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Corporate Brand Building

Corporate Brand Building. CORPORATE IMAGE - WHAT IS IT?. Corporate Identity. Individual Interpretation . Corporate Image. $. =. Lundquist, O. S., Rønning, L., Sandberg, G., ‘Corporate Identity and Corporate Image, En litteraturstudie av begrepenes definisjoner,

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Corporate Brand Building

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  1. Corporate Brand Building Peggy Simcic Brønn

  2. CORPORATE IMAGE - WHAT IS IT? Corporate Identity Individual Interpretation Corporate Image $ = Lundquist, O. S., Rønning, L., Sandberg, G., ‘Corporate Identity and Corporate Image, En litteraturstudie av begrepenes definisjoner, Diplomoppgave, Siviløkonomstudiet, BI (1997). Peggy Simcic Brønn

  3. Corporate Image in Relation to Corporate Identity Behavior Corporate Identity Corporate Image Communication Symbolism Corporate Identity Peggy Simcic Brønn van Riel, p. 33.

  4. CORPORATE IDENTITY • The way in which an organization presents itself • Symbols • Communication • Behavior • Referred to as Corporate Identity (CI) Mix • Personality manifested through this mix Peggy Simcic Brønn

  5. Product Price Logos Name Stationery Brochures Signs Visit cards Buildings Uniforms Sponsorship Packaging Work environment Figure or “character” CORPORATE IDENTITY MEDIA Peggy Simcic Brønn

  6. IMPORTANCE OF IDENTITY • Raises motivation among employees • Inspires confidence in stakeholder groups • Acknowledges important role of customers • Acknowledges vital role of financial groups Peggy Simcic Brønn

  7. TYPES OF CORPORATE IDENTITY • Monolithic -- Shell, Philips, BMW • Endorsed -- GM, L’Oreal • Branded -- Unilever, Orkla Peggy Simcic Brønn

  8. Measuring Corporate Identity • Overall corporate identity • Cobweb • Star method • Laddering • Keller’s Mannheimer CI test • Measuring individual elements of CI mix • Behavior -- organizational climate studies, ROIT • Communication -- organizational climate studies, communications audits • Symbolism -- facilities audit, graphic design audit Peggy Simcic Brønn

  9. Corporate Image An image is the set of meanings by which an object is known and through which people describe, remember and relate to it. That is the result of the interaction of a person’s beliefs, ideas, feelings and impressions about an object. (Dowling, 1986) van Riel, p. 74 Peggy Simcic Brønn

  10. Corporate Identity Names, Self-Representations Employee Image Customer Image Community Image Investor Image Corporate Reputation Corporate identity and reputation Fombrun, C. J., Reputation, Harvard Business School Press

  11. Reputation is the most important commercial mechanism for conveying information to consumers. It is a distinctive capability that accrues competitive advantage to an organization. John Kay Foundations of Corporate Success Peggy Simcic Brønn

  12. CORPORATE IMAGE IS THE PERCEIVED SUM OF THE ENTIRE ORGANIZATION - ITS OBJECTIVES AND PLANS. IT ENCOMPASSES PRODUCTS, SERVICES, MANAGEMENT STYLE, COMMUNICATIONS ACTIVITIES AND ACTIONS AROUND THE WORLD. G.A. Marken Peggy Simcic Brønn

  13. WHY DO WE NEED TO CARE ABOUT IMAGE? Consumers are more sophisticated than ever before There is more distrust than ever regarding motives of big business There has been more changes in the last ten years than in the last 80 There is a clear relationship between a positive image and profitability Peggy Simcic Brønn

  14. Image is no longer solely the realm of marketing, but rather a strategic instrument of top management. De Soet (CEO Dutch KLM) When having to choose similar products, 9 out of 10 consumers base their decisions on the reputation of the company. Mackiewicz

  15. TODAY’S SITUATION • Quality and good service taken as given • Programs such as TQM and ISO9000 have worked • Organizations need new differentiators, new USP’s (unique selling propositions) • Advocacy advertising • Green advertising Peggy Simcic Brønn

  16. General promotion value Encourage favorable behavior towards organization Build sales Attract shareholders Attract and motivate employees/build morale Reduce cost of capital Aid in relations with community/ government Serve corporate objectives Create familiarity and favorability Create position in industry Can demand premium prices REASONS FOR IMAGE ‘MANAGEMENT’ Peggy Simcic Brønn

  17. IMAGE LEVELS • Product class • Brand • Company • Sector • Shop • Country • User Peggy Simcic Brønn

  18. Some Factors Controlling Company Image Reality of company* Communica- tions effort Newsworthiness of company Memory decay + + x Time - = Company Image * Including Diversity of Company van Riel, p. 95 Peggy Simcic Brønn

  19. Keller’s Corporate Image Dimensions • Common product attributes, benefits, attitudes • quality, innovativeness • People and relationships • Customer orientation • Values and programs • Concern with environment, social responsibility • Corporate credibility • Expertise, trustworthiness, likability Keller, in Schultz, Hatch, and Larsen, The Expressive Organization Peggy Simcic Brønn

  20. Dowling’s Description Attributes • Importance and selection of attributes depend on stakeholder group -- their beliefs about what is distinctive, central and enduring in their relationship with the organization • Common image attributes • Credible Expert • Innovative Environmental concern • Successful • Well managed Dowling, in Creating Corporate Reputations Peggy Simcic Brønn

  21. Measuring Corporate Image • Hit lists (Fortune, MMI, Financial Times) • Barometers (R + M) • CIPA Model of Motivation • CS Technique • Natural grouping (Research International) • Photosort (FHV/BBDO) Peggy Simcic Brønn

  22. Financial soundness Value as a long-term investment Use of corporate assets Innovativeness Quality of Management Ability to attract, develop and keep talented people Quality of products and services Community and environmental responsibility KEY ATTRIBUTES OF REPUTATION (Fortune) Peggy Simcic Brønn

  23. Products/Services • Quality • Satisfaction • Technology • Value • Selection • Management/Employees • Quality of Management • Quality of work conditions (physical and social) • Quality of strategies • Ethics/Community • Equal employment • Socially responsible • Protect jobs • Contributes to charity • Helps the community • Conserves energy • Environmentally conscience • Supports culture • Responsible citizen • Finances • Sound investment opportunity • Pays dividends • Reporting practices • Stock price • Diversified • Wise use of assets • Consistent growth

  24. Example of how different image aspects vary in importance to different groups. What are the most important things to know about a company to judge its reputation? Bus. General City Business Editors Public Investors Press (percentage) • Financial Performance 42 9 65 80 • Quality of Management 28 9 91 71 • Quality of Products/ Services 8 47 20 0 • Customer Services 6 18 0 20

  25. Top Ten 1999 1. General Electric 2. Microsoft 3. Dell Computer 4. Cisco Systems 5. Wal-Mart Stores 6. Southwest Airlines 7. Berkshire Hathaway 8. Intel 9. Home Depot 10. Lucent Technologies Top Ten 2000 1. General Electric 2. Cisco Systems 3. Wal-Mart Stores 4. Southwest Airlines 5. Microsoft 6. Home Depot 7. Berkshire Hathaway 8. Charles Schwab 9. Intel 10. Dell America’s Most Admired Companies, Fortune Peggy Simcic Brønn

  26. The Bottom Ten 1999 495. Humana 496. Revlon 497. Trans World Airlines 498. CKE Restaurants 499. CHS Electronics 500. Rite Aid 501. Trump Resorts 502. Fruit of the Loom 503. Amerco 504. Caremark Rx The Bottom Ten 2000 526. Trans World Airlines 527. Trump Hotels & Casinos 528. Kmart 529. Bridgestone/Firestone 530. America West Holdings 531. LTV 532. US Airways Group 533. Federal-Mogul 534. Warnaco Gr 535. CKE Restaurants America’s Most Admired Companies, Fortune Peggy Simcic Brønn

  27. Problems with Hit Lists • Give little diagnostic information -- more a beauty contest • Do not discriminate among images of different stakeholders • Do not distinguish between corporate image and reputation (as defined by Fombrun) Dowling, in Creating Corporate Reputations Peggy Simcic Brønn

  28. BARRIERS TO ACHIEVING ‘DESIRED’ IMAGE • “CEO disease” (refusal/inability to be reflective) • Mental models • If it’s not broke don’t fix it • Inability to read environment • Confusion regarding who’s job it is Peggy Simcic Brønn

  29. OPTIMAL - AN INTEGRATED EFFORT • Unified image • Data base management-driven integration • Integrated customer contact points • Stakeholder-based integration Peggy Simcic Brønn

  30. Goal: Credible Image • Believable message • Clearly stated • Continually and consistently • Through appropriate channels • At the appropriate level of understanding Peggy Simcic Brønn

  31. The Three I’s - Mission Oriented • Identity: Who we are • Image: What we are • Ideas: What we stand for and believe Peggy Simcic Brønn

  32. The co-orientation model Issue Organization’s definition and evaluation of an issue Stakeholder A’s definition andevaluation of an issue UNDERSTANDING AGREEMENT CONGRUENCY CONGRUENCY Organization’s perception of Stakeholder A’s views Stakeholder A’s perception of organization’s views ACCURACY McLeod, J. M. and Chaffee, S. H., Interpersonal Approaches to Communications Research, American Behavioral Scientist (1973)

  33. Openness Attention External Environment Clarity Internal Environment Company Trust Strength Acceptance Ensuring internal understanding and external acceptance Understanding Schultz, M., Ervolder, L., Hulten, J., ‘The Integration Between Corporate Culture, Identity and Image: The Emergence of a New Industry?, Working Paper, Copenhagen Business School (1997). Peggy Simcic Brønn

  34. Monitoring What you have The organization Audience Perceptions Corporate Identity Corporate Visuals How you intend to use it Corporate Identity: Era 1 -- Badging Source: Bamber Forsyth in White, J. and Mazur, L. Strategic Communications Management, Addison Wesley, London, 1996.

  35. Monitoring What you have Corporate Visuals The organization Audience Perceptions Corporate Identity How you intend to use it Corporate Communications Corporate Identity: Era 2 -- Visuals plus Communication Source: Bamber Forsyth in White and Mazur

  36. Monitoring What you have Corporate Behavior Process The organization Audience Perceptions Corporate Identity Corporate Communications How you intend to use it Vehicles Corporate Values Corporate Identity: Era 3 -- The integrated approach Source: Bamber Forsyth in White and Mazur

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