chapter 17 - Chapter17:CORPORATIONS 21/11/201020:06:00...

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Chapter 17: CORPORATIONS 21/11/2010 20:06:00 Today’s Modern Corporation: International conglomerates control subsidiary companies that often produce a grab bag of seemingly unrelated products under the same corporate banner Operations affect the environment, control employment and have an impact on the financial and social well-being of millions Public is distrustful of the power, influence and credibility of such giant corporations and business in general ex/oil companies= scandals Role of Public Relations: Negative publicity about corporations and business over the past several years made it imperative that companies make a special effort to regain public credibility and trust Corporate Social Responsibility (CSR): now high on the priority list of executives and public relations staffs Resorting Trust in Business: Model for Action: paper published by 19 U.S. based organizations 1. Adopt ethical principles 2. Pursue transparency and disclosure 3. Make trust a fundamental precept of corporate governance Most important strategies to implement CSR is the role of the public relations executive in counseling the CEO. Corporations seek better reputation: 1. decreased government regulation 2. employee moral 3. Good corporate citizen 4 key fact to decision making: 1. Political- government regulation affect decisions
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2. Technological- do we have to engineer to accomplish a goal 3. Social- What is our responsibility to society? 4. Economic- will I make a profit? Media Relations: Reporting by the media is a major source of public information and perceptions about the business world and individual companies. Bad coverage cause corp. reputation to plummet- major executive concern Limit the exposure of media/ tighter control Journalist: think major mistake for corp. executive to slash pr during times of financial scandal and economic downturn. Fact driven messages Public relations practitioners serving business stand in the middle- interpret companies and clients to the media while showing chief executive. How media relations can serve their interests Customer Relations: Front line of Public Relations Can erode public trust in companies products or services Word of mouth Internet and blogs changed customer relations-easier for customers to contact/ write about products Ex/ lead paint scandal Mattel Methods to monitor customer queries: Companies website Phone calls customer service center
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American customer service index: how buyers feel about what is being sold to them Reaching Diverse Markets: Companies that focus solely on one audience when creating products are missing an enormous opportunity. Companies that do not incorporate a multicultural marketing and PR campaign to
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chapter 17 - Chapter17:CORPORATIONS 21/11/201020:06:00...

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