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Why Jeff Bezos Changed His Belief on Advertising

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  • “Advertising is the price you pay for having an unremarkable product or service,”

  • Amazon founder and CEO, Jeff Bezos said 10 years ago.

This statement stemmed from his belief that if they have the best products and services, consumers will do the advertising for you. But the idea lived only for a decade before Bezos was forced to change belief and statement.

Amazon now spends more money on promoting itself in television commercials, internet ads and other mediums in the United States than other companies.

In November last year, Bezos said: “Yes, I changed my mind.” But what really caused his change of mind? The CNBC noted in 2019, that a taste of the difference convinced him to cross to the other side of sales powered by ads.

Amazon’s promotion of everything from its Echo devices to Amazon Web Services led to a 72.5 percent increase in the US ad spending last year to $1.8 billion, according to Kantar Media, which tracks TV, digital, outdoor billboards and other platforms excluding social media.

It was until 2019 that Amazon ranked up to 10 in the US advert space. But that was as a result of dramatic change in Amazon’s business. Amazon’s business has shifted from a total ecommerce to other branded goods and services that consumers need to be reminded of.

Last year, the company reported a record $13.8 billion marketing expense for the year 2018. That’s a 37 percent rise from the previous year. Ever since then, the marketing expense has been rising yearly. As of last year, there were only four companies ahead of Amazon in ad spending; Procter & Gamble, AT&T, Berkshire Hathaway and Comcast.

New York Times tech analyst, Shira Ovide said the number of businesses doing the same thing efficiently has made advertising a way companies keep their community of consumers’ minds filled with their goods and services.

“Technology is becoming just like every other product. There’s not much difference between a Ford and Toyota pickup truck, so those companies know they must persuade you to feel warm and fuzzy about their model. Picking an app or an online shopping company likewise has become a lot about picking one that makes you feel good.

“And as tech companies wanted us to turn over more of our habits and lives to them, they needed to pitch themselves harder. Amazon, for example, spends a lot of money advertising its movies, internet TV gadgets and voice assistants to turn our homes into all-Amazon zones,” she said.

So competition is ripe between companies trying real hard to win consumers, and Bezos isn’t taking chances.

Joe Swallen, chief research officer at Kantar, said that while Amazon is becoming more of a product company, it also has to invest more in defending its own turf because Walmart, Target and Best Buy are stepping up promotion of their online commerce businesses.

“Even with its massive customer base and dominant share of online sales, Amazon needs to spend heavily on advertising to counteract the expanding focus of traditional retailers on ecommerce,” he said.

The shift in ecommerce which involves a touch of traditional services changed the line of thought that Bezos based his statement on. Consequently, he has realized that for Amazon to stay ahead amidst ecommerce competition, where everyone is introducing something efficiently new, it has to embrace advertisement.

Citizens, Residents Offer Kwara Sustainable Covid-19 Containment Strategies

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At the first stage of Covid-19 transmission in Nigeria, Kwara State is one of the states perceived by the public as being secrecy in revealing the status of the disease outbreak. For a number of days, the state government led by Alhaji Abdulrasaq Abdulrahman failed to come to the term that the disease has spread to the state.

Meanwhile, findings have revealed that the citizens and residents of the state want the state government to increase its efforts on palliatives and financial support to the vulnerable people. This was part of a research carried out by a team at Know Covid-19 Nigeria.  The research titled “How We See It and What We Want: Kwara Citizens and Residents to the Government” indicates that the state government needs to pay strategic attention to some local government areas regarding compliance with recommended medical measures to contain the spread of the disease in the state.

The Right Palliatives

Over 50% of 268 respondents believe food items and money (45.90%) distribution are key to survival during lockdown rather the distribution of hand sanitiser (2.60%) and face mask (0.70%). From 258 respondents, analysis shows that residents and citizens in Ilorin West, Ilorin South and Ilorin East are more attuned to distribution of food items and money as part of palliatives to ensure people’s survival during lockdown. From 129 respondents who indicated food items distribution, over 36% and 31% reside in Ilorin West and Ilorin South. Over 32%, 21% and 14% of 121 respondents who expressed money distribution leave in Ilorin West, Ilorin South and East local councils. Expectation regarding distribution of hand sanitiser is also high among residents and citizens in Ilorin West, Ilorin South and Offa.

Lockdown Efficacy

Citizens and residents in Ilorin West (36.40%), Ilorin South (25.30%) and Ilorin East (12.00%) believed that lockdown measure is effective. A significant number of respondents in Ilorin South (34.10%) believed that lockdown is not effective in the council. From 258 citizens and respondents, who indicated adequate understanding of increase in confirmed cases in the state, we can conclude that total lockdown of the state can stop the spread of the disease. Based our prediction and scenario analyses, money distribution to the vulnerable residents and citizens in terms of poor socioeconomic status followed by food items are essential for total lockdown effectiveness in Kwara state.

Download full report here

UK-Based Daficionado Offers Internship in Nigeria, Schedules Webinar Aug 1, 11am Lagos

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At the Institute, we are happy to be working with Daficionado, a UK-based company with operations in Nigeria, to support people looking for internship opportunities. As part of the process, Daficionado is offering a free webinar on careers in IT, Data Analytics & AI, and Data Analytics using Tableau. Most of these domains will be on high-demand. We recommend for our Facyber participants and technical-focused Mini-MBA members to attend.

The free virtual webinar will be held on Saturday, 1st of August 2020 between 11am – 1pm (WAT). Enter your email at  https://bit.ly/3eUjAZ0 to receive a Zoom meeting invite.

Daficionado is a Data Analytics, AI and Cloud Computing training company. You can also chat with them on WhatsApp (+234 818 601 9414). Take advantage of any internship opportunity for practical experiences.

Selected Testimonials from Tekedia Mini-MBA Participants

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We have put them together: selected testimonials from our participants. Our mission is simple: nurture innovators and project champions, and accelerate their leadership & managerial ascent. Check here for the next edition of Tekedia Mini-MBA. For the latest testimonials, click the Testimonials page here.

From a sample survey, we received 4.7 of 5 from our co-learners and members. We will keep improving.


Femi Akintunde , CEO of Alpha Mead Group sponsored all the current Final Year students of Industrial Engineering department of the University of Ibadan, their lecturers and all current executive members of the Industrial Engineering Students Association (IESA) to Tekedia Institute CollegeBoost. (Source: LinkedIn)


A Letter from a leading manufacturer – Soulmate Industries Ltd


A testimonial from a Tekedia Mini-MBA 1st edition participant, Franklin Okafor FCCA, CFE: “The program was ‘loaded’. Informative. Insightful. Practical and knowledge-filled. I’m better off than when i started in February.” He then throws a challenge: “If you have the means, please register for the next batch starting on the 22nd of June. Thanks Ndubuisi and the entire faculty.” Source: LinkedIn



“Am very impressed by the quality of facilitators and level of knowledge they are sharing with us. Top notch!!!. I have been  motivated to watch and follow through from the start (Prof. Ndubuisi Ekekwe) to the end (@Bola Adesope). Believe, this course is worth taking. Am looking forward to spending more time on this platform in the subsequent module. #Building a community of Innovators. Thank you.” – Niwa

“I enjoyed the Design Thinking class. It is very detailed, the case studies make it even more interesting. I have had Design Thinking classes before now, but this is the first time any facilitator will be breaking it down this much. Thank you, Mr. Aderinola Oloruntoye.” – cerio

“I really enjoyed the Innovation and digital transformation  lessons. really detailed and motivating” – ever

Source – (source)


“Thank you Jeff. This is Kennedy Offor from Tekedia miniMBA. I enjoyed your lecture, the pace, content and presentation style. You always preempt questions the listener might want to ask and address them. As a lecturer, I learnt something else from your presentation outside the content. I hope to adopt your approach, with little modification, in my own lectures. I scored your presentation 9.5/10.”
From Kennedy Offor, PhD, a Tekedia Institute Mini-MBA member to our Personal Finance and Wealth Management Faculty, Japheth Jev, ACMA, CGMA, ACA,

Source


(source)


Tech Legend, Herman Chinery-Hesse, Endorses Tekedia MinI-MBA for African Youth [Video]


He attended Tekedia Institute Mini-MBA and used that knowledge to develop a new operational model in the company he works in United Area Emirates (read Dubai). It was so good that his company celebrated him. They shared it on Tekedia Mini-MBA WhatsApp Group, and I want to congratulate our member. Do more, fix market frictions and advance the wealth of nations. Congratulations Paschal Osita Onah. 

“Tekedia Institute is a gift to Africa, and as Christmas and end of the year approach, gift 4th Edition to those young men and women you may meet when you travel” Paschal Osita Onah (source)


Dr Temitope Farombi is building a great healthtech business and she has credited Tekedia for part of her success.

Congratulations Dr. Temitope Farombi, Online Health Founder and Tekedia Alum


Tekedia Mini-MBA – “One of the most innovative, interactive, and entrepreneurial programs”

Source


“a great learning platform ” Source


“It has been an impactful journey which I’ll forever cherish. My business ideas have grown bigger than myself, thanks to Tekedia and the world class faculty members who made sure we were fed with the best materials on business & innovation. Keep taking Africa to the world.” Sally Ewune, Founder and CEO Dunamis Solutions Central African Republic

Tekedia Alum Thrives in Central African Republic


(source)

 

Class Assignment a sample from a participant.


Source: LinkedIn


Amazing testimonial from Singapore on Tekedia Mini-MBA. 

 


Tekedia Mini-MBA Experience Has Improved His Consulting Practice

“Initially, I was confused about doing the programme because many people have told me that MBA is better when it’s done in the classroom. That’s why I contacted you before registering for the Tekedia Institute’s mini MBA. Now, I realised it is not a matter of physical classes but having a platform that ensures knowledge co-creation and sharing.

I just delivered a number of strategic business documents to some clients. The beauty of the execution was that I was able to apply atoms and neuron of the programme.
Thank you. ” Mutiu Iyanda (Source)


“You can say that again Prof. The kind of value been delivered at the Tekedia institute vs the cost is incomparable. I just completed the second edition and will surely be registering for the next editions; reason? To continue co-learn and co-share with the different communities in those editions..to evolve together systems, constructs, and solutions that will continue to fix market frictions and the dislocations in the various sectors of our economy. God bless you Prof and all the faculties for the the good work your are doing. Wale Raphael Yusuff, Managing Director Wartsila Marine & Power Services Nig. Ltd.”  (Source, comment section)


He failed the exam twice (62%, 78%) and just passed on the third attempt with 92% by relying solely on Tekedia Mini-MBA. The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects.  Idris Onifade credits attending Tekedia Mini-MBA as the deal: “I enrolled for Tekedia mini-MBA, and I continued studying on my own. Our lectures on Change management, cyber security, block chain were very useful. Fortunately for me, my question was on cybercrime, internal control and block chain as God will help me. I also listen to the lectures on the same topics overnight for the exam.” In a nutshell TEKEDIA is major contribution to my success.  Source


From a business leader – he shared experiences from Tekedia Mini-MBA

Tekedia – A Disruptive Product In An ‘eduflation’ Market – JOHN MC KEOWN


Thank you OLEGHIBE-MOORE KINGSLEY BSc Acc,MBF,MSc Fin,PGDE,TRCN for choosing Tekedia Institute for your continuous education needs.


“Though relatively new in the core business world, this is the best business book I have read after reading some international ones. Thanks, Prof Ndubuisi Ekekwe for this book and all your faculty for this platform. I have taken numerous courses on coursera and the like, but this platform is down to our business climate. Kudos” OkwyDavis, a Tekedia Institute member testimonial. (source)

 


He has two job offers (source)

Source


Source


A feedback from a learner to a faculty (source)

Strategic Objectives and Technology Investments


Sources: LinkedIn and Tekedia


Note here.


A participant received a promotion after implementing a playbook in our session.

“Sir, I am overjoyed. I just received a promotion. On Thursday, I sent to my CEO a Covid-19 Continuity Plan, using the template you made available in Tekedia mini-MBA class. Early today, management asked me to present it via video. Ten minutes ago, I received an email from Head Admin that management wants me to execute that template, and they also promoted me. I am also getting a refund for my personal investment on this training. I want to say thank you to all the faculty for this service.”


He got a job elevation

Source: Comment section


Our participants are advancing their firms

Participant class assignment


  • From a Fellow of Chartered Accountants and a Bank Manager, here is a testimonial, below. Source: LinkedIn


A sample of a participant’s work


“Sir, I discarded my business plan and used the Week 1 business canvas on the Challenge Assignment. Today, I am happy to share that less is indeed better: we received $25,000 from an investor. I want to thank all the faculty especially Mr. Azeez Lawal. His course on Fundraising with African sense is the best ever. I also thank you for a statement in one of the class videos, “Your customer can be your investor. Believe this… the best investors are customers”. This investor is a customer and we will begin by serving his company even though we are a separate company.” from a Tekedia Mini-MBA participant.


“This program has been so insightful” – Tekedia Mini-MBA Testimonial


Source: see link below

An Executive Director who sent 4 staff wrote, thanking us. Interestingly, I am not sure my team gave any special discount. Possibly, they got the usual 20% off for registering at least four people. Certainly, I receive this on behalf of our Faculty. Ecosa Hybrid Network Limited, we wish you more opportunities in the market.


Read more here

 

Graduation Day Note – Tekedia Mini-MBA Edition 1 [Video]

Global Contracting Military Veteran Adebayo Adeleke To Lead Tekedia Live – Friday, July 24, 11am Lagos

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Join us at Tekedia Live as Tekedia Institute Faculty and U.S. Military Veteran, Adebayo Adeleke, anchors a session on global contracting and operations.

  • Date: Friday, July 24
  • Time: 11am Lagos

He served the U.S. Army for more than 20 years. He rose to the position of the Director of Contracting Operations. He began as a Logistics Specialist, then Logistics Supervisor, then Warehouse Manager, and then Materials Manager. Then, Operations Manager, Procurement Manager, Director of Logistics, Contingency Contracting Team Lead, and Chief of Contracting.

For members, go to the Week 5 board for Zoom link https://www.tekedia.com/2week5/ . For non-members, join us via YouTube Live https://www.tekedia.com/live/.

Global Contracting and Global Supply Chain At Tekedia Institute

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