From Theory to Practice: Applying Marketing Concepts Across Industries in MBA Programs
From Theory to Practice: Applying Marketing Concepts Across Industries in MBA Programs

Author(s): Maja Martinović
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Marketing education; Marketing strategies; Marketing mix; Co-creation; Practical application; Diverse industries
Summary/Abstract: Teaching marketing to MBA students, particularly managers from diverse industries, can be greatly enhanced by co-creation with students. Standard teaching methods often fail to demonstrate how to apply theoretical concepts to real-world situations, especially in smaller or resource-limited companies. A study involving 30 MBA students working on real company scenarios revealed that knowledge transfer is more effective when participants co-create strategies and tactics using theoretical models alongside industry-specific examples. For example, some industries benefited from a customer-centric approach using the SAVE model instead of the traditional 4P marketing mix. Industry-specific elements are added to the marketing mix, like internal or sensory marketing, PR, or seasonality. This approach aids in comprehending marketing, showing that flexible, situational strategies enhance understanding and retention, particularly when supported by practical applications. The study suggests that co-creation is a valuable method that can benefit academics and students, enhancing the effectiveness of marketing education.

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