Today, I have reviewed my learning in MBA to remind me of key concepts I should know from MBA study, and thought about the application to the challenges I have faced in my current job.
Learnings from Core Marketing and economics classes really didn't help because they were so conceptual. How could you calculate Marginal Revenue and Marginal Cost? Even with MR=MC theory for profit optimization, how could you apply this concept to industries such as Pharmaceuticals and Medical Device in Japan, where pricing is set by governments and it is changed every two years, historical average pricing to hospitals is considered as the base for next pricing? In marketing EVC concept is very important, but how you can quantify relative installment cost of your product, especially considering so many options from competitors's offering?
How can I tackle this? What I would do is to think out myself first and get them reviewed by the professors, who taught me those concepts. They should be interested how their teaching can help students solve problems they are facing after graduation.
Let's see how it works.