Nestlé recently announced its plans to reduce and scale back its operations¹ in Sub-Saharan Africa citing that the middle class in the region is not growing according to expectations. In a follow-up to the news Quartz Africa² stated that Nestlé might have forgotten to mention that its business focus did not pay enough attention to the potential that lies at the bottom of the pyramid (BOP).
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Feyi Olubodun, General Manager and COO of Insight Communications was invited to speak recently at ESCP Europe's London Campus. He shared his experience in the Nigerian market with participants from the MSc in Marketing & Creativity (MMK) and Executive Master in Marketing and Creativity (EMMK) programmes.
Feyi Olubodum said "Nigeria is currently recognised as the largest economy in Africa, larger than South Africa".
We have seen so many clients that have tried to come into the market without succeeding and then they pull out. Over the years I have discovered that this real secret is being able to arrive at the confluence ofcommerce, culture and the consumer.
ESCP Europe's EXEC MBA, in collaboration with the Creativity Marketing Centre, hosted a talk on 'Entrepreneurship & How to Build a Billion Dollar App' with speaker George Berkowski, Founder & CEO of IceCream, Author of 'How to Build a Billion Dollar App', and graduate of the Specialised Master in Innovation and Entrepreneurship, 2002.
The event took place on 9th June, 2015 at ESCP Europe's London Campus and brought together 150 participants from Executive MBA and MSc in Marketing and Creativity programmes, along with industry practitioners.
George's broad experience comes from mainly working at Hailo - a successful taxi app that operates in 18 cities across Europe and Asia, and a few start-ups that he grew and sold. He raised a list of companies that are top players in the mobile industry and built amazing businesses, all worth a billion dollars or more. They include: Uber, WhatsApp, Snapchat, Kakao Talk, Candy Crush Saga, Square, Clash of Clans, Angry Birds, Waze, Instagram, Tinder, Tango, Viber, and Flipboard.
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.
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.