Abstract
The Chapter focuses on the importance of Value Co-Creation as a major Corporate Principle behind successful Corporate Governance practice of an organization. This chapter besides emphasizing on the trend of Innovation and Participatory Management as the success mantra for every business organization, also focuses on the role of Public Relations as a major means to achieve this Corporate Principle. To describe the growing trend of today's service sector industries giving more importance to Value Co-Creation as an emerging concept in Business, Marketing and Innovation Management and Public Relations becoming one of the most sought after functions in an organization towards the achievement of Stakeholder Participation and Stakeholder Satisfaction, the Chapter makes a detail study of the Public Relations Office of a very renowned hospital of global repute and its contribution in building relations with the stakeholders of the hospital leading to its smooth functioning and generation of Value Co-Creation.
TopIntroduction
It’s a fact that in order to create a truly value-driven business model, it is necessary to establish a participatory and innovation management system, where it is very essential that an organization should leave no stone unturned in the direction of securing customer involvement and customer satisfaction. The present scenario is reflective of the fact that an organization can no longer function only with the objective of securing customer satisfaction, rather it is customer delight and customer loyalty which pays dividend for an organization in the long term. When we talk of customer relations, the strategic role and functions of Public Relations in this direction in an organization cannot be neglected or trivialized. The essence of the profession of Public Relations is that it is a management function which identifies people’s thoughts, opinions and ideas, evaluates organization’s programmes, policies and actions and executes a plan of action in such a way so as to establish mutual understanding and goodwill (Grunig & Hunt, 1984). Public Relations is therefore a highly specialized function whose sole objective is to establish mutual understanding and good will relations with all the target stakeholder groups of an organization, thus helping in its smooth and successful functioning.
Key Terms in this Chapter
Two-Way Asymmetric Model: A Model which highlighted a major shift in the PR practice from One –Way Communication to Two-Way Communication, but, however the objective was to anyhow persuade the audiences in a very strong manner by influencing their mindset in favor of the message in order to secure a favorable response from them.
Corporate Governance: The manner in which a corporate is governed, dealing with the norms, policies and techniques which determine the pattern in which a company is directed and managed.
Public Information Model: A PR Model which was based on One-Way flow of Communication between PR Practitioners and the public. The model highlighted a shift in the thinking of the PR professionals as it emphasized on the formulation of messages which are accurate and truthful, although the point of view of the audiences was not taken into consideration.
Decentralization: A business practice which focuses on distribution of power and authority at individual or each subordinate levels of an organization. It emphasizes on delegation of decision making power and responsibility at lower levels of organization.
Press Agentry Model: A Model used in the 19 th century which gave least importance to public opinion and two-way communication. The model was based on one-way flow of communication from the press agents to the publics and solely employed manipulation and persuasion as its strategy to reach out to the masses.
Two-Way Symmetric PR Model: The most ethical PR model which emphasizes on Two-Way flow of Communication in which feedback of the audiences is given high priority and it forms the basis of making organizational policies and decisions. Negotiation, resolution of conflict, mutual understanding and mutual concern are the major characteristics of this PR Model