Topic 4 Flashcards
Media stories are reported from many different sources, why is it risky to only look at once source?
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
What are the 4 main types of print media?
The financial press
The broadsheet press
The middle market press
The tabloid press
Explain the financial press eg) the financial times
Aimed at the financially literate and industry practitioners - factual, technical and conservative - present facts and draw conclusions and predict consequences
Explain the broadsheet press eg) the times / the telegraph / the guardian ?
Less technical and traditional approach, I depth coverage with a serious tone, each has own political stance
What are the two main article types in the broadsheet press?
Macroeconomic reporting of company results, share prices and industrial news
Personal financial articles - aimed at those with higher incomes
Explain the middle market press eg) the daily mail ?
Short and I technical stories - Daily Mail has specialist Money section to provide readers with information to help them manage their own finances
Explain the tabloid press eg) the Sun ?
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
Explain magazines and journals
Of general interest and aimed at specific market segments
Explain the broadcast media eg) television and radio ?
Considered complex as so many channels and each has own agenda and target audience
Specialist programmes on finances
Explain blogs
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
What is a key advantage of blogs
Can enter into discussion and respond to views being expressed
What did the report of 2012 show of social media
More than 90% of financial services firms use social media for recruitment, customer services and PR channels
What is a Think Tank
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
Explain the Resolution Foundation think tank
Aims to ‘improve the living standards of those in Britain on low and middle incomes’ by means of research, information and influencing decision making
Explain the Centre for Social Justice think tank
Looks into household debt, average monthly debt repayments and financial exclusion
What is media bias?
Where different sources tell the same story in different ways which influences people’s views differently, the different perspectives are known as media bias
What is subjective media reporting?
Point of view of the journalist, aims to persuade the side
Explain objective media reporting?
Both sides of the argument, balanced conclusion
Why do journalists create media bias?
They believe they are reflecting the views of the target audience, they are competing for the audiences attention by taking a particular stance
Identify 6 methods of creating media bias?
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
The financial system is highly complex and the majority have very little knowledge, how do the media exploit this in a financial crisis?
Make their reports understandably but simplifying events with a simple conclusion which sounds credible and shocking
What is the media guilty of encouraging the public for?
Making them think debt is a norm and thy should strive for a high spending luxury lifestyle
The financial crisis received lots of press coverage, what did it discuss?
Factors which underpinned the crisis and predictions of consequences - this reporting influenced the development of the crisis
Due to the intensive nature of the media, it is difficult to keep bad news out of the media, what does this also mean?
Customers are better informed which promotes sustainability
But spreads crisis of confidence if incorrect information released which threatens sustainability
Explain impact of media with the irresponsible lending crisis
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
How did the media affect the PPI scandal
The media found out and blew up and caused lots of embarrassment and £20billion to perpertrators
Explain the media as a watchdog
Many sources have specialist sections on consumer financial service issues
Due to large audience, good for fighting consumer battles - sells lots of stories
Why has there been increased media coverage of the financial system since the financial crisis?
The people have interests, concern and worries about risks to their money,mobs and overall economy
