Public Relations | Reputation Management Of Wesfarmers Group | Report
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Added on 2020-02-24
Public Relations | Reputation Management Of Wesfarmers Group | Report
Added on 2020-02-24
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Public Relations1Reputation Management PlanTarget Australia Pty Ltd of Wesfarmers Group, Australia
Public Relations2Executive SummaryReputation of any organization is the perceived image that the company holds in the minds of its stakeholders. It is one of the most important intangible assets of any organization and must be protected at any cost. The firm in consideration is Target Company Pty Ltd which is a leading retail brand of Wesfarmers’ group. Despite a strong brand name, off late the firm has been facingissues that have led to a hampering reputation of the firm. Unfortunately Target Company Pty Ltd was associated with an accounting scandal which has caused a bad name in the market. The company’s CEO aims to move its office from a small town in Geelong to Melbourne which will cause a loss of 900 local jobs and the firm has been sourcing its raw materials from Asian markets where various ethical issues have been surfacing especially sweatshops. This report throws light on how Target Company Pty Ltd can save and rebuild its deteriorating reputation and regain its position in the minds of its stakeholders.
Public Relations3ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................31 Situation Analysis.........................................................................................................................41.1Organizational Background..............................................................................................41.2Present State......................................................................................................................41.3 Issues faced............................................................................................................................4Ethical issues while sourcing raw materials.............................................................................4Accounting Scandal..................................................................................................................5Shifting office...........................................................................................................................52. Strategy........................................................................................................................................62.1 Target Publics........................................................................................................................62.2 Goals and Objectives.............................................................................................................62.3 Strategy and Tactics...............................................................................................................7Evaluation........................................................................................................................................9Accounting Scandal.....................................................................................................................9Ethical Issues while sourcing raw materials..............................................................................10Shifting office............................................................................................................................11Conclusion.....................................................................................................................................11References......................................................................................................................................12
Public Relations4IntroductionPublic relations are the efforts put in by companies to maintain a favorable public image. Itis a strategic communication process that benefits relationships between organizations and public.Reputation of any organization is essentially the perceived value of the firm by its stakeholders as compared to its competitors. Strong positive reputation often attracts a larger customer base and hence increased market share (Lange, 2010). Any gap in the expected value and the real value offered by the firm risks a company’s reputation. These risks can be internal aswell as external but it is imperative that a firm works towards hedging these risks in the most efficient manner. Reputation is considered an intangible and invisible asset of the firm. It is an equally important asset and hence care must be taken to preserve it. Most of the firms make the mistake of focusingtheir energies on handling risks that have already surfaced. This process is crisis management and not risk management (Harvard Business Review, 2007). Organizations must work upon theirlistening skills to be sufficiently aware of ongoing and upcoming issues; to strengthen their understanding of, and current relationships with, significant stakeholders; and to take steps beyond traditional PR by activating a network of supporters who can influence key constituencies (McKinsey, 2009). This report throws light on the issues faced by the firm Target Company Pty Ltd which is a part of Wesfarmers group in Australia. It is a leading brand and currently facing certain issues which have adversely hampered its public relations. This report provides a detailed insights about the issues faced and recommended strategies to fix the damagedone.
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