Corporate Image, Reputation and Identity

Corporate image, reputation and identity-Final

Main idea:

Definitely, both academic and business interests in corporate image have increased significantly in recent years. In this sense, organizations have realized that a strong corporate image can help them align with the marketplace, attract investment, motivate employees and serve as a means to differentiate their products and services. Henceforward, many organizations are striving to develop a distinct and recognizable image.

        Essentially, corporate image is the reputation of the firm with the various audiences that are important to it. Ordinarily, these groups that have a stake in the company are known as stakeholders. Stakeholders are affected by the actions of the company and, in turn, their actions can affect the company. Consequently, its image in the eyes of its stakeholders is important to the company. Uniquely, the principal stakeholders with which most large corporations must be concerned are: customers, distributors and retailers, financial institutions and analysts, shareholders, government regulatory agencies, social action organizations, the general public, and employees. Ideally, the image that stakeholders have of the company will influence their willingness to either provide or withhold support. In fact, if customers develop a negative perception of a company or its products, its sales and profits assuredly will decline. Government regulatory lottery agencies, another important set of stakeholders, are required by law to monitor and regulate firms for specific, publicly defined purposes. Nevertheless, these agencies have considerable discretion in how they interpret and apply the law. Where they have a positive perception of the firm, they are likely to be much less censorious.

Parenthetically, corporate identity—the reality and uniqueness of the organization—may be broken down into four component parts: corporate strategy, corporate culture, organizational design, and operations. Particularly, strategy is the overall plan that determines the company's product/market scope and the policies and programs it chooses to compete in its chosen markets. Furthermore, corporate culture is the shared values and beliefs that the organization's members hold in common as they relate to each other, their jobs, and the organization. It defines what the firm personnel believes is important and unimportant, and explains to a large degree why the organization behaves the way it does. Next in order, organization design involves the creation of roles, processes and structures to ensure that the organization’s goals can be realized. Completely, operations management involves utilizing resources from staff, materials, equipment and technology. Operations managers acquire, develop and deliver goods to clients based on client wants and the abilities of the company.