1. managers are being challenged by many hurdles resulting

1.     
To suggest and critically discuss
FOUR policies that can enable firms in your country to contribute in creating
and sustaining the nation’s competitive advantage.

The
Banking sector of any economy is a section that definitely stands out amongst
the most critical players in the economy of any country. An economy without a
well-structured banking system is certainly an undesirable one. Banks play a
critical role when it comes to regulating, controlling the volume of cash
circulation in a country, as well as issuing new currencies.

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Present
day PR managers are being challenged by many hurdles resulting from the fast
transfer of information and the effects of globalization. The new ways of
business demand that organizations master the intercultural and international
aspects of PR while working in a global market.

Banks
must incorporate PR into their business planning process if they wish to reduce
public wariness over the reliability and strength of the banking industry.
Effective handling of issues, protection of corporate identity, and consistent
crisis communication management are key to reinforcing the credibility of a
banking institution.

PR
develops trust and communicates on differentiators by clearly relaying the key
messages. There is no better vehicle to describe any brand, raise your
visibility and, in the long run, extend your customer base, than Public
Relations. PR enables organizations to pass on their carefully formulated
messages to target audiences reliably and effectively.

When
it comes down to banks, the typical customer may feel that it’s difficult to
differentiate between the various banks in the area. Before undertaking a PR
action, it is therefore vital to identify and highlight the aspects that
differentiate one bank from the other. In the case where one cannot answer why
a customer should pick their bank over another, then one cannot realistically
expect that a customer will have the ability to make that distinction either.

The
growing chaos and general media competition has moreover obliged organizations
to take new stands in setting up market activities. Thus companies need to
develop and pay special attention to their reputation and trustworthiness, as
indicated by their customers. As much as legitimacy is of importance, the pace
at which banks build their business depends on people’s trust in them for their
merited money. Banks need to confer both their legitimacy and trustworthiness
across the general public and if this is not done in a correct manner it can
cause the bank its downturn.

Marketing,
on the other hand has often been accused of spending increasing amounts of resources
from a promotional perspective, yet managers still often seem to underestimate
the role of PR in such promotional activities and choose to spend their
marketing resources on various forms of advertisement instead.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.     
To suggest and critically discuss
FOUR policies that can enable firms in your country to contribute in creating
and sustaining the nation’s competitive advantage.

Different
businesses have different methods of handling their public relations
activities. When speaking of the accompanying specialized channels of
correspondence we may say that these are accessible for public related
activities. Taken into consideration the most common feature:-  Monetary media, media investment and open
dialog, picture publicizing and money related writing, samples of which are
Annual Report, Corporate Letter and production of House Journals.

(a)  
Financial Media:

This
branch of media is most commonly used and most easily accessible to all banks
included in printed correspondence as well. Different financial publication
proliferate today in  Gulf including,
Gulf Business, Gulf Times, Arabian Times and a large group of other day by day
and week by week papers which commit an extensive space to give an account of
business and monetary exercises. In managing the press, consideration ought to
be practiced to consider four cardinal necessities of quickness, objectivity
and precision.

PR
officers of banks ought to use the adequate open door given by the financial
institutions to exhibit the genuine image of their individual monetary
foundations concerning the misery circumstance. Where a specific daily paper
has a business, financial or account proofreader, it is prudent to manage such
assigned editorial manager specifically. This methodology decreases convention
and upgrades better examination of news. (Barthel & Carragee, 2004)

(b)  
 Media Participation and Reputation PR:

Board
individuals and top administration have an alternative to using paid broadcast
appointment or news meeting to show their bank to people in general with a
perspective to advance open certainty and fortify the corporate image of the
bank. The benefit of this sort of paid attention is that it gives an
organization the chance to develop however, much points of interest as could
reasonably be expected. Then again, where a media space or broadcast
appointment is not paid for, it is highly unlikely the bank may constrain a
manager to report its story. This is the reason numerous organizations belittle
publish advertorials of a few pages as an uncommon spotlight on their business.
Such advertorials add up to image publicizing in so far as the reason for
existing is to advance open mindfulness, improve open trust in corporate
execution and charm client goodwill.

 

 

(c)   
 Annual Report and House Journal Publication:

Under
this head we have such different statements as the distribution of bank’s
financial statements and their yearly reports and explanations of records. A
bank’s yearly report is one of the most grounded corporate references point. It
is the report card of business and constitutes the bedrock of an organization’s
budgetary writing. A viable yearly report aims at banking framework and its
deriding impacts ought to have the accompanying qualities: An unmistakable
spread to draw in and reflect respectable corporate image; A table of content
includes; A recognizable proof of Board Members and Corporate Service Chief (that
is, individuals from top administration) by capacities; An announcement from
the CEO and/or board administrator compressing the year’s occasions and
stressing advancements that bear on the bank’s proceeding with function to meet
its order to one and all. Working budgetary proclamation and equalization
resource with point by point notes to give extra data on money related totals;
An outline of monetary totals highlighting operational results for the first
five years; Auditors explanation; A liberal showcase of money related design
utilizing histograms, pie diagrams, bar outlines and charts. Financial
Statements circled among staff, shareholders, and subscribing individuals from
general society is a vital component of PR. Financial Statements have gone to wind
up a perceived section of monetary periods writing differing impressively among
themselves in substance and methodology, some of them created mostly or
completely in the examination bureau of banks, other depending totally on
expert written work, yet all benefiting exceptionally subtle advertising work (Cihák & Hesse, 2008)

(d)  
 Director’s Report:

As
similar to any business letter or any shareholders brief is an extraordinary
correspondence from the organization to shareholders to keep them educated
occasionally of advancement in the organization. This brief information has
extra measures past the yearly reports and proclamation of records and proposed
to reinforce further the organization shareholders relations. There is likewise
the issue of correspondence trade between the organization and shareholders. A
few shareholders submit recommendations, enquiries about items, deals
procedures, research and once in a while exceptionally minor issues which a few
officials may consider pointless. In any case, regardless of how frivolous the
issues are thought to be, shareholders enquiries ought to be treated with most
extreme consideration (Hassan & Lewis, 2007). Position papers and
topical analyses are critical as means through which a bank may express its
position on certain mechanical or national issues with a perspective to
advancing open trust in the matter of the boycott and in addition reinforce its
picture as a socially mindful organization.

 

 

References

Barthel,
H., & Carragee, K. M. (2004). Communication and Political Change.
Germany: N/A.online available from https://books.google.ca/books?id=js20wOuxzVgC&printsec=frontcover&dq=Communication+and+Political+Change&hl=en&sa=X&ved=0ahUKEwjM0_qPlILYAhWExIMKHUvwCCgQ6AEILTAB#v=onepage&q=Communication%20and%20Political%20Change&f=false
accessed on 8th Dec 2017
Cihák,
M. M., & Hesse, H. (2008). slamic Banks and Financial Stability: An
Empirical Analysis . N/A: N/A.online Available from https://books.google.ca/books?id=baRK2Fp9SUkC&printsec=frontcover&dq=Islamic+%26+Commercial+Banking+Systems+A+Theoretical+Comparison.+Asian+Journal+of+Business+Research.&hl=en&sa=X&ved=0ahUKEwiQ3q_bkYLYAhVn0YMKHe2DB2AQ6AEIMzAC#v=onepage&q&f=false
accessed on 9th Dec 2017
Hassan,
K., & Lewis, M. (2007). Handbook of Islamic Banking. Cheltenham:
Edward Elgar .online Available from https://books.google.ca/books?id=jvTtDzD5uFQC&pg=PA1&dq=Hasan,+K+%26+Lewis,+M.+(2007).+The+Handbook+of+Islamic+Banking.&hl=en&sa=X&ved=0ahUKEwiw9YrCkoLYAhUDxYMKHX_kCZYQ6AEIKTAA#v=onepage&q=Hasan%2C%20K%20%26%20Lewis%2C%20M.%20(2007).%20The%20Handbook%20of%20Islamic%20Banking.&f=false
Accessed on 9th Dec 2017