Offering Marketing Strategy Innovation Through Metaverse, FMIPA UI Student Team Wins Second Place in National Business Case Competition

The “Fourple” team consisting of four FMIPA UI students, namely Irene Devina Putri (Actuarial Science 2020), Angelica Patricia Djaya Saputra (Mathematics 2020), Irene Patricia Wibowo (Actuarial Science 2020), and Sandy Nathanael (Actuarial Science 2020) won second place in the StudentsxCEOs 11th Grand Summit Business Case Competition organized by StudentsxCEOs Bandung.

The announcement of the winners will be held virtually on June 25, 2022 at the awards ceremony.

The national scale competition was attended by around 80 teams from all universities in Indonesia. This year, StudentsxCEOs 11th Grand Summit Business Case Competition collaborated with Paragon Technology and Innovation as a case contributor.

The challenge in this competition focuses on the team's analytical skills in solving business cases in the environment of PT. Paragon Technology and Innovation as a Case Contributor.

So the team must develop a strategy-based solution. The solution is expressed in an executive summary, virtual poster presentation, and online presentation.

The strategy recommended by Fourple Team in this competition is Paradigm and Paraverse: The Key Drivers to Navigate through the Era of Uncertainty.

Team leader Irene Devina said that the strategy she and her team offered was divided into two main lines, the first is (Paragon Digital Marketing). Paragon Digital Marketing has the potential to change the public paradigm towards Paragon's beauty brand products by emphasizing sustainability and the value of self-love.

The second is Paraverse (Paragon-World Metaverse), which is a strategy to attract Gen-Z's interest to expand Paragon products by entering a new era of potential markets, namely the Metaverse.

“The idea is based on various considerations based on the results research "We are aware of the issues that many companies are currently facing, especially the cosmetics industry," said Irene to the FMIPA UI Public Relations team.

Although the metaverse status is currently still in the development stage, Irene believes that the metaverse phenomenon has become a popular marketing trend that should not be missed by business actors.

"In the future, the Metaverse could be worth more because people's virtual activities are increasingly growing," he added.

Regarding the method, one of the team members, Sandy Nathanael, explained that the team conducted interviews with users and distributed surveys.

Through the survey, the team dug up primary data by asking respondents. Some of the questions included respondents' knowledge about the sustainability of PT Paragon's beauty products, respondents' knowledge about loving themselves through make-up and its relation to beauty products, and respondents' insights into the metaverse world.

From these survey data, the team concluded several things, namely that many respondents are still unaware that the Paragon beauty product brand has addressed the Sustainable Development Goals issue which is of concern to the world community. The message of “loving yourself” in Paragon beauty products is not emphasized clearly.

In addition, the current Gen Z population has dominated the world, causing a change in product penetration strategies. Products have not yet reached a new potential market, namely the metaverse.

"The solution we bring is a disruptive solution, even for some people it may seem... absurd. We have also based this recommendation on research and data searches that we have done for quite a long time, due to limited reference sources and literature. However, we do not see this as a problem but rather an opportunity to offer a strategy,” said Sandy.

The StudentsxCEOs Grand Summit is a major event held annually by StudentsxCEOs Chapter Bandung, this activity is open to undergraduate students from all universities in Indonesia.

This agenda also serves as a forum for selected students from all over Indonesia to compete in providing solutions to answer the challenges faced by the industrial world related to Sustainable Development Goals (SDG's) issues.

In this competition, the organizers provided mentoring support to teams that qualified for the final stage by presenting Fedora Hutomo, Strategic Innovation Executive of PT. Paragon Technology and Innovation as a mentor. In this case, the mentor provided input on the proposals and presentation materials of the participants to be displayed in the final round.

The series of events consists of Pre Event, The Summit, National Conference, and Business Case Competition. In general, the scheme that the participants go through includes three stages, namely the preliminary round, semifinals, and finals. In the preliminary round, Fourple Team made Executive Summary from the ideas and concepts they offer.

News source : https://sci.ui.ac.id/