Industry Analysis & Industry Trends
Mixed economic conditions in the past five years have not affected the Public Relations Services industry in the same way as traditional advertising. While marketing budgets tend to be one of the first items targeted in cost-cutting efforts, public relations (PR) services are often seen as more focused and therefore better value for money than media advertising. As a result, spending on PR tends to be less volatile and holds up better when budgets are cut. Additionally, some aspects of PR, such as communication with stakeholders, can be crucial in a downturn to allay fears and manage crises... purchase to read more
Industry Report - Starting a New Business Chapter
Barriers to entry are factors that prevent or limit a new operator from entering the industry. Key factors considered to assess entry barriers include regulatory requirements, qualifications or educational needs for staff, economies of scale, capital intensity and business networks. Of these, there are no specific regulatory or staff educational requirements that hinder the entry of new firms to the industry. Further, the industry has a low capital intensity level as labour inputs are very high. Staff experience and knowledge are important elements to establish and operate a PR firm. These low capital requirements contribute to the industry's low entry barriers.
Increasing economies of scale provides minimal benefits to the industry... purchase to read more