Public Relations concern itself with the communication between company and public. You can also define it as creating and maintaining the image for the company in public. It takes various forms. Public relations give public exposure by linking the topics of news item and public interest to the company and giving it the third party endorsement. When a company gives press conferences, releases announcements, sponsor various events and sports, it is part of public relations.
Good public relation results enhancement of goodwill towards the company, which in future, results in increasing sales and revenue. When company decides to donate or sponsor some NGO, it is also counted towards the public relations exercise. Public relations is considered a major part in a business plan, as it is supposed to showcase the company’s brand and product in an increasingly saturated market.
When you make a business plan, you have to adopt an innovative strategy, as in today’s market it is very difficult to make a splash in the crowded market. Also there is question of expenses you can afford in order to launch the product in the market. So, there is no doubt at all, that the public relation is a major part of the business plan.
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