Written case studies have been widely used in marketing. This method presents some shortcomings. We have suggested an approach employing a version of live case studies involving managers of a local company as formative evaluators contributing to an iterative and formalized formative assessment process. This approach may add some interesting features such as presenting a more relevant and realistic context to students as they are more likely to work in that sort of business in the future. It also helps students to deal with ambiguity inherent in business life by conducting a nonlinear, but iterative, learning process. Finally, this process allows the application and understanding of theoretical concepts.