Importance and role of formal marketing education: Academic and practitioner perceptions

Abstract

The significance of education for the development of knowledge and skills in the field of marketing is undeniable, but there is a limited number of scientific studies addressing the alignment of formal education with the needs of contemporary marketing practices. This research aims to bridge the identified gap. To achieve this, two studies were conducted. The first study analyzed the offerings of marketing programs and courses in 165 accredited higher education institutions within the territory of the Republic of Serbia. The findings indicate that subjects such as marketing, strategic marketing, consumer behavior, and market research have maintained their leading positions in the curricula, with a noticeable trend of rapid development in other areas (e.g., digital, internet, and social media marketing). In the second study, the attitudes and perceptions of 117 members of the academic and business communities in the field of marketing were examined through surveys. The results reveal a consensus regarding the importance of specific knowledge, skills, and attitudes for working in marketing practice, as well as the necessity of specialized formal education for positions such as executive marketing director, brand manager, and marketing consultant. Conversely, significant differences were observed in the perception of the academic and business communities regarding the preparedness of graduates to apply marketing knowledge and skills practically. The research results provide insight into the state and prospects of marketing, as well as the effectiveness of formal education in equipping graduates with knowledge and skills aligned with the demands of contemporary marketing practice.