“Tell me and I forget, Teach me and I remember, Involve me and I learn – Benjamin Franklin”. The use of theories, metaphors, simulations and models has a great significance in higher education, especially in management disciplines, to comprehend the incomprehensible, to explain the unexplainable, or to view a big-picture of a system or process. Complex issues can be made less complex by using a model to solve problems. The process to develop model based approaches to improve teaching and learning in management education that illustrates multiple dimensions and variables, falls under the term management teaching. Management teaching is of great importance for Indian B-schools since the management education sector is strongly dependent on business, economy and society. In recent years, major B-schools have increasingly made big moves to prove their effectiveness to labour markets who demand right skills and competencies instead of degree. But, it is still a challenge for us to deliver satisfactory values to learners and vice-versa.