As part of the International University of Monaco Summer School courses and invited by MN. Jauffret-Cervetti, Huguette Marsicano, Marketing Strategy Consultant and Head of Ladies & The City, a consulting firm specializing in marketing to women, introduced the concept of « Place Branding », a discipline that has grown exponentially in recent years.
As part of one of the core courses the external professional gave an insight to “Place Branding” in order to extend the students knowledge about marketing.
While the mobility of people, capital and ideas grows, the brand of a place increasingly determines where those people, capital and ideas flow. More and more cities, destinations and communities are realizing that they need to take a strategic (versus organic) approach to developing a strong and coherent brand in order to compete on the international stage.
Although using the same basic branding concepts that apply to the corporate world, « Place Branding », rooted in the « Made In » concept, presents some unique aspects. The course covered the fundamentals, characteristics, challenges and importance of implementation and control of a « Place Branding » strategy. Practical exercises helped students to understand all aspects and difficulties involved when it comes to design and implementation of a brand for a country, city or destination. Students also had the opportunity to perform a ranking exercise for several countries, according to the criteria used by FutureBrand, an organization that annually publishes the « Country Brand Index » report.
Finally, the students were led to question the criteria used for ranking countries. On this occasion Mrs. Marsicano introduced the « What’s the Economy for, anyway » movement orchestrated by the « Forum on Social Wealth » to reconsider the criteria generally used to assess the wealth of a country.