As part of our MSc in Strategic Marketing programme, students are obliged to work together in teams to develop a real consulting project for a specific company. This assignment comes as part of our 3rd and final term at the business school and is a great opportunity for us students to apply all our acquired knowledge into one piece of work.
Overwhelming? A little. Intimidating? Very much so. Challenging? I guess you could say that, however, so far it has proven to be a lot of fun and enjoyable.
For this project, students are encouraged to choose their own group members to form a team of 5-6 people. This is the best part of the assignment, as at this point in the year you are already aware of what your strengths are and how to work with other students. One piece of advice I would give is to be open-minded, try to diversify your group as much as possible to make sure you provide a good balance of creativity and business skills. Having said that, it would be a good idea consider grouping up with students who aren’t necessarily your best friends, but people who you can get along and work well with.
The first step in the consulting project is to place a bid on four of your group’s top companies which you would like to work with, out of a brief provided by the MSc in Strategic Marketing programme. After doing so, you wait in suspense to find out which company you have been allocated to, according to the best-fit of the company and the group’s profile. The companies listed for the this particular module range from small start ups such as Blocks Wearables (a company developed by Imperial alumni), to larger corporation including Expedia (the American travel company). My group were allocated with a UK based start-up called KOLD Group who offer ready-to-drink frozen cocktails. For our specific project, we will be assessing KOLD’s potential entry into the US market, outweighing the pros and cons in order to draw up a conclusion and come up with potential recommended market entry strategies. We could not be more excited to get involved in such a dynamic and interesting project.
This consulting project is such a great opportunity to learn how to interact with clients as a team and overcome potential obstacles. One final piece of advice I would give would be to make an effort to be organized and transparent with whoever it is you are working with, be it your team members or the clients themselves. Doing so will allow both of you to gain a sense of respect towards one another which will facilitate all future business interactions. After all, you and the people you are working with all have the same end goal.
With a few more months to go until the end of the programme, what better way to prepare for the real world than to immerse ourselves into this consulting project.
Thais is studying MSc Strategic Marketing.