Topic 4

Question 1

Media stories are reported from many different sources, why is it risky to only look at once source?

Answer 1

Would be a limited approach, different stories report from different perspectives so then able to form balances opinion - each source is likely to be subjective and contain some bias

Question 2

What are the 4 main types of print media?

Answer 2

The financial press
The broadsheet press
The middle market press
The tabloid press

Question 3

Explain the financial press eg) the financial times

Answer 3

Aimed at the financially literate and industry practitioners - factual, technical and conservative - present facts and draw conclusions and predict consequences

Question 4

Explain the broadsheet press eg) the times / the telegraph / the guardian ?

Answer 4

Less technical and traditional approach, I depth coverage with a serious tone, each has own political stance

Question 5

What are the two main article types in the broadsheet press?

Answer 5

Macroeconomic reporting of company results, share prices and industrial news

Personal financial articles - aimed at those with higher incomes

Question 6

Explain the middle market press eg) the daily mail ?

Answer 6

Short and I technical stories - Daily Mail has specialist Money section to provide readers with information to help them manage their own finances

Question 7

Explain the tabloid press eg) the Sun ?

Answer 7

Known as red tops

More interested in celebrity gossip and sensationalist crime stories - short and colloquial stories - conservative views but strong media war over high salaries and bonuses of management

Question 8

Explain magazines and journals

Answer 8

Of general interest and aimed at specific market segments

Question 9

Explain the broadcast media eg) television and radio ?

Answer 9

Considered complex as so many channels and each has own agenda and target audience

Specialist programmes on finances

Question 10

Explain blogs

Answer 10

Increasing in number each with own style, approach, views and reliability
Some are written by academics with supported views on financial matters, others are pure individual opinion

Question 11

What is a key advantage of blogs

Answer 11

Can enter into discussion and respond to views being expressed

Question 12

What did the report of 2012 show of social media

Answer 12

More than 90% of financial services firms use social media for recruitment, customer services and PR channels

Question 13

What is a Think Tank

Answer 13

A specialist body set up to think about and report on issues within a chosen area

Set up by governments, political parties, pressure groups, charities or associations with an agenda

Question 14

Explain the Resolution Foundation think tank

Answer 14

Aims to ‘improve the living standards of those in Britain on low and middle incomes’ by means of research, information and influencing decision making

Question 15

Explain the Centre for Social Justice think tank

Answer 15

Looks into household debt, average monthly debt repayments and financial exclusion

Question 16

What is media bias?

Answer 16

Where different sources tell the same story in different ways which influences people’s views differently, the different perspectives are known as media bias

Question 17

What is subjective media reporting?

Answer 17

Point of view of the journalist, aims to persuade the side

Question 18

Explain objective media reporting?

Answer 18

Both sides of the argument, balanced conclusion

Question 19

Why do journalists create media bias?

Answer 19

They believe they are reflecting the views of the target audience, they are competing for the audiences attention by taking a particular stance

Question 20

Identify 6 methods of creating media bias?

Answer 20

Journalists create united country impression by use of ‘we’ and ‘us’ - feels like a popular view

Readership is biased to political parties, stories reflect this

Race and gender bias mean story is presented from one point of view

Use interviews with experts to help persuade

Frequency of reporting influences perceptions

Some not reported - omission is bias

Question 21

The financial system is highly complex and the majority have very little knowledge, how do the media exploit this in a financial crisis?

Answer 21

Make their reports understandably but simplifying events with a simple conclusion which sounds credible and shocking

Question 22

What is the media guilty of encouraging the public for?

Answer 22

Making them think debt is a norm and thy should strive for a high spending luxury lifestyle

Question 23

The financial crisis received lots of press coverage, what did it discuss?

Answer 23

Factors which underpinned the crisis and predictions of consequences - this reporting influenced the development of the crisis

Question 24

Due to the intensive nature of the media, it is difficult to keep bad news out of the media, what does this also mean?

Answer 24

Customers are better informed which promotes sustainability

But spreads crisis of confidence if incorrect information released which threatens sustainability

Question 25

Explain impact of media with the irresponsible lending crisis

Answer 25

Banks spent lots on marketing loans and customer relationship management teams were trying to achieve sales targets

After market crash, gained reputation for aggressive selling and have been struggling since to return good name

Question 26

How did the media affect the PPI scandal

Answer 26

The media found out and blew up and caused lots of embarrassment and £20billion to perpertrators

Question 27

Explain the media as a watchdog

Answer 27

Many sources have specialist sections on consumer financial service issues

Due to large audience, good for fighting consumer battles - sells lots of stories

Question 28

Why has there been increased media coverage of the financial system since the financial crisis?

Answer 28

The people have interests, concern and worries about risks to their money,mobs and overall economy