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The first subject of research in this article is the review and comparison of various theoretical approaches to marketing applied in institutions of higher education. The authors have observed the marketing as an active process by which institutions of higher education attract their users' attention to the educational services they offer. The research has sought for an answer to the question which marketing mix instrument has the greatest impact on the student decision to enroll at a particular faculty at the University of Novi Sad. The study involved 783 students at six faculties of this university. The authors used a non-standardized survey questionnaire to measure the attitudes towards 26 different marketing tools, using the five-point Likert scale. Principal components factor analysis was used to classify variables. The authors singled out seven factors relevant to the faculty choice: people, physical evidence, promotion, image, resources and extra services, location and price. The results coincided with the traditional elements of marketing mix (7P) to a greater or lesser extent, confirming the results of previously conducted studies.