business and marketing degree
The Evolution of Business and Marketing Degrees: A Comprehensive Analysis
There may be an increase in the demand for particular business degrees in response to perceived changes in the job market. This was the case in accounting in the late 1980s and early 1990s with more students earning accounting degrees in response to a perception of being understaffed at the entry-level. Conversely, the number of accounting degrees spiked between 1994 and 2000 when accounting firms placed a reduced emphasis on the importance of an accounting degree in recruitment. With the creation of financial incentives, such as the $5,000 scholarship given to accounting majors after successfully completing the examination or a 20% raise, colleges and universities were asked to increase capacity. More students passed the examination and earned their credits, which were then converted into an accounting degree with the related benefits.
Today, scores of students major in business and marketing almost anywhere where there are institutions of higher education. In fact, the National Center for Education Statistics (2009) estimates that 349,182 business and marketing (BAM) degrees were conferred by the nation’s undergraduate programs, making it the most popular of ten broad academic disciplines. Growth in the number of business degrees, if not their exact nature, should not be a surprise given the realities of higher education today. Pragmatic reasons may underlie the increasing preference by students for business and marketing degrees relative to other disciplines. Some students enroll in business programs because of the perception that a degree is useful, if only as evidence that the student can complete a more difficult course of study than most undergraduate programs. At some institutions, the requirement is made more attractive by grade inflation policies in business programs.
The historical roots of business and marketing studies in the United States can be traced back to the 19th century. After delivering some courses between the 1870s and 1890s, business schools were founded in the beginning of the 20th century. As an example, the Wharton School of Business, Commerce and Finance at the University of Pennsylvania has roots dating back to 1801, making it the oldest business school in the United States. To prepare students for practical duties, business schools started offering specific types of courses. In 1852, for example, a group of academicians established Eastman’s Business College, which created a business program offering “a complete course” of practical training. Business schools expanded their curriculum progressively and incorporated concepts and principles from liberal arts programs to prepare their curricula into a four-year program. This program aimed to prepare not only secretaries, but also teachers and workers for the entire field of business administration in the 1910s.
An adequate level of knowledge is the most important characteristic expected by employers of business and marketing graduates, closely followed by other skills including problem-solving, numeracy, written and verbal communication, data analysis, and software usage. In contrast, recent studies reveal that contemporary business and marketing degrees are characterized by focusing on preparing professionals to build succession and drive the establishment of a special relationship with its audience. If universities train professionals that suit the labor market need, the employability index of its graduates has the potential to grow, improving the sustainability and competitiveness of organizations, as well as the economy and overall societal welfare.
Finally, we discuss the content of modern business and marketing degrees. To do so, we select keywords related to developing innovations and seek synonyms to target all relevant areas. The newly arisen search terms are recognized as the unit of our professional area classification. A qualitative analysis of each keyword model is undertaken. With an ever-changing job market, contemporary business and marketing education can no longer be based solely on traditional topics such as ethics, finance, management, and marketing.
To be effective, business and marketing degrees require continuous input and guidance from experienced, motivated industry players and professionals to ensure that their contents are aligned with job market expectations and demands. Business and marketing education programs need to deliver adaptable, resilient, and lifelong learning opportunities through best-fit curricula. In the wake of the COVID-19 pandemic, the need for tech-relevant micro-liquidity degrees has been scuttled. The closures of many business and career placement offices underscore the need for postgraduate-level interdisciplinary alliances that may be a means to safeguard the survival and the critical functions of business and marketing educational institutions.
Technology and innovation have significantly transformed the education landscape. Higher education has not been immune to the fast-paced evolution of both technology and innovation. This is especially true for business and marketing education – fields that have had a long history of technology adoption and the implementation of best practices that underpin education and training. The merging of technology and innovation with traditional business and marketing practices has resulted in the coining of terms such as Business 4.0 or Marketing 4.0, which refer to the advent of the fourth industrial revolution and a new level of technological innovation set to change these disciplines fundamentally. This digital transformation will undoubtedly have an impact on business and marketing curricula at undergraduate and postgraduate levels, as stakeholders strive to cultivate a future workforce with the flexibility and skill set to embrace new challenges.
The application of information technology (IT) in marketing, unified with other IT applications throughout the company, to promote sustainable competitive capability, has emerged as a critical theme in the information systems and marketing literature. Information technology skills have emerged as a disciplinary knowledge area, leading to the following question: What is the current situation of information technology in business and marketing degrees, and how is its importance evolving? Information technology is one of the areas where academic education walks behind companies for several reasons, increasing the gap between companies’ needs and academic education, especially in some market saturation degrees. Information technology becomes an essential asset in the economy and company’s management. Minimal use is made of information technology management in business and marketing skills in the actual education model, showing a significant absence of this competencies requirement.
The business discipline is characterized by the wide variety of specializations it includes at the undergraduate, master, and doctoral levels. New behavioral theories, with the companies’ market orientation as the central axis, focus on creation, dissemination, and market response with new needs and wants satisfaction. An accelerated information and knowledge progress led to a continuous transformation in the company-economic environment relationship, giving evidence when assimilating marketing strategies. On the other hand, higher education has developed a significant number of traditional business degrees, adapting to these continuous changes with existing and new degrees. Research stimulates a continuous transformation and evolution of business and marketing degrees in the organizations of the corporate-economic environment area.
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