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Radu Lucian Blaga and Alexandru Blaga

Abstract

The study aims at highlighting the link between educational marketing (product/service and price determination for educational services) and investment in education, using empirical models and customization of classic approaches (interpolation method) addressed to individual educational investment.

The methodology discussed in the paper, considers essential invariants of these educational investments, such as seniority - part of the work experience and period of studies. In the models presented, the level and the period of studies are quantified through transferable credits, expressing units of time, normal volume of working alleged student learning. It is also used a parameter which introduces an essential element of the quality of work - the psycho-physical characteristics of the fellow that are correlated with age.

Empirical study materializes on developing, while testing and validation of the models show that the rate of return to investment in education is a rationale for individuals to decide investing in their education. The study offers some customized recommendation to improve reverse marketing price policy of the educational services.

The study results lead us to the conclusion that education providers (colleges, universities, other training entities) and clients should take into account that education is an investment. The private return of investment in education - as argument of educational marketing (price policy) is increasingly important in the context of a fragmentary and dynamic market, led by strong competition.

Open access

Radu Lucian Blaga and Alexandru Blaga

Abstract

Buying decisions are determined by two key factors: endogenous factor that belongs to the buyer (which is present at least the attitudinal variable) and exogenous factors such demo-economic, sociological, psychological, marketing mix, linked all more or less by the product or the service offered for purchase and consumption. The study aims to use Rasch’s model to express the likelihood that a consumer will make the decision to purchase a higher educational service. Applied to item solving, Rasch probabilistic model, on which the research methodology study is largely supported, states that the probability of success in solving an item depends on two factors. The one belongs to that who solves the item - the human factor, called the latent trait, and the other belongs to the item, called the facility of the item The purchase decision approach using the Rasch model results validity is mainly based on the isometry of the two situations The results of the study describe behavioral probability situations where customers who make university education services purchasing decisions can themselves be found. We recommend the educational marketing strategies based on the analysis made on the applied model, which may increase the students’ enrolled number in a particular university.

Open access

Loredana Ioana Pribac, Andrei Anghelina and Radu Lucian Blaga

Abstract

The aim of this study is to develop, test and validate based on a conceptual research model, the influence of education on the GDP/capita, starting from relevant theories and empirical models from literature or implementing additional impact models and variables. Building on the model developed by Mincer (1995) on the yield rates of investment in education, we applied econometric models for Romania, for the period 1960-2010. The results led to a main conclusion, namely, the importance of investment in education is undeniable, it has positive effect on the economic growth of Romania.