Executive summaryPublic Relations (PR) is a very crucial marketing strategy that organizations employ in attempt to promote their sales, and their public image and reputation. Firms find PR a more convenient and cost-effective of maintaining their performances; meeting target audiences; communicating messages on their products and services; and increasing their sales, as compared to the traditional methods like new releases and advertising. ANZ Bank is one of the best performing financial institutions in Australia. Nevertheless, its reputation was recently ruined due to a savings account scandal. The issue adversely influenced its stakeholders’ reputation on the company, and this in turn affected the bank’s overall reputation.
Therefore, the report seeks to explore public relations roles in organizations, especially in the banking sector; the issue in ANZ Bank; the banks stakeholders, publics, as well as their significance in the firm. Table of contentsList of figures and tables Appendix AAppendix BIntroductionWith the increasingly competitive corporate world, organizations strive to maintain their reputations and images so as to broaden their market shares. Public relations (PR) strategy is one of the ways in which the companies uphold their productivity.
This approach is crucial in firms, as they are promote sales volume, restores corporate damaged reputation; meets the marketing goals and audience targets that conventional strategies like advertisement cannot, and creating credibility trust, relevance, and long-term associations. In terms of the banking industry, PR enhances acquisition and retention new talents; capital access; industry visibility; higher valuation; and channel visibility; shareholder visibility. ANZ bank strives to adopt PR in order to restore the lost image created by savings account scandal that affected all its stakeholders. Public relationsPublic Relations (PR) is one way in which organizations, companies, or people improve their business reputations.
On behalf of their clients, public relations firms or public relations professionals perform the task. PR entails firms communicating with media and by media to bring out clients in the best possible way. Besides, Etang (2008, pp. 1-40) notes that PR entails joint efforts with other firms and people in the creation of good will in the community and boosts the client’s status. The corporate can be excessively competitive; hence organizations usually need to develop competitive advantage by differentiating their operations, services, of products from those of their competitors.
This implies that they ought to have their products outstanding to attract more clients compared to those of their business rivals. A positive reputation makes a company increase its sales, whereas a bad one damages an organization’s image, and thus, reduces its sales volume (Weiwei, 2007, pp. 57-62). PR may offer customers and the media an enhanced understand of how a firm works. Within an organization, a public relations department may also be termed as a public information section, or a customer relations section.
These departments are instrumental in helping clients whenever they have concerns with the firm (Toth, 2009, pp. 129-150). They normally attempt to present the firm at its best. Besides, the departments carry out studies on better ways of satisfying clients.