Importance or Role of Mass Communication in Business
Mass communication is an indispensable part of business. Business activities would be restricted without mass media. In this post modem age, the success of business largely depends on mass communication. The role of mass communication in business is mentioned below:
Launching business: Media of mass communication are used to make wide circulation of news regarding forming and launching a new business. Mass media can bring the matter to the knowledge of concerned panics very quickly and seek their patronization and support.
Advertising products and services: Mass communication plays a vital role in advertising products and services. Mass media like radio, television, newspapers, and magazines are the prime vehicles of advertisement. Through advertisement on mass media, businesses can persuade potential customers easily.
Informing market demand and supply: Equilibrium condition of demand and supply of goods in the market is essential for market stabilization. If there is more demand than the supply, prices will go up; again in the revert situation, the prices will go down. Both of these conditions are harmful for business. Mass media bring these matters to the knowledge of business executives and help to maintain market stability.
Facing competition: Business organizations are engaged in constant competition. In order to survive and to fact the competition successfully, businesses need to increase demand for products and services. Mass communing media like, advertisement, publicity, personal selling etc greatly contribute to enhance demand and to prepare better for facing competition
Administering the business organization: A large organization may employ thousands of employees. Top-level executives cannot personally communicate with all of them. In such a situation, mass communication is the best way to provide the employees with the necessary information, instructions orders, guidelines etc.
Increasing social linkage and business goodwill: Mass communication ilso promotes linkage and bondage between business and society. Mass media can highlight the positive contributions of a business like donation to flood victims, distribution of winter cloths, construction of houses for shelter-less people, providing scholarship to the meritorious students etc. As a result, acceptance and goodwill of a business increases.
Other areas of importance: In addition to the above mentioned events, mass communication also plays vital role in the following business situations:
- Change of name, address and ownership of the firm.
- Opening new branches or closing ousting branch.
- Innovating new products.
- Reduction of sales prices.
- Calling meetings.
- Declaration of dividend
- Admission and retirement of partners etc.
From the above discussion we can say that, role of mass communication is unlimited in business. Its importance is severely felt in business especially, in the production and distribution of consumer goods. So for gaining business success the businessmen should be well aware of it.