ceremony, organised by French magazine Stratégies, and also the prize for best 'Branding/Branding Schemes/Small Organisation 2015' at the renowned D&AD Awards, to be presented in London next month.
This brings to fruition a fascinating collaboration between ESCP Europe Business School's MSc in Marketing & Creativity (MMK) students, FEDORA and Landor, a relationship the School established in 2013.
Professor Simon Mercado joined ESCP Europe Business School in April 2015, taking the position of UK Director at its London campus.
For the last 10 years Simon has worked in senior management roles at Nottingham Business School (NBS), part of Nottingham Trent University and one of the largest university-based Business Schools in the UK. He held the positions of Associate Dean, Professor of Global Management and Education, Head of International Affairs, Head of Department, and Course Director during his decade with the School.
All Master in Management students at ESCP Europe take part in four fascinating seminars as a part of their programme. Having completed the Start@Europe event in Strasbourg as well as the Business Simulation Game and Research Methods seminars, the final-year Master in Management - or M2 - students will now come together for 'Business in Europe', hosted by Prof. Pascal Morand.
This two-day event begins with roundtable discussions with special guest speakers on a variety of subjects. The second day introduces a selection of companies with problems to solve, after which students take part in five creativity workshops to discuss how these issues might be resolved.