Public Relations

Public Relations (PR) is the practice of managing the flow of information between an organization and its publics.

Public relations gains an organization or individual exposure to their audiences using topics of public interest and news items that do not require direct payment.

Because public relations places exposure in credible third-party outlets, it offers a third-party legitimacy that advertising does not have. Common activities include speaking at conferences, working with the press, and employee communication.

PR can be used to build rapport with employees, customers, investors, voters, or the general public.

Almost any organization that has a stake in how it is portrayed in the public arena employs some level of public relations. A number of specialties exist within the field of public relations, such as Analyst Relations, Media Relations, Investor Relations or Labor Relations.

Market Research and Planning

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product.

Questionnaires and focus group discussion surveys are some of the instruments for market research.

For starting up a business, there are some important things:

Market information: Through Market information you can know the prices of the different commodities in the market, the supply and the demand situation. Information about the markets can be obtained from different sources and varieties and formats.

Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. it is a widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, and psychographic differences and also gender differences.

Market trends: The upward or downward movements of a market, during a period of time. The market size is more difficult to estimate if you are starting with something completely new.

But besides information about the target market, you also need information about your competitor, your customers, products etc. Lastly, you need to measure marketing effectiveness. A few techniques are:

  • Customer analysis
  • Choice Modelling
  • Competitor analysis
  • Risk analysis
  • Product research
  • Advertising the research
  • Marketing mix modeling