IFTM supports local jewellery design brand to conduct market research and develop marketing mix
IFTM students from the Tourism Business Management programme engaged in an industrial project via their entrepreneurship course to assist Cloé Jewelry & Art, a local jewellery brand, in conducting market research and developing a marketing mix. The project was led by the course lecturer Dr. Fernando Lourenço with the objective to continuously support local businesses.
Cloé Jewelry & Art was founded by Macao jewellery designer and entrepreneur, Chloe Chan and has already developed a local market for its products and services with its effort since its establishment in 2015. The brand recently set up their concept store in the heart of Macao's bustling business district. In this concept store, apart from selling jewellery products and design services, it also runs workshops and café. The future development of Cloé Concept Store focuses on two objectives: firstly, to drive in more local traffic to its new concept store; and secondly, to expand its market further by tapping into overseas markets.
IFTM students conducted industry analysis to explore both top international and Chinese jewellery brands as well as top independent (smaller) brands, to study their marketing mix and business models. Furthermore, an investigation of the general and Chinese luxury consumer markets was completed via academic literature review of journal articles covering “luxury consumer” from the general market and Chinese market. And finally, students proposed a set of Marketing Mix and depict their idea onto the Lean Business Model Canvas to meet the two new aims for the development of Cloé Jewelry & Art.
Currently, Cloé Jewelry & Art also participates in the consignment operation model housed at the recently inaugurated physical and online retail platform at IFTM called “iRetail Lab”. The aim of this platform is to support local entrepreneurs and creative artists while allowing students to put theories into practice.
Local brands and retail concepts interested in joining this meaningful consignment operation model at the iRetail Lab can get more information on https://iretail-lab.com/ or contact Mr. Ng at iRetail-lab@iftm.edu.mo / 85983165.