HSE Students Win KHU Case Competition
Third-year students of the HSE University and Kyung Hee University double-degree programme in Economics and Politics in Asia are currently studying in South Korea. A team of students from the programme recently took part in a case competition organised by Kyung Hee University and Yuyu Pharma, a pharmaceutical company. The team won the competition and received an opportunity to implement their project when the market situation stabilises.
Students of the Economics and Politics in Asia programme spend their third year studying at Kyung Hee University in Seoul (on a full-fledged study programme, not an internship). In the first semester, students study the Korean language and culture, while the second semester is devoted to international business and international relations. Students take seven courses throughout the year, including three courses of their choice. The team for the case competition (which was part of one of the training courses), included five Russian students: Igor Bashkirov, Anastasia Borisenko, Elizaveta Cherkashina, Sofia Starodubtseva, and Maria Naturnalnova.
‘During the competition, we were invited to develop a go-to-market strategy to bring the products of Yuyu Pharma (particularly dietary supplements) to the Russian market. Yuyu Pharma is one of the largest Korean pharmaceutical companies. The first stage involved writing a ten-page report in English analysing the market, distribution channels, marketing, etc. The main stage involved preparing a presentation and showing it to the company's employees,’ says Igor Bashkirov.
‘We spent a long time thinking about which product to choose, because there are already strong players selling nutritional supplements in the Russian market. To compete with them, we needed to identify the right niche, offer a relatively new positioning for this market, and understand which products are in demand and why. In the end, we decided to promote supplements that help people who have had COVID-19 to overcome the effects of the disease, such as hair loss, deterioration of hair structure, and joint pain. Yuyu Pharma produces Mo&Good for hair and Joint&Good for joints,’ adds Anastasia Borysenko.
The team decided to use a distributor that specialises in nutritional supplements to sell the products online and through pharmacies. The students suggested that Mo&Good should be sold on marketplaces and in pharmacies, while Joint&Good should be sold only in pharmacies. This is because hair supplements are perceived as something between a beauty product and a medicine, while joint supplements are closer to being a medicine. The students believe that most consumers are reluctant to buy medicines online, as the risk of counterfeiting is believed to be higher than with vitamins.
The students also found out that there are no major South Korean players in the Russian dietary supplement market, so their solution included market positioning based on the country’s national brand. ‘Korean medicine and Korean beauty products are known all over the world. Korea itself is perceived very positively by Russians, and its popularity is growing,’ says Anastasia.
The team believe their solution to be quite feasible. ‘When we graduate from university and the market stabilises, we have a good chance to implement this project together. However, in the current circumstances, it is rather difficult to talk about bringing foreign companies to the Russian market,’ Igor says.
Anastasia and Igor are planning to return to Russia this summer and complete their HSE double-degree programme next year. ‘I’m not going to stop at this. I would like to take part in other case competitions to have more opportunities in the future and to improve my CV,’ says Igor. ‘I'm thinking of going into consulting. I'm interested in marketing and finance, so taking part in a project like this is a very valuable experience for me. But first, I would like to complete my master's degree—possibly abroad, if it works out,’ says Anastasia.
Denis Shcherbakov, Academic Supervisor of the HSE and KHU Economics and Politics in Asia double-degree programme
The College of International Studies at Kyung Hee University, where students of the double-degree programme study in their third year, boasts extensive and longstanding relationships with companies in South Korea. Therefore, the best students in the programme have opportunities to land internships with companies in Korea and participate in case competitions.
Organised by Kyung Hee University and Yuyu Pharma, one of Korea's largest pharmaceutical companies, the case competition featured 38 teams, 12 of which reached the finals. Being invited to participate, making it to the finals, and especially winning competitions is yet another reason to be proud of our students, as well as of our teachers, who provide a high level of training to future international studies experts.
Specialists who understand the economic and political realities of contemporary Asia are in-demand in today’s shifting world order. Given Russia's clear pivoting to the East, our graduates will be sought after by a wide range of companies operating in East and Southeast Asia, by Russian ministries and agencies, and by research and consultancy centres.
Denis Shcherbakov
Academic Supervisor of the the HSE University and Kyung Hee University double degree programme ‘Economics and Politics in Asia’