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Nokia models that are essentially refined 3310s are still popular in places with unreliable infrastructure. Ain't broke. Casio still sells loads of F-91W black plastic digital watches, nowadays it's £9 at Argos (who will still try to sell you an extended warranty for it) or £7.90 from Amazon.
Nokia's "phone that does calls, SMS, holds contacts and plays Snake" was a successful formula. They just didn't take advantage of the expertise they got via Symbian when mobile phones became small tablet PCs.
I hear Nokia's new flagship phone is quite good, and runs Android.
Emyr
I really don't think that memo was a major reason behind Nokia's decline. It was years of reading the market wrong and producing phones that weren't attractive to consumers.
That said, the investment companies I work with have a bonk on for Nokia right now. Makes me wonder if there is something up their collective sleeves.