Introduction to Value At Risk (VaR)
The concept of value at risk (VaR) is closely connected with the concept of market risk mitigation. This is why the discussion about one invariably turns to a discussion about the other. The concept of value at risk (VaR) was developed by many financial institutions as they wanted to know how volatile their portfolio was. […]
Writing a Leadership Development Plan
Preparing a leadership development plan is not an easy task. The entire process involves a comprehensive effort and careful planning at every stage. Various steps go into the development of a leadership development plan. The process starts with an initial phase of self-assessment and the data collected from self-assessments is then used for defining the […]
The Need for Certainty and Control over the Future in Decision Making
Decision Making in the Past and Decision Making in the 21st Century Decision-making is a process that involves responding to short term and immediate term events and incidents as well as strategizing for the longer term with plans that are more sustainable and durable. This mix of reactive decision making in response to changing threats […]
Communication at Workplace
Communication plays an important role in the success and failure of an organization. The art of expressing one’s ideas and thoughts clearly is called as effective communication. Individuals need to communicate effectively at the workplace for better transparency and clarity. Not only effective communication helps in correct transfer of information but also in decision making. […]
Challenges in Global Insurance And International Claims
Multinational organizations have become extremely powerful entities in the 21st century. There are many companies which have business interests that are spread across hundreds of countries. Given the global nature of such companies, it is only rational for some of these companies to want a global insurance provider. These companies want to standardize the insurance […]
PR or public relations is nothing but the practice of protecting as well as enhancing the reputation of any particular organization/firm or for that matter any individual. In today’s world of fierce competition, where every organization strives hard to work toward its brand image, public relations has become the need of the hour. It is essential for every organization to communicate well with its public/target audience. The correct flow of information is essential. Here comes the importance of public relations.
The practice of maintaining a healthy relationship between organization and its public/employees/stakeholders/investors/partners is called public relations. Public relation activities ensure the correct flow of information between the organization and its public also called its target audience. Public relations goes a long way in maintaining the brand image of an organization in the eyes of its audience, stake holders, investors and all others who are associated with it.
For schools, the target audience would be students and their parents/guardians, for retailers the target audience would be customers and so on.
In the above examples, Public Relations ensures a smooth two way communication between the school authorities and its target audiences (students and their parents).Retailers must address their customers well for a positive word of mouth and a strong brand positioning. It is really important to create a positive image of any particular brand in the minds of consumers for it do well. Public relations experts not only help in the flow of information from the organization to its public but also from the public to the organization.(Two way communication).The flow of information from the public to the organization is generally in the form of reviews, feedback(positive/negative),appreciation and so on. Public relations strengthens the relationship between the organization and its target audience, employees, stakeholders, investors etc.
Here are some ways of enhancing an organization’s brand image:
Public relation experts sometimes turn a bad situation into the organization’s favour.Such a situation is called as spin. Spin refers to a situation where public relation experts tactfully utilize an unfavourable situation for company’s benefits and publicity.
In cases of negative PR, public relation experts instead of focussing on enhancing their organization’s image,concentrate on tarnishing the reputation of business rivals. Negative PR also called as dirty tricks involves extensive research and information gathering.
Public Relations is said to be effective under all the below circumstances:
To conclude public relations is nothing but an effort to present one’s organization in the best light.
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