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 winner announcement will be held virtually on June 25, 2022, during the awards ceremony.
The national-scale competition attracted approximately 80 teams from universities across Indonesia. This year, the 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 within PT. Paragon Technology and Innovation as Case Contributor.
Therefore, the team must develop strategy-based solutions. These solutions are outlined in an executive summary, a virtual poster presentation, and an 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 the strategy she and her team are offering falls into two broad areas. The first is Paragon Digital Marketing. Paragon Digital Marketing has the potential to shift the public’s perception of Paragon’s beauty brand products by emphasizing sustainability and the value of self-love.
The second is Paraverse (Paragon-World Metaverse), a strategy to attract Gen-Z’s interest and expand Paragon’s 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 currently being faced by many companies, especially the cosmetics industry,” said Irene to the FMIPA UI Public Relations team.
Although the metaverse is still in its development stage, Irene believes the metaverse phenomenon has become a popular marketing trend that businesses should not miss.
“In the future, the Metaverse could become even more valuable as people’s virtual activities continue to grow,” 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 gathered primary data by asking respondents questions. These included their knowledge of the sustainability of PT Paragon’s beauty products, their knowledge of self-love through makeup and its relationship to beauty products, and their insights into the metaverse.
From this 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.
Furthermore, the current Gen Z population dominates the world, leading to a shift in product penetration strategies. Products have yet to reach a new potential market, the metaverse.
“The solution we bring is a disruptive solution, even for some people it might seem… absurd“We also based this recommendation on extensive research and data collection, due to limited reference sources and literature. However, we don’t see this as a problem, but rather as 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 address the challenges faced by the industrial world related to Sustainable Development Goals (SDGs).
In this competition, the organizers provided mentoring support to the teams that advanced to the final stage, with Fedora Hutomo, Strategic Innovation Executive at PT. Paragon Technology and Innovation, serving as a mentor. The mentor provided feedback on the participants’ proposals and presentation materials for presentation in the final round.
The series of events consists of a pre-event, the summit, a national conference, and a business case competition. Generally, the participants go through three stages: the preliminary round, the semifinals, and the final. In the preliminary round, Fourple Teams create Executive Summary from the ideas and concepts they offer.
