Premium Essay

Nike's Reputation

In: Business and Management

Submitted By melodie120
Words 740
Pages 3
‘The business of business is business’ (Milton Friedman, 1970, New York Time magazine)
Build a strong brand image
-Branding is at the centre of reputation management, it requires a clear corporate mission and philosophy.
-Trust and credibility from public are indispensable to build a strong brand image (Schweizer & Wijnberg, 1999).
-Brand personality and identity must be clearly understood by each stakeholders to portray the brand values.
-The culture and values of a brand are a key part of the brand image. Improve Financial performances
-Good reputation leads to higher customer retention (Caminiti, 1992; Preece et al., 1995) so increase repurchasing.
-Customers are willing to pay higher prices for a product/service sold by a company with a good reputation.
-Good reputation improve customers satisfaction (Markus Eberl and Manfred Schwaiger, 2004).
-Past financial performances can impact the current reputation which can impact the future financial performances.
-All of these elements have a positive impact on profit. Develop relationship with stakeholders
-“Any group or individual who can affect or is affected by the achievement of an organisation’s objectives” (Freeman, 1984, p.46).
-Shareholders, customers, employees, business partners, media, government, local communities, environment.
-The company must communicate efficiently, transparently and use different ways of communication for each stakeholder to maintain and develop strong relationship (Benjamin A. Neville, Simon J. Bell and . Bulent Menguc, 2005). Create a competitive advantage
-Reputation like brand image is an intangible but valuable element of a company.
-Managing reputation is a strategy that provides a competitive advantage as the company’s stock is more valuable which attract investors.
-Investors provide a revenue which will be used to reinforce R&D or marketing...

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