The Macau Institute for Tourism Studies’ (IFTM) Tourism Business Management students have supported local jewellery design brand Cloé Jewelry & Art through an industrial project in their entrepreneurship course, the higher education institution said in a statement yesterday.
With the aim of continuously supporting local businesses, the students took part in conducting market research and developing a marketing mix, the statement noted.
A marketing mix, according to Wikipedia, is a business foundation model that centres around the 4 Ps: product, price, place, and promotion
Cloé Jewelry & Art was founded and established in 2015 by local jewellery designer and entrepreneur, Chloé Chan. The brand recently set up its concept store that runs workshops and a café aside from selling jewellery products and design services. The future development of the concept store, the statement added, centres on two objectives: “to drive in more local traffic to its new concept store” and “expand its market further by tapping into overseas markets”.
The statement pointed out that the students carried out “industry analysis” to investigate “top international and Chinese jewellery brands” and “top independent (smaller) brands” in studying their marketing mix and business models. Moreover, the statement said that through a review of literature in journal articles covering “luxury consumers” from the general market and mainland Chinese market, research into both general and mainland Chinese luxury consumer markets was conducted.
Students then, the statement underlined, proposed a set of marketing mixes and showed their ideas about a lean business model canvas to meet the new aims for the shop’s development.
According to Wikipedia, a business model canvas is “a strategic management template used for developing new business models and documenting existing ones”.
Cloé Jewelry & Art is also participating in the institute’s “iRetail Lab, which “aims to support local entrepreneurs and creative artists while allowing students to put theories into practice”, the statement noted. Details can be found at https://iretail-lab.com/ or contacting the lab’s representative Mr. Ng at iRetail-lab@iftm.edu.mo or 85983165.
This undated handout photo provided by the Macau Institute for Tourism Studies (IFTM) yesterday shows Tourism Business Management students led by course lecturer Fernando Lourenço (centre, wearing a white dress shirt) posing at Cloé Jewelry & Art.
