Vintage ad campaigns depicting a family in a pastel-colored kitchen may always have a place in our hearts; A mother in charge of breakfast strategy, drizzling the last droplets of maple syrup across a pancake stack; a father with a broadsheet newspaper open fully, imbibing information; and two teenage children, smiling—a campaign caped in fictional product promises.
But they were the campaigns of yore—a new age is upon us. Digitization offers fresh perspectives on marketing strategy, big data is the new breadwinner, and consumers are smiling more than ever before.
Technological change brings with it the need for revolutionary new ways of thinking. The new MSc in Marketing of Luxury Goods and Services, at the International University of Monaco (IUM), follows suit.
The 16-month program at IUM includes modules focused on strategic brand management, product and service innovation, and trends in digital marketing.
Outside the classroom, students are connected with industry experts—like Artificial and Megatrends expert Dr Terence Tse, whose guest seminar covered trending topics like artificial intelligence, big data analytics, and blockchain.
“We work with people from many different backgrounds. We have a collaboration with the educational institute CREA, based in Geneva, and we organize a study trip every year for our students. This year, they will take courses dedicated to training in digital and social media,” says Marjorie Bertschy, the MSc’s program director.
“People come to Monaco because of the locality of luxury, of course. But we have contact with different companies within the luxury industry and students can apply their knowledge immediately through a project with local companies in a luxury atmosphere,” she continues.
Getting a grounding in the full menu of digitization offered on the MSc in Luxury Goods and Services at the International University of Monaco equips students with the utensils of the future. Students from IUM’s marketing MSc have gone on to work for historic firms like Chanel and Porsche—they too are innovating to adapt to the new digital reality.
“It’s a continuous learning process—we know many jobs of the future have not been created yet,” says Marjorie. “Students always have to be learning because, maybe in one month, there will be a new aspect of artificial intelligence that we don’t know about.”
Monaco is the petri dish from which all luxury cultivates. The International University of Monaco is famous for its Mark Challenge—an international business plan competition which allows students to pitch a luxury service idea to investors.
One such student is Stephanie Jaquet. For Stephanie, the opportunity to delve into the professional world through IUM’s master’s program was a big appeal.
She and her classmates attended the Monaco LUXEPACK; three days of conferences about luxury goods and services held at the Grimaldi Forum. She also had the chance to network with top industry players—like the marketing director of Louis Vuitton, and the director of Barclays of Monaco—on-campus at IUM.
“They give us lectures on how they got to where they are, what they do, and how we can reach that point. We can give our resumes to them and, as a result of that, connect with jobs and internships associated with their companies,” Stephanie explains.
“Monaco is the right place to be—there is luxury everywhere,” she continues. “When you say you’ve studied in Monaco it gives you a little something more.”