corporate image and how it helps a company for its growth. Benefits of corporate image and what are the ways in which a company can develop its corporate image and also include its needs and factors affecting corporate image.
2. 2
INTRODUCTION
Corporate image is one of the most important assets of an organization. It acts as comfort factor for customers and
assures them that they are buying from the best. Moreover, It influences attitudes of not only customers but also
employees, media, analysts, influencers etc, towards an organization.
The corporate image links the organization to its social environment and helps the organization in achievement of its
objectives.
Corporate image is the net result of the interaction of all the experiences, beliefs, feelings. knowledge and
impressions that people have about the organization. It literally means the level of reputation and an overall picture
the organization has been able to create in the eyes of public, competition, and customers and other subjects
involved.
3. FEATURES OF CORPORATE IMAGE
3
Intangible assets for
the organization
1
Identifies the
organization and
reputation
2
Sustain identity and
existence
3
Achieve objective
4
Differentiate from
others
5
4. 4
IMPORTANCE
It is the pivotal intangible asset that is not to be
ignored.
It creates distinctive capabilities and gain competitive
advantage, for the organization.
It makes the organization visible, distinctive, authentic,
transparent and consistent in the complex present day
environment.
It demonstrates goodwill of the organization amongst
its stakeholders.
It shows the element of trust which is a key source of
the credibility of the organization amongst the
stakeholders.
5. 5
NEED TO BUILD CORPORATE IMAGE
Corporate image may be a critical factor in the consumer choice of goods and services.
Building a favourable corporate image becomes especially relevant in communities where the
organization is a major force.
A strong corporate image can improve the financial structure of the organization and raise the
appeal of its securities amongst potential investors and shareholders.
Building a favourable corporate image can be advantageous when public perceptions of the
organization do not reflect reality, are not clearly formed, or when leftovers of past management
mistakes, plant accidents, poor earnings, and the like may still be having a negative impact.
Corporate image building is also very important when external forces like increased or new
competition, deregulation, or an existing competitor's new identity focus call for countermeasures.
6. 6
• Enhancement of the corporate competitive advantage thus leading to higher profitability.
• To promote favourable relationship with the community in the environment it operates,
otherwise it may experience difficulty in recruitment, selection and maintaining the employee
morale.
• To Influence investors and financial institutions.
• To establish a corporate goodwill for the organization.
• To create good identity for the employees thereby leading to their satisfaction.
• To stimulate sales, thus influencing customer loyalty.
• To Promote good relationship with the government, opinion leaders and various interest groups.
10. STEPS IN PLANNING
1. To make an in-depth analysis of the existing
corporate image of the organization.
2. To create an image campaign that is
consistent, carrying the same theme, supporting
the same message.
3. To ensure that the campaign is getting
through to the stakeholders.
4. Since perception is not necessarily reality, it is
necessary to get regular feedback.
10
11. FACTORS HELPING IN BUILDING THE CORPORATE IMAGE
Management Image
History
Products Market Recognition
Financial Success
Top Score Customers
Employee Loyalty
11
