In this, you will learn
the relationship of marketing and finance in public relations, their difference and how they are put together.
1. Will be able to know the meaning
of marketing and finance.
2. How it is connected to public relations.
3. Its advantages and disadvantages.
The different marketing strategies.
Marketing refers to promotion
and can also pricing, product, placement and distribution when relevant. Promotion can be limited to a specific target group
or it can be aimed at the general public. It is also the activity of developing products and services to satisfy customers
needs and wants and making them available at the right places, at the right time and in competitive prices. Marketing is an
investment that if done wisely, not only pays for itself but allows the business to grow. Marketing strategies differ depending
on the product target market and budget, marketing is unlimited by creativity and can go beyond conventional means.
Finance develops skills
and knowledge necessary for the management of money. It is concerned with the process, institution, markets and instruments
of money among individuals, business and government.
Marketing public relations
is a term that has entered the discussion of integrated marketing communications to describe the concept of publicity, which
is a traditional name for this function.
of Marketing Public Relations
Building marketplace excitement before advertising begins especially for new product.
Creating news about advertising itself.
Example: Millions of dollars worth of exposure was created for Pepsi
during the signing of Michael Jackson a major singing star in the US
to perform in ads.
Introducing a product with low or no advertising expenditures.
The introduction of new colors of crayons by the crayola division was successfully
promoted just through publicity.
Providing added value to products or services for customers.
Butterball turkey set up phone lines for customer wanting to prepare turkey for national holidays. So customers could call
in to get advice for preparation.
Creating customers-to- brand-bonds
An example of this sort of MPR is the Pillsbury bare-off, where cooks
from all over United States
compete for large monetary prizes for recipes judged to be the best using Pillsbury product.
Influencing opinion leaders among group of people to gather additional information
about the product services or firm. These opinion leaders then influence the buying decisions of others in their group.
7. Defending products at risk and giving a reason to buy them.
Example: McDonald Corporation came under attack by environmental activists because
of the perceived environmental unfriendliness of McDonald’s led to redesign their
Public Relations Advantages
Credibility – since public relation tools such as press releases and media relations
are transmitted to firm’s audiences through mass media such as newspaper or television the information takes on the
credibility of the medium carrying the messages.
Cost – in relative absolute terms, executing a public relations publicity campaign
is less expensive than an advertising campaign.
Clutter Avoidance – because public relations information tends to be carried
by media as news items, it tend to avoid the clutter of advertising.
Targeting Specific Groups – while advertising through mass medium might be thought
of as a shotgun approach to communication public relation can be a rifle carefully targeting special interests of specific
Public relations Disadvantages
Perhaps the biggest disadvantage is loss of control – the firm gas no control
over when and where the information appears by contrast, advertising can be very carefully controlled.
MPR can be criticized because the effect on sales is less obvious than is the effect
recent trend is to emphasize the similarities between marketing and public relation and to have them become increasingly intertwined
in the workplace. But until 30 years ago, public relation and marketing were usually considered totally separate disciplines.
Both Marketing and public relation went through such dramatic growth and evolution during the first half of the 20th
century that at least one business historian has referred to this period as their teenage years. As marketing and public relations
expanded their spheres of activities and as they became more aggressive in communicating with more and more and ever larger
publics: concepts and practices when he wrote:
Marketing and public relations:
both are major eternal functions of the firm and both share common ground in regard to product publicity and consumer relations.
Marketing exists to sense, serve, and satisfy customer’s needs at a profit. Public relations exist to produce goodwill
in company’s various publics so that the publics do not interfere in the firm’s profit marketing ability.
Differences Of Marketing and Public Relation
Marketing promotes the transfer of goods and services from the producer and provider
to the consumer
Public relations help an organization and its public adapt mutually to each other.
Marketing’s immediate goal is sales
Public relation’s goal is mutual understanding or positioning of the organization
with its publics.
Marketing’s implicit goal is profit
Public relation’s implicit goal is positive perception and predispositions.
Marketing’s measure if success is the number of sales and or the revenue it generates.
Public relation’s measure of success is expressed public opinion or either evidence
of public support
and Public Relations met Different Needs
There’s always been
some degree of tension and competition between public relations and marketing people.
Public Relations Sample Case
When the second largest
French group in the field of telecommunications entered the Indian market, it wanted plan man consulting to leverage on the
parent company’s strong brand equity in the mobile market, thereby building credibility by ensuring strong broad and
consistent visibility in all media vehicles viz. print, electronic and the web. Also, the client wanted the advisory to design
a promotional programmed, which would affect the bottom line of the company, the sales.
1. Understanding the market climate
and marketing strengths.
2. Developing a marketing strategy.
3. Marketing Plan
4. Implementing Plan
Monitoring the success if the plan.
Public relations division
of a company charged with cultivating positive investor relations and proper disclosure of information.
A department within a public
company that distributes information about the company and its financial performance exists and potential stockholders.
Public Relations Includes:
update management on important developments and interpretation of the same to the company and vise versa.
monitor industry trends
Education and Training- to help manage understand how
the mass media operates and its role in the society. Do counseling management to communicate the position to the target public.