There are growing debates on practicality of academic services offered by business schools. Recent studies suggest business schools to collaborate with stakeholders to restore the relevance. However, there is eclipse in the literature with reference to collaboration models that generally maps the linkage of business schools with stakeholders. Potential stakeholders of business schools in this study are discussed in two broad segments, namely, primary and secondary stakeholders. Primary stakeholders are students and alumni, and secondary stakeholders are business organizations, non-business organizations and academic institutions. To understand and specify needs and expectations of stakeholders, business schools first need definite mission and vision. Based on that, business schools could identify those stakeholders who they want to serve through academic services. This study attempts to conceptualize a holistic collaboration model that business schools could adapt and proposes method to develop collaborations with potential stakeholders.

The purpose of this study is to explore factors that reinforce or obstruct business schools in Pakistan to develop managerial knowledge, skills and work-based learning experiences of MBA students. The study is prompted by growing debates about insufficiencies in business schools to prepare MBA graduates based on managerial capital needs in the regional markets. To understand the reasons of insufficiencies from business school's viewpoint, this study employs qualitative interviews to explore factors that reinforce or obstruct business schools. Deans, faculty members and administrators of five different business schools in Hyderabad, Pakistan participated in this study. Responses of the participants are transcribed into verbatim reports and description of findings is structured in SWOT analysis format. Findings show sixteen different factors, comprising of four strengths, seven weaknesses, three opportunities, and two threats. There are more number of weaknesses of business schools to develop MBA students. However, business schools have some strengths and opportunities which they may utilize and improve. Radical changes would strive from the higher education authority. Conceptual framework presented in this study recommends that higher education authority may lead the change, cooperate between business schools and stakeholders, and support business schools to develop future managers and leaders through MBA programs.