Public Relations in Business: Money and Banking Firms - Essay Example

According to him, "Public Relations is a management function which tabulates public attitudes, defines the policies, procedures, and interest of an organization followed by executing a program of action to earn public understanding and acceptance.
According to two American PR professionals Scott M. Cutlip and Allen H. Center, "PR is a planned effort to influence opinion through good character and responsible performance based upon mutually satisfactory two-way communication".
Public relations is the art and science of managing communication between an organization and its key constituents to build, manage, and sustain its positive reputation.
Public relations is the process of aligning the perceptions of targeted audiences (or publics) with the current realities and reasonable prospects of another entity.
Public relations is about building public relationships.
Public relations is the strategic art and science of connecting your story to the audiences that matter most, i.e.: key constituents, target audiences, thought leaders, and decision-makers.
Public relations is business advocacy among all public.
Public relations involves:
- Evaluation of public attitudes and opinions.
- Formulation and implementation of an organization's procedures and policy regarding communication with its publics.
- Coordination of communications programs.
- Developing rapport and goodwill through a two-way communication process.
- Fostering a positive relationship between an organization and its public constituents.
Examples include:
- Corporations use marketing public relations (MPR) to convey information about the products they manufacture or services they provide to potential customers to support their direct sales efforts. Typically, they support sales in the short and long term, establishing and burnishing the corporation's branding for a strong, ongoing market.
- Corporations also use public relations as a vehicle to reach legislators and other politicians, seeking favorable tax, regulatory, and other treatment, and they may use public relations to portray themselves as enlightened employers, in support of human-resources recruiting programs.
- Non-profit organizations, including schools and universities, hospitals, and human and social service agencies, use public relations in support of awareness programs, fund-raising programs, staff recruiting, and to increase patronage of their services.
- Politicians use public relations to attract votes and raise money, and, when successful at the ballot box, to promote and defend their service in office, with an eye to the next election or, at career’s end, to their legacy.
PR has had many definitions over the years and since its early boom days of the 1980s has almost entirely redefined itself. This is probably because most clients these days are far too media-savvy to think that fluffy ideas and champagne parties constitute a good media service (of course this is a good thing, but we do still like a good champagne party).