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The Marketing Component to Attract Investment in Higher Education: Foreign Experience and Prospects for Russia

Author

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  • A.A. Maksaev

Abstract

Purpose: The article deals with the possibilities of applying foreign experience in activating the marketing component to attract investment in higher education and substantiates an effective mechanism for implementing these prospects in domestic conditions. Design/Methodology/Approach: The article describes the challenges facing Russian higher education in the transformation into an engine of the national economy innovative development, which involves the activation of fundraising. Also, the author gives examples of American and European positive experience in attracting investment into higher education, describes the size of private funding per person in a number of countries, presents the existing promising models of the development of Russian universities and their needs for partnership with business. Findings: The influence of state marketing for implementing adaptive changes in higher education appears to be dominant. It is seen as an important factor in creating conditions for investment flows to universities. A mechanism for creating research and educational centres in the regions that operate on the basis of marketing partnerships contributing to the creation of innovative solutions for the development of territories and, in the future, bringing world-class innovations to the market is supposed to be significant. Practical Implications: The author proves the need to take into account the experience of other countries in creating research and educational centres, marketing relations between universities and business community in the regions and the use of state marketing in continuing the implementation of initiatives to transform the Russian higher school into the flagship of innovative development of the national economy. Originality/value: The author’s approach can become the basis of marketing decisions in creating a mechanism for long-term cooperation between universities that receive investment and businesses focused on the investigation of innovative products to ensure the trajectory of innovative development of the national economy in the interests of society as a whole.

Suggested Citation

  • A.A. Maksaev, 2020. "The Marketing Component to Attract Investment in Higher Education: Foreign Experience and Prospects for Russia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 69-76.
    • Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:special1:p:69-76
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    References listed on IDEAS

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    1. A.A. Voronov & V.E. Garkovenko & A.M. Safonov & S.N. Kosnikov, 2018. "Higher Education Competitiveness: Definition, Assessment and Ways of Growth," European Research Studies Journal, European Research Studies Journal, vol. 0(Special1), pages 525-534.
    2. repec:ers:journl:v:special_issue:y:2018:i:1:p:525-534 is not listed on IDEAS
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    More about this item

    Keywords

    Marketing component; investments; universities; foreign experience; prospects.;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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