PUBLIC RELATION AND IT’S IMPACT IN THE BANKING INDUSTRY

CHAPTER ONE

1.1   INTRODUCTION

The business world can be extremely competitive, companies typically want to have something that makes them stand out from the crowd, something that make them more appealing and interesting to both members of the public and the media. A favourable image can help increase a company’s sales and negative publicity can damage a company’s reputation and decrease sales. Public relation (PR) can give consumer and the media a better understanding of how a company works. Within a company, a public relation department might also be called a public information department or a customer relations department assist customer if they have any problem with the company. They usually try to show the company at its best.

Public relation department also might conduct research to learn how satisfied customers are with the company and its products. There are many tools and methods that a public relations department can use to enhance a company’s image. The tools that have been traditionally used include news releases and announcement that are sent to the media, news letters that are sent to customers and appearances at public events, such as trade shows or conventions. With the proliferation of the internet, PR department can now use tools such as blogs and social media net works to accomplish their goals. Many people have the perception of public relation (PR) as a way to “sprier” news and information, which means to portray the news or information in the best possible way for the company. If a company announces layoffs, its public relation department might claim that the company is lowering its costs and making itself more efficient, so it will be better able to serve its customers at lower prices. As long as those things are true, then the public relation department is doing its job of protecting its reputation and image. Stretching the truths are exposed. There include a high level of communication skills, both written and verbal. A public relation person (PR) also must be adapt at multitasking and time management. He or she might have some form of media background or training to understand how the media works. Organizational and planning skills also are important in public relative. A public relation employee must be able to work well under pressure.

Finally, in most large companies, public relation is specialties in itself guided by specific disclose regulations.

1.2   Statement of the Problem

Public relation can be difficult, but it can also be fun. There’s nothing more rewarding than knowing that the people you reach are walking away with valuable information whether they choose to take immediate action or not. A favourable image can help increase a company’s sales, and negative publicity can damage a company’s reputation and decrease sales. The question then is, how far has public relations been able to achieve the set objective over the years in banking industry. Thus is what this research is out to examine.

1.3   Purpose of the Study

The study is on public relation and its impact in the banking industry aimed to achieve the following objective:    

-      To examine how public relation programmes are being used by GTB in improving its prestige and image with the public.

-      To find out how often do the bank undergo special events like formal press conferences and grand openings.

-      To examine the bank’s public service activities such as chainable donations and sponsorship of events.

-      To determine the varieties of marketing communicators use by the bank such as media releases, news conferences and article placement, to generate publicity.

1.4   Significance of the Study

The study both theoritical and practical application as the relevance, it is not only academic but practically oriented in management related business outfits. The study is on practical fulfillment of the award of Higher National Diploma (HND) in marketing. The work will be of benefit to the management staff of Guarantee Trust Bank (GTB) Kaduna through recommendation offer by the researcher. The work will be of benefit to the researcher because his mental faculty toward the subject matter will be enhanced.

1.5   Research Question

In the course of the study the following research questions was developed.

-      How often do the bank undergo public relation programmes in a year?

-      How does the bank carry out its public service activities like event sponsorship/donation?

-      Who unbehalf of the bank handle formal press release and conferences.

1.6   Scope of the Study

The scope of the study is on “public relation and its impact in the banking industry”. The scope will also cover various definition of public relations, historical perspective of public relations, impact, role, skills needed in public relation department and steps in public relations programmes etc. the scope will be restricted to GT Bank Kaduna branch.

1.7   DEFINITION OF OPERATIONAL TERMS

Public relations:          This is an activity aimed at increasing communication and establishing favourable relationship between an organization and its public. It is also a planned and sustained effort to establish and maintain goodwill and mutual understanding between an organization and its public

Publics:                     These are group of people with which an organization communicates. Publics are also those who are affected by an organizations activities e.g employees, neighbours potential employees, consumers, opinion leaders, share holders, youth, community, politicians etc.

Tool:                         This entail a process or means through which an aim is achieved tools are also things or instruments that help you carryout your duties.

Relations:                  The way two or more things behave with each other.

PR:                           Abbreviation of public relations

Organization:             A company, industry or business enterprise.

Research:                  This is the process of finding out or discovering what is not previously known.

Strategy:                   This is an art of planning an operations it is also a skill in managing an affair.