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Authors:
Marika Taishoff (International University of Monaco)
Published in:
2020
Version:
24-Dec-2019
Revision date:
10-Feb-2020
Length:
25 pages
Data source:
Published sources

Abstract

This is part of a case series. Although the 'Monte Carlo Société des Bains de Mer' Case A and Case B have been written as self-standing documents, it is when they are taught together that the full and reinforcing learning objectives become apparent. Case B focuses specifically on how the Principality of Monaco, and its various actors - the MC SBM, the government, the port authority, the yachting sector, etc - continuously and cooperatively redefined and recreated the luxury service ecosystem which has been at the core of the Principality's ongoing attractiveness and success. Notwithstanding the changing nature of the targeted customer base (from the European nobility, to the British and American 'gilded classes' in the post-War years, through to the 'jet set' and the current diversity in terms of the Ultra High Net Worth and billionaire demographics) the Principality as a whole had been able to continuously adapt and reinvent itself to meet and indeed exceed its customers' expectations. An implicit element in the A case - the notion of the importance of understanding and accommodating a fully integrated customer journey in order to create a true 'luxury experience' - is at the core of Case B. This in turn can lead to a discussion of the challenges and importance of establishing, maintaining and adapting luxury service ecosystems. Successfully achieving this goes well beyond the efforts of any one single player in the system (such as the Monte-Carlo Société des Bain de Mer), but rather requires ongoing cooperation amongst several actors along with shared objectives and a shared value proposition. Another question is what it will take to maintain Monaco’s, and Monte-Carlo's, preeminent position as the 'billionaires' playground' into the 21st century as the profiles, principles and values of the world’s Ultra High Net Worth Individuals (UHNWIs) and billionaires change at an unprecedented pace.

Teaching and learning

This item is suitable for postgraduate and executive education courses.

Topics

Luxury services; Ecosystem; Ecosystem services; Ecosystem innovation; Shared value creation; Place branding

Setting

The events covered by this item took place in 21st century.

Geographical setting

Region:
World/global
Country:
Monaco
Location:
Monte-Carlo

Featured company

Company name:
Monte-Carlo Societe des Bains de Mer
Employees:
1001-5000
Turnover:
EUR 527 million
Type:
Public company
Industry:
Hospitality and service

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