Discuss the Merits and Limitations of the Managerial School of Thought
The foundation of the managerial school of thought was built upon the discipline of managerial economics. Managerial economics aimed to “translate the often abstract theories of economics spawned by academicians into principles of business practice that could be readily used by executives in their everyday managerial tasks” (Sheth,Gardener,Garrett,1988. ... ) Enlightened by this new discipline, marketing theorists began to develop a more managerial approach to marketing. During the late 1950s and early 1960s that the real core of the managerial school of thought emerged. ... (Sheth,Gardner,Garrett,1988) As a school of thought is in essence the concept which it advocates. Therefore the merits and limitations of the aforementioned concepts are intrinsically linked to those of the managerial school of thought. Testimony to the merits of the school is its longevity and the applicability of its concepts.