The Corporate Consulting Projects, as well as Individual Entrepreneurial Projects, are integral parts of the IUM MBA program.
True to their name, the Corporate Consulting Projects are actual assignments entrusted to students by organizations based in Monaco and further afield. Students work in teams, much as consultants do, and closely with the company’s top management to be able to meet the brief given to them by the “client”. While these briefs may vary in detail, all MBA projects are necessarily strategic in focus. Accordingly, they invariably involve market and competitive analysis; positioning; market and business planning; financial analysis; and implementable recommendations.
The Consulting projects MBA students work on are also reflective of the specialization tracks IUM students follow—namely, Luxury Management, and Entrepreneurship & Innovation Management.
MBA Luxury Management Corporate Consulting Projects
This year MBA students taking the Luxury Management elective worked on two exciting and truly topical corporate consulting projects.
The first was assigned by a global, family-owned conglomerate with strong interests in various luxury fields such as real estate, property development, yachting, and hospitality. The brief was to assess whether or not the group’s latest initiative—the creation and marketing of a niche, uber-luxury perfume brand—was financially viable and, if so, at what production, cost, and pricing levels. The teams involved in this project had to assess the competitive landscape and the market opportunity; calculate various financial scenarios using different production and cost structures; determine breakeven and margins across all scenarios; design a regional and/or global marketing strategy; and, finally, based on all this, make their recommendation: go, or no go.
Thanks to the students’ work, the company decided to follow the recommendations of one of the groups, and to go ahead with the suggested production plan and integrated marketing strategy.
The other Luxury track consulting project was ostensibly about yachting, and how a yacht builder can grow and enhance its brand to capture new and emerging customers. But given the nature of the yachting market, especially in the 40 meter and above segment, the project also entailed a thorough analysis of luxury consumer behavior and how it is evolving, especially amongst Ultra High Net Worth millennials around the world. For the company, the goals of the project were multifold: identify new and emerging customers whose wealth was in the neighborhood of $300 million (the average necessary to be able to purchase and maintain a mega-yacht); determine which marketing tools, including digital and social, were most appropriate to reach, interact, and influence them; and, ultimately, create awareness and interest amongst these potential customers in yachting in general, and in the company’s brand and “promise” in particular.
MBA Luxury Management Individual Entrepreneurial Projects
This year many MBA students also opted to do an Individual Entrepreneurial Project as well. The individual entrepreneurial projects entail the creation of a business plan to support the students’ ideas. These plans are presented to and assessed by a panel of investors, entrepreneurs, business angels, and IUM faculty.
And, once again, there were several projects in the field of luxury. One MBA student has in mind the creation of a luxury cosmetics brand and website, which she has already started; another is planning to create a luxury hotel and restaurant complex on a secluded island in the Caribbean; and another is hoping to create a new kind of fashion show/catwalk, in a renowned yet scenic and quaint European venue, focusing on emerging and cutting edge designers.
All three plans met with enthusiasm, combined with pointed suggestions as to how to move to the next level to help make these dreams come true.
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