What is Corporate Image

What is Corporate Image:

The term “Image” indicates an idea or procure formed in the mind of a person about an individual or an institution. Corporations, like individuals, consciously build up images in the minds of the people with whom they come into contract. In developing a ‘Corporate Image’, an enterprise has to ensure overall consistency, as regards the quality of the products, the ethics of its management, employee relations, attitudes towards customers, quality and service to customers etc. the Public have different perceptions of “Corporate Image”.

·      Customers measure it by the product quality, prompt and courteous after-sales service, regularity in maintaining supplies; etc.

·      Shareholders, measure it by the consistency in financial performance and prospects of growth.

·      Supplier measure it by the company‟s liquidity and ability to honour commitments.

·      Banks and Financial Institutions measure it by the financial health, net worth, and history of servicing debts.

·      Government looks at it from the point of view of revenue generation and as an honest taxpayer.

·      Employees look for steady career growth and smooth Industrial Relations.

IMPORTANCE OF CORPORATE IMAGE

Several factors have contributed to the increasing importance of corporate image in recent years. For example, the business climate in the United States has become one of environmental complexity and change. This has forced many business enterprises to significantly alter their strategies to better compete and survive. The acceleration of product life cycles is another vital dimension of the turbulent business environment. Globalization has been still another catalyst in the rise of corporate image programs, as companies have sought ways to spread their reputations to distant markets. A related factor is that as a corporation expands its operations internationally, or even domestically, through acquisitions, there is a danger that its geographically dispersed business units will project dissimilar or contrary images to the detriment of corporate synergy.

A final factor stimulating the current interest in corporate image is society's growing expectation that corporations be socially responsible. Many of today's consumers consider the environmental and social image of firms in making their purchasing decisions. Some companies have recognized this reality and reaped tremendous benefits by conducting themselves in a socially and environmentally responsible manner. Some of these companies act out of genuine altruism, while others act out of simple recognition of the business benefits of such behavior.

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