Academic journal article E+M Ekonomie a Management

Market Orientahon of Business Schools: A Deyelopment Opportune for the Business Model of University Business Schools in Transition Countries

Academic journal article E+M Ekonomie a Management

Market Orientahon of Business Schools: A Deyelopment Opportune for the Business Model of University Business Schools in Transition Countries

Article excerpt

Introduction

Globalization of higher education and, consequently, of business education, is becoming one of the major challenges for the future development of the academic environment, as it accelerates the international dimension of higher education, which is very important to improve the quality of education, research and other higher education services (Jibeen & Khan, 2015). The paper's research is limited to business education, whereby the term Business School is used for all high-level educational institutions that offer study from fields related to Business, Commerce e.g. Economics, Finance, Management (as defined in the Oxford Dictionary). Therefore, terminological limitations should also be noted. When the position of the Business School as an institution of the public higher education system is emphasised, the term University Business School is used. The term "public" in this context means that business school is a public higher education institution that is predominantly funded by public (budgetary) sources of financing and represents public responsibility and public good.

The importance of the internationalization was also discussed in-depth by Altbach and Teichler (2001), claiming that internationalization is inevitable, because it is a part of the global economy, influencing the worldwide labour market for highly skilled personnel. The global economy, and, consequently, internationalization, is also linked to the development of Information-Communication Technologies, representing a powerful tool for diffusing knowledge and information (Larsen & Lancrin, 2016). However, globalization and internationalization are denoted via several common global trends and phenomena identified by Altbach (2015), such as massification, the impact of the new information and communications technologies, accountability regimes, mobility of students and staff, and global research networks. Also Bradford et al. (2017) discussed internationalization, identifying the main determinants for a successful internationalization, which were divided between external (environmental) and internal pressures (e.g. alignment of the internationalization process with the institution's general strategic plan). Both processes, globalization and internationalization, are changing the European higher education environment (van Vught, 2004), urging schools to find strategies to respond proper to it--in terms of education and research, as well as other education services, such as collaboration with companies.

Business Schools, as an important part of the higher education environment, are additionally facing increased competition (Saginova & Belyansky, 2008; Thomas & Cornuel, 2012), because of the fast-growing number of private Business Schools. Other elements influencing increased competition are: Accreditations, as an institutional pressure and exogenous dynamic provider for change (Cooper, 2014), and inevitable international rankings (Altbach, 2006; Wedlin, 2011). These rankings revealed that Business Schools are facing several deficiencies, especially in connection with the (ir)relevance of their research (Starkey et al., 2004; Wilson & Thomas, 2012), a lack of practice in the business fields (Starkey et al., 2004), and concerns about the sustainability of their current business model (Wedlin, 2011). However, these have a great impact on the graduates (Murcia et al., 2016), without relevant competences to allow them to function properly in a business world.

Thus, Business Schools are facing challenges of developing appropriate strategies to cope with all of the requirements of the changing global education market context, ensuring an appropriate position in a competitive environment and creating a relevant framework for future development of their educational and research processes, as well as other services. Business Schools have to create value for companies with knowledge transfer from academia to industry, and build strategic partnerships with businesses from their environment (Paton et al. …

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