MORE THAN FASHION AND MONEY

More than fashion and money: That's how you could summarise a key finding of the Master's students in International Business & Management from their study trip to Milan in June 2024. The fashion and finance sectors are not the only important location factors in the northern Italian metropolis; the development of human capital and technology are becoming increasingly important for the local economy.

EXCELLENCE IN HIGHER EDUCATION AND TECHNOLOGY DEVELOPMENT

The participants of the trip learnt this from a variety of meetings and discussions on site. During a guided tour of the campus of the prestigious Bocconi University, they learnt about the institution's various study programmes and facilities. The university's programmes are now highly regarded worldwide: the MBA was ranked third in the world in the most recent Financial Times ranking. Applied research was then examined in the IULM University's Brain Lab. The lab focuses on neuromarketing, where employees use state-of-the-art technologies such as encephalograms and eye tracking to analyse the neurological impulses of product and packaging characteristics. The students were able to try these out and test the potential for increasing product attractiveness.

INCREASING COMPETITIVENESS

Such institutions and framework conditions have an impact on the activity of local companies and attract international businesses. The students discussed these factors in dialogue with the marketing manager of the sporting goods manufacturer Oberalp Group, which has a presence in Milan with brands such as Salewa and Dynafit. The company also recently opened a showroom in Milan, where the various brands are presented and further developed. The physical presence on site enables the company to interact with key figures in the fashion industry and quickly identify trends. The Rosenheim-based company Schattdecor, which has 200 employees in Milan and specialises in surface design, had similar reasons for setting up in Milan. The students visited the company's production facilities and talked about the importance of an educated workforce for innovation and productivity in companies.

TIPS FROM PRACTICE FOR EXPORT SUCCESS

If Austrian or German companies want to operate directly on site or maintain export activities in the long term, then unwritten laws should also be observed in addition to the official rules. Stefano La Croce from the Austrian Chamber of Foreign Trade (better known as Advantage Austria) informed the students about this in a meeting. During the discussion, he addressed questions such as: What potential do Austria's export activities have for domestic companies and the domestic economy? Does Advantage Austria offer help with business ventures abroad? How important are personal contacts, language skills and cultural understanding for international business relations? Mr La Croce's highly interesting and practical answers can be found in this video. Another realisation of the study trip: a degree in International Business & Management opens up broad perspectives and is highly valued in practice.