## Strategic Communication Final Exam Study Notes ### News Organizations and Journalism Norms #### Structures of News Organizations * **Bureaus:** Reporters located in important areas generate content. This can lead to news from less prominent areas being ignored. * **Specialties:** Sections focused on specific topics. Media relations staff promote news to reporters. A science section might focus on medical breakthroughs, while a political section covers elections and policy. Information subsidies like press releases are common. * **Beats:** Reporters assigned to specific areas (e.g., city hall, courts). While traditionally involving physical presence, beats now heavily rely on email and phone calls. This structures their workday and exposure to information. #### Journalism Professional Norms * **Objectivity:** Faith in facts, distrust of opinions, separating the two. This involves using evidence, political neutrality, and a scientific approach. Attempting to achieve perfect balance can undermine accuracy and neglect important perspectives. * **Balance:** Presenting multiple perspectives. However, forcing balance can lead to inaccuracies, neglecting important sides, and presenting false equivalencies. * **Accuracy/Clarity:** Using facts and evidence, avoiding embellishment, and maintaining consistency. * **Comprehensiveness:** Serious and informative reporting, aiming for broad audience appeal. This can sometimes lead to neglecting what audiences want to ignore. * **Civic Guardians:** Acting as a government watchdog, facilitating debate, and acting as a channel between the media and elites. ### Media Relations #### Seven Media Relations Rules * Be accessible * Be prepared * Be honest * Be knowledgeable * Be fair * Be consistent * Be concise #### Before Hitting Send Checklist * Is it accurate? * Is the source competent and authoritative? * Is it appropriate (sensitive information)? * Does it comply with company policy (eligible for release)? #### News Media Interviews * **Control:** Dress conservatively, keep it short, avoid saying too much. * **Preparation:** Develop succinct talking points (three positive points are ideal), rehearse, and understand the audience and their perspective. * **During the Interview:** Maintain eye contact, use sound bites, stop after answering, avoid humor, repeat key messages, it's okay to say "I don't know" and promise to follow up. Thank them and offer to be available for future questions. Reach out if a correction is needed. ### Investor Relations #### Investor Relations Goals * Promote a company's narrative to analysts and investors to achieve a market valuation reflecting the business's understanding, growth strategy, and prospects. * Promote consistent messaging. * Build relationships. * Provide reliable and transparent financial information. * Ensure compliance with SEC laws, exchange rules, IRS regulations, and accounting standards. * Interpret market intelligence for senior management. #### Strategic Functions of Investor Relations * Create IR fact sheets. * Attract new analyst coverage. * Research prospective shareholders. * Conduct ongoing comparable valuation analysis. * Ensure regulatory compliance. #### Laskin's Four (plus one) Keys to Investor Relations Success 1. Securities valuation: Support a fair share price. 2. Trading volume: Improve stock liquidity. 3. Enhanced analyst coverage: Direct output. 4. Building and maintaining investor relationships: Foster trust. 5. IR intelligence: Gather and analyze market information. #### Investor Audiences 1. Individual investors 2. Institutional investors 3. Day traders 4. Analysts (sell-side focused on volume, buy-side focused on long-term performance and risk) 5. Regulators (SEC, etc.) 6. News media (general, financial, and digital) #### Investor Relations Communication Expectations * Transparency * Timeliness * Frequent communication * Management credibility * Clear strategy * Availability of research * Ability to handle "what if" questions ### Internal Communications #### Defining Internal Communications Planned communication to systematically influence the knowledge, attitudes, and behaviors of current employees. #### Today's Employee * Well-educated * High expectations * Desire for understanding * Diverse * Multiple career changes #### Strategic Uses of Internal Communications * **Corporate strategy:** Communicating values externally and internally. * **Business development:** Informing employees, communicating successes and challenges, providing training, and improving brand awareness. * **Change management:** Keeping employees updated on changes (acquisitions, restructuring, downsizing). * **Employee focus:** Addressing staff changes, cultural diversity, and engagement. #### Why Internal Communication Matters * Efficiency: Significant cost savings. * Encourages innovation and knowledge sharing. * Establishes positive cultural values. * Improves employee satisfaction and retention. #### Evaluating Internal Communications Use surveys to assess success in areas such as: * Retention * Productivity * Innovation * Recruitment ### Crisis and Issues Management #### Key Reputational Risks of a Crisis * Operational viability * Reputational credibility * Financial stability/sustainability * Legal action #### Attribution Theory Explains how people assign blame in a crisis: * **Narrative blame (victim):** The organization is a victim (e.g., natural disaster). Low reputational threat. * **Accident:** Unintentional and in good faith (e.g., product failure). Moderate reputational threat. * **Intentional/negligent:** The organization knowingly took inappropriate risks. Major reputational threat. #### Message Options During a Crisis * Engage * Tell the truth * Denial * Diminishment * Rebuilding * Bolstering (when the organization is the victim) * **NEVER** silence #### Risk Assessment Should include: * Risk identification * Risk estimation * Risk evaluation * Risk planning #### Crisis Management Model *(Diagram would be included here showing the steps in a crisis management model)* #### Crisis Plan Should cover 5-10 most likely scenarios and be both proactive and reactive. A spokesperson should be identified within the first 24-48 hours. #### Issues vs. Crisis Management **Issues management** is anticipatory, detecting emerging challenges that may require a response. It differs from crisis management because it anticipates and preempts crises in a productive way. #### Categories of Issues * Current/ongoing * Emerging (where issues can best be influenced) * Societal #### Questions to Ask in an Issues Analysis * Criticality * Causation * Tractability * Instruments #### Issues Dimensions * Broad impact (e.g., healthcare, jobs) * Broad abstract (e.g., gender equality) * Narrow impact (e.g., student debt) * Technical (complex, involving political and economic power) #### Catalytic Model of Issues Management Stages: Potential, Imminent/Emerging, Current, Critical/Crisis, Dormant #### Social Issues Management Model Corporate social advocacy: Taking a stance on social issues. Stages: Conceptualization, Definition, Legitimation, Awareness. #### Issues Management Process A 5-10 step process falling into three categories: 1. Issue identification and analysis 2. Strategy options and action plan 3. Evaluation of results ### Public Policy and Lobbying #### Public Policy A plan of action undertaken by government officials to achieve a broad purpose affecting a substantial segment of a nation's citizens. #### Lobbying Attempting to influence decisions made by government officials. #### To Engage or Not to Engage in Lobbying **Engage:** * High economic stakes * Belief in pluralism **Do not engage:** * Lack of qualifications to discuss public issues * Business perceived as too self-interested #### Defining a Professional Lobbyist * Paid by a client * Services include more than one lobbying "contact" * Lobbying activities take up 20% or more of their time for a three-month period #### Registered Lobbyists are Required To: * File quarterly reports detailing contacts with elected officials. * Disclose income. * File semi-annual reports of contributions to campaigns. * **NOT** give money or gifts directly to members of Congress. ### Corporate Political Strategies 1. **Information strategy/direct lobbying (advocacy):** Education, information, and relationship building. 2. **Financial incentives:** Campaign contributions, Political Action Committees (PACs), "dark money." 3. **Coalition lobbying:** Groups pooling resources (think tanks, trade associations). 4. **Grassroots and astroturf:** Grassroots encourages public contact with legislators; astroturf is organizational manipulation. #### Dark Money Independently incorporated organizations that can raise and spend funds for the "public good" but do not have to disclose their donors. #### Three C's of Effective Lobbying * Consistency * Conciseness * Credibility #### Iron Triangle of Policy Making Congress, interest groups, bureaucracy. #### Revolving Door of Influence Officials moving between public and private sectors, bringing power, access, and money. ### Global Communication #### Global Communication Avoiding cultural differences that could lead to misunderstandings and finding common ground. #### Multicultural/Intercultural Communication Creating shared meanings among people from different cultures. #### Cross-Cultural Communication Sending a message from a unique culture while meeting the cultural norms of the recipient's culture. #### Theories of Global Communication * **Generic theory:** Centrally standardized messages. * **Specific theory:** "Adaptive localization," responding to local cultural differences. * **Excellence theory:** A middle ground between generic and specific theories. #### Cultural Dimensions to Consider in Global Communication * Power distance * Long-term vs. short-term orientation * Uncertainty avoidance * Individualism vs. collectivism * Competitiveness vs. nurturing #### Gatekeeper Someone who withholds or selects information released to the public. #### What Should a Press Release Include? * Headline * Contact information * Call to action * Who, what, when, where, why, and how