Research Paper Impact Factor: 3.072 Peer Reviewed, Listed & Indexed IJBARR E- ISSN -2347-856X ISSN -2348-0653 International Journal of Business and Administration Research Review, Vol. 3, Issue.11, July - Sep, 2015. Page 166 MANAGEMENT EDUCATION IN INDIA: THE NEED FOR MARKETING MIX Dr. Shobha A Menon* Mrs. Rimi Moitra** *Associate Professor,Valia College of Commerce,Mumbai ,India. *Assistant Professor,Valia College of Commerce, India. Abstract Globalization and technological advancement have put the entire world into one arena. The changes created by globalization have affected virtually every sector of the economy and the education sector is no exception. Indian higher education institutes are facing stiff competition in the globalised world. Management education in India – which started a little less than half a century ago, has made rapid strides over the past decade in the post liberalization period. The demand for management education has resulted in a mushrooming of management institutes in India. Despite the growth in management education in India there are several deficiencies. Institutes offering business education are considered as storehouses of knowledge. They are regarded to be creators of those who are able to help this knowledge grow. The mushrooming growth of business schools in India laid emphasis on marketing their schools. Gradually management education has acquired the status of “Marketable Commodity” both within the country as well as across the nati onal boundaries. Business schools in India can effectively use these four P’s to market themselves to the prospective customers (students). The paper highlights how these management institutes can use the four P’s of marketing to attain a competitive edge over other institutes. Keywords: Globalization, Marketable Commodity, Marketing Mix, Competitive Edge. INTRODUCTION Globalization and technological advancement have brought about tremendous changes in the 21 st century. The entire world is today one global arena. One of the features of a globalized world is the impact that even minor changes in one part of the world have on the world economy. So in a globalized world Indian economy is also affected by the booms and slumps of Wall Street. The changes created by globalization have affected virtually every sector of the economy and the education sector is no exception. In fact in the globalized this sector has gained prominence. Indian higher education institutes are facing stiff competition in the globalised world. The entry of private players has resulted in commercialization and corporatization of Indian higher education institutes in the 21 st century creating a need to market education. Management education in India – which started a little less than half a century ago, has made rapid strides over the past decade in the post liberalization period. Today, an MBA or an equivalent degree is looked at by many as a passport to a good career – a career which is highly challenging and extremely rewarding. The demand for management education has resulted in a mushrooming of management institutes in India. Despite the growth in management education in India there are several deficiencies. As a result, students migrate from India to foreign nations to earn the same degree. Some of the problems of Indian higher education are unwieldy affiliating system, inflexible and uneven academic structure, eroding autonomy of academic institutions, and the low level of public funding. The other deficiencies are dysfunctional regulatory environment, accreditation system that has low coverage and has no consequences, absence of incentives for performing well, and the unjust public funding policies. (Mishra, 2012). The concerns for systematic growth of management education and its standards by the Government of India and AICTE have been evident in the appointment of a number of committees during the last ten year. India needs to understand what management graduates it needs in 2025. The need to evolve marketing practices to Business Management education is necessitated due to the changed perception of Business Management education in knowledge economy. In the light of this, paper highlights the importance of developing marketing mixes. MANAGEMENT EDUCATION IN INDIA Business education should impart in depth knowledge to the students so that they are able decision makers in different walks of life.It aims at an overall development of the individuals. Institutes offering business education are considered as storehouses of knowledge. They are regarded to be creators of those who are able to help this knowledge grow. The important question is whether the growth of b-schools delivering management education in terms of quantity as well as quality are in tune with the challenges posed by the changing economic and business environment. The apex regulator for technical education - All India Council for Technical Education (AICTE) has revealed that there are 3644 Business schools in the country offering Master of Business Administration (MBA).More than 2 lacs of students aspire every year for this career. Currently, there are 13 IIMs in India . In the recently announced Budget 2014, finance minister Arun Jaitley proposed six new IIMs. Apart from these IIM’s, management education in India is also i mparted by University Departments within their respective campus, affiliated colleges (both public and private) under these universities, autonomous institutes, deemed