Image as part of corporate strategy in Building reputation

Corporate image can be defined as the immediately picture that an employee or publics have towards the organization.  This can be either positive or negative depending to the perception that stakeholders have towards the organization.

The major national media regularly rank the most admired corporations in Tanzania, listing the core values that help them to gain popularity.

 Companies, institutions and organizations can’t simply claim to be leaders or the top ranked in quality, technology or community commitment in achieving a desired position and enduring reputation, it requires investing in organization image strategically over time and providing ongoing proof of principle. Example responding to the needs of their target market, conducting research to anticipate issues, and participating in corporate social responsibilities (CSR)

 The result is that a strong image and good reputation have a positive impact on growth in profit margin, employee morale, community goodwill, and investor support, relationships with vendors and suppliers, and overall organizational pride.

Publicly traded companies enjoy a higher price earnings multiple than their competitors and are also buttressed on the downside based on trust and respect they have developed over time, provided that they stay true to their core values and culture.

The following are two key areas provide a foundation that any company can use to incorporate image as part of its corporate strategy.

1. Analyze the competition

How do you want to be known over the next two to five years? What do you stand for? Do you have competitive advantages? Can you clearly differentiate yourself from the competition?

Create a competitive matrix. List your firm’s name and key competitors’ names across the top of consecutive columns in an Excel spreadsheet or a table in a Word document. Then, in separate boxes below the names, list each organization’s tag line, descriptive clauses ,the boilerplate language of the news release and any other key words or positioning statements you feel should be included. This gives anyone the ability to scan across a row and see the array of exuberant copy, hyperbole and largely empty claims.

                                                        

2. Establish core values and positioning

Having finished the research, you’ll now want to brainstorm internally about what the company aims to stand for over time its desired positioning. Then determine the three or four core values that are its differentiating elements (example culture of the highest integrity, quality construction, technological innovation and shareholder return, hiring the best and brightest, giving back to the community, investing in innovation or solving unmet medical needs)

CHAMI FRIDA A

BAPRM 42690