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This paper shows the possibility of using the Stakeholder Circle Methodology for the identification and prioritization of key stakeholder groups for the purpose of marketing communication in colleges. At the beginning, we emphasize the necessity of the use of marketing communications in the context of the changing market situation of tertiary education in the Czech and Slovak Republics, then we present basic steps of the Stakeholder Circle Methodology and methodology of the research. The selected research results are compared and subjective priorities are assigned based on professional judgment and, at the end, objective priorities are identified by Stakeholder index and subsequently key stakeholder groups are identified. Particular individual departments, faculty and staff, the media, potential and present students, and marketing and public relations departments belong among the most important target groups of stakeholders in marketing communication of universities. Based on the research results, the importance of internal communication has to be supported by universities’ marketing communication, followed by media relations forward to increasing a positive image and goodwill.