Corporate Reputation Assignment Example | Topics and Well Written Essays - 3500 words - 2

Corporate Reputation - Assignment Example Thus, corporate reputation is rooted in the following three intertwined aspects including the existent company values (as exemplified by the company/ organizational culture), the entity’s services and products offered, and the overall coexistence and interpersonal relationships existent in the entity’s employee base. In addition, pertinent procedures and processes, which aid in the smooth running of the business, are vital. Overall, corporate reputation rests on the existent industry legislation/regulations, the influencers, who include labor/trade unions and bodies, in addition to, the very influential media and press, regional and national influence (in the form of government action and taxation, in addition to, existent professional advisors), and the overall existent industry structure. This encompasses existent competitors, suppliers, new business entities and most importantly the customer/ consumer base. Internally, the employee base, following a set of procedures (company rules and regulations) in addition to the entity’s products and services, combines to represent the entity’s corporate reputation (Boyd, 2010, p. 67). As Lee and Roh (2012: 649) posit, corporate reputation is considered as an intangible quality, which aids in the differentiation of a specific business entity from other existent entities. This is in addition to its attraction and hence retention of customers towards not only purchasing, but also repurchasing of its goods/ products and services, with a willingness towards paying more (premium prices) for the same. Hence, the presence of high corporate reputation, being vital to an entity’s value, in addition to being a critical measure of performance, acts as a cost-saving mechanism of entities. It functions as a mechanism, which aids in the decrease of overall consumer uncertainty through an increase in customer satisfaction, the existent customer base, and wholesome marketing effectiveness. In business entities possessing such a quality, its employees are often more competent, hence the need for contracting measures in addition to monitoring expenses and costs.