how to incorporate Virtual Reality in a business school setting? Business School faculty here. We have some budget to buy electronics. We're thinking of buying a Virtual Reality "thing" and using it somehow.

We can use it for pedagogy, or as a marketing tool, etc. (E.g., it could contain a demonstration of the advantages of a business degree, and we could leave it in our waiting room or take it with us to student recruitment events).

We can't figure out what to buy and how to use it.

Suggestions?
A Quick Thought

Using VR in the classroom is pretty difficult if not all students can benefit from the VR system simultaneously. If only one student could use it at a time, you'd have to schedule time for students to use it outside of class. 

My Best Ideas

Perhaps your best bet is to create a brainstorming contest for your students and incentivize it with prizes. As business students, they'll benefit from coming up with ideas for a "client" and competing for funding. 

You could just purchase the system and encourage students to create VR applications for it. Encourage them to network with people in other fields to see what their needs are and how those fields might be able to benefit from VR. Perhaps they could do some market research? If you're feeling ambitious, and your students are up to the challenge, have your students work with computer science students to make a new product. This may work better as an honor's project or a class project for an upper-level or specialized course. 

You could also use existing VR software to show the students what is being done with VR in other fields in order to inspire creativity and innovation. Show them how it's being used in medicine (a tool for robotic surgery), engineering (design visualization/analysis), real estate and tourism (virtual tours), the military (drone control, virtual warfare, etc.) and so on. You could show them Google Expeditions. 

If possible, try to build a course around it. Virtual reality is expected to become much bigger (citation needed), so there are tons of business opportunities. Use your VR system to give your students an advantage. 

Other Thoughts

The primary strengths of most commercial VR systems today are: 


3D visualization (seeing in 3D with the ability to view any angle)
Interactivity (the user can manipulate the virtual environment)


If you can leverage both of these things in the context of business, you're good to go. 

Using it as a flashy public-relations stunt is a great idea, but try to effectively use the VR system in an interactive way. One possibility is using existing VR software to show the students what is being done with VR, and inspire innovation. Show them how it's being used in medicine (a tool for robotic surgery), engineering (design visualization/analysis), real estate and tourism (virtual tours), and so on. 

I designed a VR system for an intro CS class once and came up with some demonstrations/applications for related fields. I'll try to do the same for a business school: 


Practice navigating difficult situations (or job interviews!) in a simulated, repeatable and immersive way. (An example of this is the "training room" in Monsters, Inc.) If before you simulated these situations using people, you had have a few people play the part of a difficult boss, employee or client, and students' experiences would vary. A VR system could simulate it all in a repeatable way, and it would be easy to record and analyse how students react (their words, body language, etc.). This could be used as a training exercise or in evaluation. After the software was developed, you wouldn't need to hire people to "play the parts". 
Marketing: Users walk down a city block and experience a number of signs, billboards, advertisements, etc. Use this to discuss what sorts of marketing was effective vs. intrusive. 
Visualize data: certain logistical and/or financial data may benefit from immersive 3D visualization. It may help visualize how different fields/markets/regions are interconnected. Machine learning is huge, so helping students learn via visualization could be useful. 
Programming is becoming more essential for all fields of study. You could develop a VR framework and offer a course where business students learn to program using this framework by creating their own content. They'll learn a programming language in an engaging way, and might create something new.