Students' Application of Theory to Practice in the BSC

Interview Question 4:

When people say 'students apply their theoretical knowledge to practice', what do you understand by this? Could you give some examples?

Respondents were asked their perceptions on how students applied theory to practice in the BSC. Most interviewees indicated that it was necessary to combine theory and practice in the 'Dummy Company'. They considered that bridging the gap between theory and practice was essential for the students' learning.

Student respondents recognised that they used the theories taught in the Marketing Course in running their 'Dummy Company'. The theories which they applied included: marketing management, sales management, salesmanship and advertising. Staff reported that applying theories to simulated business contexts improves the students' ability to plan, develop teamwork skills and deal with financial risks. The perspectives of non-university respondents were similar.

The comments relating to the integration of theory with practice in the BSC are presented in this section, under the following sub-headings:

• The importance of combining theory and practice in the BSC • Theory and its role in guiding practice

The importance of combining theory and practice in the BSC

Bridging theory with practice is embedded in the BSC, as a necessary component of professional development schemes advocated by Payap University. As a stated aim of the course, students are required to apply the professional business skills learnt in the course to run the simulated company. Comments from non-university respondents show their understanding of this aspect:

The objective of the 'Dummy Company' course is to correctly apply theory with practice…this is the main objective of the course. If they did not go through this course they might try to run the business by trial and error (NUS # 1).

It's necessary to bridge theory and practice to run their business. It's an educator's way to put theory into practice, whereas people who are untrained in a formal sense may not understand or be aware of the theory. They are self-trained, on the job (NUS # 7).

What students have learned in the classroom are only concepts. Once students take this course [the BSC], they learn how to solve problems, to plan by applying theory to practice and gain real-life experiences…It must be made clear to students that this is the best way to learn, by bridging theory and practice (NUS # 5).

From the responses, integrated knowledge seemed to be an essential feature of successful business practice.

Students can learn sequentially. For example, they learn theory in the classroom, after which they put this into practise. They can also review their practice in follow-up lectures later, by discussing the success, or otherwise, of their attempts to apply theory to the 'real- life' business environment (NUS # 5).

The Management Team of the 'Dummy Company' conceptualised its role in the BSC as that of a company division, whose job was to analyse the market, discern opportunities, formulate marketing strategies, develop business strategies and determine tactics. As student and staff respondents stated:

I used sales techniques in my work, especially to follow up on sales with the customer. In addition, sales management is useful for work with my colleagues as a team (STU # 1).

Students in the BSC gather and combine marketing knowledge from several sources especially for the management team who sets the company's overall business plan. This plan also needs to be adaptable (STU # 5).

Students in the BSC need to have business knowledge. They integrate theory in a practical way by running of their 'Dummy Company' (STA # 2).

Students in the BSC are able to utilise and apply theory in a practical context. They analyse situations proactively in the 'Dummy Company'. This includes initiative- taking, commitment, problem-solving and creativity.

Theory and its role in guiding practice

The importance of theory lies in its role as a guide to practice. Many respondents commented that theory was extremely useful to inform practice. Respondents from all categories considered that it was difficult to run a business without understanding relevant theory. As staff members stated:

Theories are guidelines for them [students in the BSC] to walk on. In conclusion, therefore, if we grasp theories, it is like taking the short- cuts; if we learn by experience, we might have to use a trial-and-error method and that takes a longer time (STA # 4).

To establish the 'Dummy Company', students need to know how to target a market and develop a sales forecast. If they [students in the BSC] don't know any theory, it will be hard for them to manage their company. It is an advantage to have learned the theory previously. This would serve as a firm foundation for practical application in any business venture (STA # 6).

A staff member expressed her view about the importance of theoretical knowledge prior to practice:

No! Practice without theory is like looking for a needle in a haystack. Once students learn the theory they have learned how to solve problems much quicker (STA # 5).

A non-university respondent also stressed that it was impossible to run a business in the absence of theory:

It's true, theory provides the core concepts which are required in real practice. You can't say implementation is possible without theory. It's difficult to run a successful business without a conceptual framework (NUS # 2).

Another non-university respondent agreed with the above opinions, as stated below: If you use theory as a directional guide it might get you through the problems faster (NUS # 6).

According to most respondents, the BSC experience gives students an opportunity to apply their theoretical knowledge and to gain professional understanding in an actual working business environment.