A Proposal on Efficient Corporate Image Management as a Strategy for Enhancing Profitability
CHAPTER ONE
Objective of the study
The following research objectives will be ascertained;
- To examine the importance of corporate image management in today’s competitive business environment.
- To identify the key factors that contribute to a company’s corporate image, including branding, marketing, customer service, and corporate social responsibility initiatives.
- To explore the relationship between corporate image management and profitability, including how a positive corporate image can impact customer loyalty, employee engagement, and investor confidence.
Reviewed of related literature
Corporate Image Management
Corporate image management refers to the process of creating, building, maintaining, and enhancing a company’s reputation and brand image in the market (Balmer & Greyser, 2003). It involves managing the perceptions and expectations of various stakeholders, including customers, employees, investors, and the general public, through various communication and marketing strategies (Cifuentes & Bardhi, 2020).
A positive corporate image is essential for businesses as it can help to differentiate them from their competitors and enhance their long-term profitability (Barton, 2015). According to a study by Reputation Institute, companies with a strong corporate reputation can outperform their peers in terms of revenue growth, market share, and profitability (Reputation Institute, 2021).
Corporate image management encompasses various factors, including branding, marketing, customer service, and corporate social responsibility initiatives (CSR). A company’s brand is its most valuable asset, and effective branding can help to create a strong corporate image (Keller, 2013). Marketing strategies, such as advertising and public relations, are also essential for building and maintaining a positive reputation (Cifuentes & Bardhi, 2020).
Moreover, customer service is a critical component of corporate image management. Good customer service can help to build trust and loyalty among customers, which can translate into higher profitability in the long run (Miceli et al., 2020). Finally, CSR initiatives, such as environmental sustainability and social responsibility, can also contribute to a positive corporate image (Du et al., 2016).
Efficient corporate image management is crucial for businesses looking to enhance their profitability and long-term success. By managing their reputation and brand image effectively through various communication and marketing strategies, businesses can build trust and loyalty among their stakeholders and differentiate themselves from their competitors in the market.
Strategy For Enhancing Profitability
Developing a strategy for enhancing profitability is a critical aspect of business management. There are various approaches to achieve this goal, and a combination of several strategies can be used to improve profitability. In this response, we will explore some of the commonly used strategies for enhancing profitability, supported by relevant citations.
RESEARCH DESIGN AND METHODOLOGY
The researcher used descriptive research survey design in building up this project work. The choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought to efficient corporate image Management as a Strategy For Enhancing Profitability
METHOD OF DATA ANALYSIS
The researcher will employ oral and direct interview in administering this research questions. Responses from the respondents were needed unlike questionnaires, which is less rewarding due to late receipt and loss of responses from respondents. The method of data analysis that will be used by the researcher is the simple percentage. More so, percentage and degrees of the responses will also be used in the analysis. Here, the ratio of those whose responses were not in the affirmative will be found and conclusions will be drawn there upon. Representations of the level of responses will be made in tabular form. The Statistical Package for Social Sciences (SPSS) software will be used to test the hypotheses.
References
- Bain & Company. (2019). Pricing Excellence: The Power of Strategic Pricing. Retrieved from https://www.bain.com/contentassets/05c7769fcf2a4a019a8b1e238a1a42d7/bain_brief_pricing_excellence.pdf
- Deloitte. (2020). Global Expansion: Unlocking Opportunities for Growth. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-global-expansion-unlocking-opportunities-for-growth.pdf
- McKinsey & Company. (2019). Cost Optimization. Retrieved from https://www.mckinsey.com/business-functions/operations/our-insights/cost-optimization
- Balmer, J. M., & Greyser, S. A. (2003). Revealing the Corporation: Perspectives on Identity, Image, Reputation, Corporate Branding and Corporate-Level Marketing. Routledge.
- Barton, L. (2015). Reputation matters: Corporate reputation and its impact on business success. Journal of Business Strategy, 36(3), 37-44.
- Cifuentes, L., & Bardhi, F. (2020). Corporate image management: An overview and research agenda. Journal of Business Research, 109, 256-265.
- Du, S., Bhattacharya, C. B., & Sen, S. (2016). Corporate social responsibility and competitive advantage: Overcoming the trust barrier. Management Science, 62(7), 1935-1950.
- Keller, K. L. (2013). Strategic brand management: Building, measuring, and managing brand equity. Pearson Education.
- Miceli, L., Mazzocco, P., & Rinallo, D. (2020). Customer service as an antecedent of customer satisfaction and loyalty: An empirical investigation in retail banking. Journal of Retailing and Consumer Services, 53, 101974
- Reputation Institute. (2021). The ROI of reputation. Retrieved from https://www.reputationinstitute.com/hubfs/Whitepapers/ROI%20of%20Reputation%20-%20Report%202021.pdf
