The event will descend on the Ricoh Area for two days of live music on 27 and 28 May, and it is to be televised across the globe.
As part of a partnership between the arena and UCB, seven student groups were tasked with devising a marketing plan for the event.
From these groups, two finalists have been chosen by Ricoh Arena's marketing manager, Maggie King and UCB lecturers Gillian McCurdy and Sian Williams.
Their plans – which can cost no more than £500 each – will now be put into action during the run up to the event.
The activity is part of a long-term partnership between the two organisations to give students hands-on experience in the events industry.
The final event will be broadcast on MTV’s music channels including MTV Music and MTV Live HD.
King said: "These students want a career in marketing and events, so we’re delighted to be able to help them out. Not only is it good hands-on experience, it is something they can add to their CV which will help them to get a foot on the career ladder."
McCurdy added: "The students need real-life experience to develop their knowledge, particularly with marketing where it is very hands-on, so for them to get this opportunity with the Ricoh Arena and MTV is invaluable."
"They have had to develop a fully-integrated marketing plan where they’ve had to evaluate the music industry and the demographics of the city before developing creative concepts. They’ve also had to think about what they would do across different channels, such as PR, digital media and advertising all on a £500 budget."