Public Relations Services Procurement Category Market Research Report from IBISWorld Has Been Updated
Los Angeles, CA (PRWEB) August 08, 2014 -- A high availability of substitutes, low market concentration, low price volatility and rising prices define the market for public relations services. These factors, along with others, foster moderate buyer power as reflected by a buyer power score of 3.6 out of 5. The main trend keeping the score from being higher is the rising prices as a result of greater demand. Prices for public relations service have been rising from 2011 to 2014 and are forecast to continue growing from 2014 to 2017.
An array of alternatives to public relations services exists. For example, buyers can promote their company through advertising or events, says IBISWorld research analyst Kayley Freshman-Caffrey. “These activities are often done alongside public relations, rather than in place of it, but still place downward pressure on prices.” Buyers can also choose to manage their public relations in-house rather than outsourcing these responsibilities to an outside firm, which further expands their ability to negotiate lower prices based on substitutes.
Additionally, low market concentration prohibits any single firm from dominating the market, forcing suppliers to compete. Current vendors in the market include Edelman PR Worldwide, Omnicom Group, Waggener Edstrom and WPP PLC. “Intense market competition compels suppliers to keep their prices within market norms to avoid losing clients,” explains Freshman-Caffrey. “Thus, competition limits the extent to which suppliers can raise prices each year without becoming uncompetitive.” Low price driver volatility reinforces this low price volatility by negating the need for suppliers to pass sudden fluctuations in input costs onto buyers. Low price volatility allows buyers to more accurately budget for their public relations expenses without worrying average prices will change after they have locked in rates with a contract. For more information, visit IBISWorld’s Public Relations Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of public relations services. Providers of public relations services facilitate communication between an organization and the public to promote favorable relationships and portray a desired image or message. The primary services in the market include media outreach, content creation and press release distribution. This report does not include investor relations, internal relations, event planning, crisis management, paid advertising, media buying, social media, public affairs, social marketing or brand marketing.
Executive Summary 
Pricing Environment 
 Price Fundamentals 
 Benchmark Price 
 Pricing Model 
 Price Drivers 
 Recent Price Trend 
 Price Forecast 
Product Characteristics 
 Product Life Cycle 
 Total Cost of Ownership 
 Product Specialization 
 Substitute Goods 
 Regulation 
 Quality Control 
Supply Chain & Vendors 
 Supply Chain Dynamics 
 Supply Chain Risk 
 Imports 
 Competitive Environment 
 Market Share Concentration 
 Market Profitability 
 Switching Costs 
Purchasing Process 
 Buying Basics 
 Buying Lead Time 
 Selection Process 
 Key RFP Elements 
Negotiation Questions 
Buyer Power Factors 
Key Statistics
About IBISWorld Inc. 
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld Inc., +1 (310) 866-5042, [email protected]
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