Since the question asks about your "undergraduate academic experience" then that is exactly what you should focus on. You cannot avoid discussing undergrad academics when you apply to business school because they will come up either in the written application or interviews. When answering this question, you can discuss you chosen area of study and why you decided on it. Also, discuss any great areas of achievement (i.e. research, publications, awards). This is a great time to talk about your work ethic, focus, goal-setting, etc.
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