LBS students drive Ferrari's strategy challenge
The winning team (L-R): Rui Wang MiFFT2017, Luca Zanetti (Ferrari), Pradeep Khanduja EMBALJ2017, Navaj Karbhari EMBALJ2017, James Champion (Ferrari), Felicia Liu MBA2018 and judge, Teak Chatthaweesak MBA2018, Chin Ta Sim MiFFT2017
Last week saw 22 London Business School students driving their competing teams to win Ferrari’s Strategy Challenge.
In collaboration with prestigious sports car manufacturer Ferrari, LBS launched a competition for Topics in Luxury Goods Management (TLGM) students to tackle strategic challenges within Ferrari, including how to reconceive Ferrari’s network of dealers to attract and retain new customers. Pradeep Khanduja explained it as "from classroom to Dragon's Den", which put the students in the driving seat to apply their learnings at LBS in a practical business situation.
"The Ferrari Strategy Challenge is definitely an eye-opening experience" says Rui Wang. "We applied strategic analytical tools from the course Topics in Luxury Goods Management to identify current issues facing Ferrari dealership model and brainstormed all possible sales and marketing plans to address the issues. This competition enables us to apply academic knowledge into real business world and deepened our understanding at execution level."
The vision for the Topics in Luxury Goods Management came from Gareth Howells, Executive Director, MBA and MiF. Over the past two years the course has been greatly oversubscribed and attracted stellar feedback from participants. Ferrari actively engaged with course students and got them to solve one of their most critical strategic challenges. Ferrari have already expressed keen interest to support this intramural competition next year. Well done to all students who took park.
Thanks Luca Zanetti (Global VP, Sales, Ferrari) and Professor Stefano Turconi for giving us the opportunity to work on a very interesting problem statement. We enjoyed and learned a lot during this exercise and we were able to apply frameworks, which we studied during our courses at LBS.
- Navaj Karbhari EMBALJ2017