Public Relation the Concept of \'Public Relations\'

Public Relation

The concept of 'public relations' with which we are familiar in the modern world is less than hundred years old. Even though it has a considerably short period of history, the concept has been defined in several varying ways. (About Public Relations) Public Relations are a means of communication which is basically focused toward achieving public understanding and acceptance. Public relations usually focus on issues in contrast to goods or services, and are used to promote better relations with the public or with the employees. Examples of public relations are providing training to employees, providing help in charitable matters, or a news release about certain community involvement which is positive in nature. (Free Definitions: Define Public Relations. What is Public Relations?) Public relations enable our society which is complex and pluralistic to arrive at informed decisions and perform in an efficient manner by contributing towards mutual co-operation among groups and institutions. (About Public Relations)

Public Relations help to unite both private and public policies into a harmonious relationship. It further helps several wide-ranging institutions in society like government agencies, businesses, foundations, hospitals, voluntary associations, trade unions, schools, colleges, and religious institutions. In order to attain their objectives, these institutions should promote efficient relationships with several varying public or audiences like employees, shareholders, customers, local communities, members, and other institutions, and also with the society as a whole. The control and maintenance of institutions should understand the nature and values of their audiences to attain institutional objectives. The objectives are influenced by the external atmosphere. The practitioner of public relations works as a mediator to management and as a facilitator providing support to convert private objectives into justifiable, and also into a policy which is acceptable. (About Public Relations)

Merrill Lynch which is an American banking investment enterprise has proved successful in entering the Japanese banking market, which is usually the most closed sector for foreign nations. Merrill Lynch had the opportunity to take over Yamaichi investment bank which was bankrupt. According to the Japanese attitude, American firms are considered as cold foreign firms which dismiss their employees very easily and frequently, in contrast to Japanese firms which promote employment till the age of retirement. Merrill Lynch was aware of such an attitude of the Japanese firms and was scared of giving such a negative image to the people of Japan. Hence the company invited the former employees of Yamaichi which were 2000 in number to a welcome party with a Japanese popular talent. After a few days, photographs of the employees who were of Japan origin were provided to the media to show the good image of Merrill Lynch. (Public Relations Firms in Japan: towards the Globalised World)

Such a smooth entry into the Japanese banking market was an important step to control the significant debt in Japanese banks and to overcome the nations' economic problems. The success of Merrill Lynch rests on well-defined strategies via media and through relations with the employees by Public Relations - PR firm. For the purpose of improving conditions for a customer, A PR firm has knowledge of communication which includes corporate communication, media relations, crisis management, and lobbying. These PR functions become greatly significant and popular in developed nations of the world. According to Thomas L. Harris/Impulse Research Public Relations Client Survey the public relation budgets which was $3.37 million in the year 1998, grew at the rate of 24% i.e. $4.42 million in the year 1999. Such a feature is to be particularly noted in the U.S. In comparison to 50% in the year 1998, about two-thirds of this budget was being performed by PR firms. (Public Relations Firms in Japan: towards the Globalised World)