Graduate Studies Blog
MSC MARKETING SCIENCE
From Classroom to Boardroom: Creating Industry-Ready Marketers with MSc Marketing Science’s Applied Industry Project
For any budding marketer, making the leap from textbook learning to industry problem-solving is a crucial challenge. The MSc Marketing Science programme at Nanyang Business School (NBS) is designed to bridge this gap, offering participants many opportunities to apply their classroom knowledge to real-world projects.
The Applied Industry Project represents one such opportunity: a ten-week project that concludes the programme’s Strategic Marketing module. Participants are tasked to research a real-life marketing challenge from a luxury brand partner and formulate a suitable strategy in response. Those with top-scoring projects will also get the chance to present their ideas to senior leaders of the brand.
Last year, Japanese luxury watch brand Grand Seiko gave participants the challenge of engaging a new generation of consumers. By applying the lessons they had learnt in class, what strategies could they come up with to grow the Grand Seiko Asia-Pacific brand among today’s younger consumers? This project gave participants a platform to test and apply what they had learnt, while gaining deep insights into the luxury world.
Getting inside consumers’ minds
To start off, participants spent their first few weeks conducting market research to understand the motivations of younger consumers.
“A common mistake that participants tend to make is hastily plunging into developing a marketing strategy,” explained Associate Professor Lewis Lim, the instructor for the Strategic Marketing module. “They first need to carry out extensive research to gather consumer insights, and then base their strategy development on the insights generated.”
The research process enabled participants to hone their skills in a range of primary and secondary research methods, from field observations to competitor analysis. For Jonathan Percival – a top-scoring participant who was shortlisted to present his project to Grand Seiko – conducting in-depth interviews tested his social skills.
“I interviewed individuals in the 25-35 age range to understand their desires and needs,” Jonathan shared. “However, simply having a conversation is not enough to understand people’s subconscious desires. There is typically a disconnect between what people say and what they really think. The challenge was using my social skills to encourage respondents to share more.”
Participants also applied the analytical frameworks learnt in the Strategic Marketing module. For fellow shortlisted participant Lu Yinming, perceptual mapping was a key concept from the module that proved useful in her project.
“Perceptual mapping is a visual representation that plots consumer perceptions of a brand against competitors on various dimensions, such as quality and innovation,” Yinming recalled. “I used this to understand how consumers perceive Grand Seiko compared to its competitors, which helped me to identify positioning opportunities.”
Building an effective strategy
The next step was transforming these consumer insights into a strategy that stood out. Participants needed to craft a comprehensive marketing plan that could meet the challenges of today’s omnichannel and digital-first business landscape.
“In the Strategic Marketing module, I learnt about the importance of online-to-offline (O2O) marketing and the need for a 360° marketing strategy,” said Chan Mei Lynn, another top-performing participant. “I put this into practice by developing three strategies for Grand Seiko: crafting a compelling brand story, increasing omnichannel recognition and awareness, and enhancing the O2O customer experience.”
Yinming’s research insights led her to focus on experiential marketing and lifestyle co-creation in her marketing plan.
“I used the Strategic Decision-Making Framework that we learnt in class to pinpoint Grand Seiko’s needs and opportunities,” she explained. “Realising that their strengths lay in brand heritage and craftsmanship, I decided to creatively leverage these qualities to connect with a new audience segment.”
To appeal to younger consumers’ desire for uniqueness and authenticity, Yinming proposed innovative initiatives such as an immersive digital art exhibition and pop-up cabins. She also outlined an overhaul of the in-store experience that would integrate elements of Japanese culture, creating a lasting connection with consumers.
Participants were expected to assess the financial viability of their strategies, using tools like marketing mix modelling. But that didn’t mean they had to put a cap on their creativity. The challenge saw its fair share of out-of-the-box ideas – such as Jonathan’s proposal of a Grand Seiko Music Academy.
In his research, Jonathan found that consumers often associated luxury watches with music, and he sought to tap into that association to boost brand awareness early on. “By acquiring customers as early as possible, customer acquisition costs would fall in the long run,” Jonathan explained. “The Grand Seiko Music Academy would teach young talents how to play instruments at a high level, increasing awareness and elevating the brand amongst younger audiences. It is an unconventional idea, but it turned out that the Grand Seiko team really liked it!”
Stepping into a consultant’s shoes
After completing their projects, shortlisted participants are invited to present their ideas to the brand’s senior leaders and have the chance to win attractive prizes. Last year’s Applied Industry Project saw six top participants making the cut, among them Yinming, Jonathan, and Mei Lynn.
“All six top performers had carried out rigorous market research that generated strategies, based on rich market and consumer insights, which aligned with the brand’s strategic imperatives,” Assoc Prof Lim shared.
To help ease their nerves, Prof Lim advised the presenters to put themselves in the shoes of a marketing consultant. “I encouraged them to speak to the Grand Seiko team confidently,” he said. “Having done extensive research and analysis on the brand’s marketing problem from an outsider’s perspective, they could propose ways for Grand Seiko to continue building their brand in the region.
Yinming’s project emerged as the overall winner, earning her the top prize of a Grand Seiko watch worth S$3,000. Jonathan and Mei Lynn also walked away with specially crafted gifts.
“The Grand Seiko team shared how my proposal aligned with the brand’s story and initiatives to capture the attention of younger consumers,” she shared. “Presenting my project was initially nerve-wracking, but ultimately a rewarding experience.”
A real-world education beyond the textbooks
There’s no doubt that the Applied Industry Project can be a gruelling journey. When asked to sum up their 10-week experience, Yinming, Jonathan, and Mei Lynn unanimously described it as “challenging”. But, they added, the challenge has pushed them to the next level as marketers.
“Challenge is what makes you grow,” reflected Jonathan. “The time pressure has enhanced my ability to do a lot of work in a short amount of time. I’ve also grown in my ability to absorb a lot of content and drill down to what really makes people buy.”
As a capstone to the Strategic Marketing module, the project enabled them to put their lessons on strategic thinking into practice.
“I struggled to narrow all my research findings down to a few major points,” Mei Lynn recalled. “But that really forced me to think more strategically in sorting through my findings and designing marketing strategies that focus not only on execution, but also the business’ long-term success.”
These hands-on learnings will give them an edge as they embark on their marketing careers, equipping them with the assurance and expertise to tackle business problems.
“This journey has refined my marketing skillsets, from transforming data into a compelling story to presenting complex ideas in an accessible manner,” said Yinming. “Overall, it was a real-world education that textbooks couldn’t match – shaping not just my marketing skills but most importantly my confidence as a future marketer.”
The MSc Marketing Science programme is designed to develop industry-ready marketing expertise, with unique modules that incorporate cutting-edge marketing techniques and real-world exposure. Find out more here.
