Why was this course introduced this year? Do you use a specific methodology?
This course aims at offering MAFED students an additional skill to understand a company as a whole (combination of competences and know how) and evaluate the feasibility of any strategic or entrepreneurial project, such as line/brand extension, licensing, new markets coverage, acquisitions, etc.
The methodology I propose is essentially based on my professional experience in strategic consultancy and private equity. With my learning by doing approach, I could say it is a “practical methodology”, that delivers the students the tools to carry out, step by step, a 360° analysis of a company/business and to work out and implement the strategic idea in a consistent way, from both a qualitative and quantitative point of view.
How important is business planning in the fashion industry?
Business planning is a key tool to approach rationally any business, and not only in a multinational company, as it occurred in the past. Applying it to fashion, an industry typically and historically marked by “creativity”, is nowadays more and more essential: the environment is changing rapidly and new rules have been set up, there is an increasing competition and the customers are more shrewd. Running a fashion business is not only an issue of “I have a good idea and the right product”, but requires to be carefully managed: business planning, as a compass, provides all the coordinates to face the market challenges, in a strategic and rational way, and steadily verifies the company financial and operational performances.
Moreover this approach is really expected in this current uncertain period, in which forecasting the consequences of any strategic decision according to different scenarios reinforces the chances of successfully surviving.
Who takes more advantage of this course?
I can identify two different recipients of this course.
First of all, the students who want to start up a new business: they will be able to identify all the elements involved in the prospective business, to develop the initial set of assumptions needed to put their idea into operation and to appraise the profitability and feasibility of their project.
Second, those students who aspire to undertake top managerial roles because the course embodies all the issues as a guidance for understanding and managing the wholly business: it transversally takes into consideration all the external and internal areas of the company.
In fact, given the interdisciplinary approach of MAFED, the course in Business Planning is crucial to revise and sum up all visions and competences both at product and market level into one structured plan.
