04:192:409 Lecture Notes - Lecture 5: Taco Bell, Development Business, Kfc
19 Nov 2020
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Document Summary
Business development is a critical area for pr management to focus on especially at public relations agencies. As per lecture #1, public relations is a multi-billion-dollar business. With that, business development is a critical area of focus for management especially at public relations agencies. Business development: securing news revenue/fees via two sources: Organic business: generating incremental revenue/fees with exist clients. Note: we will discuss organic business as part of lecture #6, client. New business: generating new revenues/fees with new clients. Note: business development in corporate communications is focused exclusively on the corporate communications department securing budget from brands/lines of business to fund public relations campaigns including the costs for external pr agencies. There are two approaches pr agencies can take to securing new business. #1: reactive: the approach taken by the management of many pr agencies is to wait and respond to inbound inquiries from potential new clients.
