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CORPORATE IMAGE: A CONCEPTUAL FRAMEWORK FOR STRATEGIC PLANNING

George M. Zinkhan, University of Georgia, Athens, GA 30602


Jaishankar Ganesh, University of Central Florida, Orlando, FL 32816
Anupam Jaju, University of Georgia, Athens, GA 30602
Linda Hayes, University of Houston, Houston, TX 77204

ABSTRACT
Organizations are understandably concerned with managing their "Corporate Image." There is a strong
positive correlation between people's perceptions of a company and pro-corporate supportive behavior.
Here, past research on corporate image is integrated to create a framework which identifies the factors that
influence corporate image formation. Managerial implications are discussed, and guidelines are proposed
for strategically planning and effectively managing corporate image.

INTRODUCTION
Each corporation has an "image" whether the company does anything about it or not. Corporate image is
formed based on stakeholder perceptions of specific company actions as well as associated industry and
country issues. To a great extent, this image influences stakeholders' reactions to specific corporate actions,
products or stores. Using the consumer stakeholder as an example, the products and services consumers
buy are seen to have personal and social meanings in addition to functional utility. Products and services
are recognized as psychological things, as symbolic of personal attributes, goals, and strivings. Thus,
making a purchase involves an assessment (either implicit or explicit) of this symbolism (Levy, 1958). The
significance of corporate image is based on the notion that, if it is important to be concerned with the
psychological overtones and impact on consumer attitudes of the company's brands, then it is also
important to be concerned with these factors as they affect the company itself.

Corporate images are selectively perceived mental pictures of an organization. The sum total of these
perceived characteristics of the corporation is what we refer to as the "corporate image". While interacting
with an organization many stakeholders lack both the capacity and inclination to gather accurate
information about the organization. In such instances, corporate image serves as a useful substitute fr
concrete facts.

Given this knowledge organizations strive to manage their public image. Though most Americans believe
in free market system, it surprising that a recent corporate reputation study (Selame & Selame, 1988)
revealed that Americans hold big businesses in fairly low esteem. That is:
v 8 of 10 Americans feel that as companies get bigger, their customer relationships grow colder and
more impersonal.
v 79 percent fear that in just about every industrial category the consumer is at the mercy of one or
two "dominant" companies.
v 6 out of 10 believe business people would do anything to make a buck, preferably at the consumer's
expense.
v More than 50 percent believe profits are out of line, that business makes 34 cents on the dollar
(when, in fact, government data pegs it closer to four cents).

The above study and several others also revealed that there exists a strong positive correlation between
peoples' perceptions of a company and their attitude toward the company.

Past research in this area, though insightful, is highly fragmented and mostly descriptive in nature. The
purpose of this study is to integrate previous findings and develop a framework for understanding the
nature and scope of corporate image. As a first step, a framework is developed to identify the factors that

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influence the corporate image formation process. These factors are grouped into two major spheres' of
influence: those which can be controlled by the firm; and those that are not controlled by the firm but can
be influenced. In addition, strategic guidelines are provided to enhance the management of corporate
image.

Nature of Corporate lmage


Corporate image is an overall perception of the company held by different segments of the public
(Villanova, Zinkhan and Hyman, 1990). The two key phrases in the definition "overall perception" and
"different segments," indicate that corporate image is more than a mere sum of the impressions of
individual attributes and that it encompasses all of the company functions and roles. Corporate image
includes information and inferences about the company as an employer, as a seller, as an investment and as
a corporate citizen. A company will have more than one image depending on the nature of the interaction it
has with the different groups. Since people tend to "humanize" companies (Bayton, 1959), corporate image
may also include characteristics often attributed to humans such as "caring", "friendly", and "ruthless" and
so on.

The public segments which corporations are most concerned with are their stakeholder groups. Each major
stakeholder group has different characteristics, needs and expectations and may hold a different image of a
company. The major stakeholder groups of an organization include:
Stockholders : who have invested in a company and their most important need is to maximize the
return on their investment.
Board of Directors : who manage company affairs and whose primary duty is fiduciary in nature.
Employees: people in the middle management and the rank and file of the organization.
Suppliers : who supply raw materials and services, including bankers who supply necessary finances.
Channel Members : who are involved in the distribution network including wholesalers, retailers and
the kind.
Customer: who purchase the company's products and/or services.
Community: including governmental agencies and the public at large who will assess the company's
role as a corporate citizen.

Perceptions and inferences about the company will differ between the various stakeholder groups,
depending on the nature of the interaction with the organization.

Scope of Corporate Image


Since a corporation's image affects stakeholders' behavior, organizations strive to develop and manage their
image for several reasons including: a) stimulating sales; b) establishing company goodwill; c) creating an
identity for employees; d) influencing investors and financial institutions; e) promoting favorable relations
with the community, government, special interest groups and other opinion leaders; and f) achieving a
competitive position.

A company that is effectively marketing its products could still have difficulty obtaining financing for
expansion, if the financial community perceives the company as sedentary. If stockholders have negative
sentiments about management, the company may find itself an easy target for a takeover bid. Similarly, if
an organization does not project itself as a good employer, it may face difficulties in recruitment and
maintaining the employee morale.

In order to project an effective corporate image, it is necessary to try and understand all the stakeholder
groups, their perceptions, expectations and needs. Understandably, the needs and aspirations of the various
stakeholder groups will be different, and it is necessary to recognize that these needs can differ rather
drastically between the groups. There might also be differences within groups; but, for sake of simplicity,
we will assume that individual groups are relatively homogeneous with respect to their image perceptions.

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To add to this complex web, if an organization operates in more than one industry, it might face totally
different stakeholder groups; and hence, the task of managing its corporate image becomes all the more
difficult. Nonetheless, there may be certain aspects of the corporate image common to both industries. This
is rather a simplified version of the problem, as there are companies which operate in more than two
industries. It is sufficient to say that the complexity increases proportionally.

CORPORATE IMAGE FORMATION PROCESS


The first step in attempting to influence and manage the corporate image of an organization is to understand
the process by which corporate image is formed. The figure provides a conceptual framework of the
corporate image formation process. The framework suggests that there are numerous sources that influence
and hence affect the image of an organization. These sources can be broadly classified into two major
groups or spheres of influence: a) internal and controllable sphere of influence; and b) external and non-
controllable sphere of influence.
--------------------------------------------
Insert Figure 1 about here
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Variable that are internal to the organization are controllable and can be used to influence stakeholders'
image of the organization. Factors external to the organization are not within the direct control of the
organization. However, the organization can influence these external factors indirectly by manipulating the
variables at its control in the internal sphere. For example, in running advertisements to improve its own
image, a company's efforts may help to improve the entire industry's image.

Internal Spheres of Influence


Within the internal sphere of influence are atleast five major sources that help form a corporate image: a)
corporate personality and identity; b) corporate advertising; c) brand image; d) public relations; and e)
frontline employee behavior.

Corporate Personality and Corporate Identity: Every company has a "personality" which can be defined as
the sum total of the characteristics of that organization. These characteristics can be quantitative (e.g., size
of organization, volume of sales) or qualitative (e.g. reputation, quality of products and services) in nature;
and they serve to distinguish one organization from another. These qualitative and quantitative
characteristics collectively comprise the corporate personality. The term, corporate personality, refers to
who and what the company is, rather than how the company is perceived by the public. The public's
perception of the company constitutes corporate image.

A company also has an "identity" which can be described as an ideal self-image. Ideal self-image is that
image which the company would like the public to hold (Sirgy, 1982). The corporate identity is the set of
conscious cues or carefully selected characteristics of the corporate personality that is projected to the
public in an effort to influence the public's perception of the company. Corporate identity represents the
ways a company chooses to identify itself to all its publics. Image, on the other hand, is the perception of
the company held by its publics. Corporate Identity is affirmed by a company's products, buildings,
communication material and by how the organization behaves. It is expressed by the names, symbols,
logos, colors and rites of passage which the organization uses to distinguish itself from its competitors.
Corporate identity does not directly translate itself into corporate image, but it does influence corporate
image. Identity, as projected by the organization contributes to the shaping of people's perceptions such that
an image of the organization is formed (Stewart, 1991). Further. an underlying and often implicit rationale
for corporate identity and image is that being familiar with an organization leads to a more favorable
disposition towards it (Worcester, 1986).

Corporate Advertising: The factors which contribute to the make-up of an identity can be analyzed and
interpreted in many ways. A prime responsibility of management is to define and communicate the
organization's identity in such a way as to facilitate the achievement of corporate goals. From the

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organization's point of view, it can influence its image by controlling the type of information disseminated
to the public about the company. In this regard, institutional advertising has proved to be an effective tool
to generate awareness of the company behind a product or service and to create goodwill.

Research has shown that the confidence a person has in an attribution is a function of the amount of
consistent information available. That is, if a person does not have enough information to make a confident
attribution, he or she will be susceptible to influence. One way a company can influence the attribution of
its stakeholders is to provide the stakeholder with consistent, favorable information about the corporation
over time or modality. Corporate advertising is a tool often used to deliver this information and, by doing
so, influence stakeholders' image of the corporation.

Corporate advertising seeks to inform and influence the public's attitudes about a company's actions,
characteristics, or viewpoints. Research has showed that organizations actively engaged in corporate
advertising scored better ratings of familiarity, recall, and overall impression (Kilbourn & Mowen, 1986).
A study of the oil industry concluded that corporate advertising does enhance company image and
motivates people to buy the company's brands (Lewis, 1986). Based on this realization, many companies
have sponsored corporate advertising for many years.

Brand Image: In many markets, few products can be differentiated purely on their functional merits. It is
very difficult to explain why 'Brand A' is more successful than 'Brand B' when there are no clear functional
differences or realizable cost advantages between the brands. This provides evidence that brand image does
play an important role in the success of a product.

Brand image consists of functional, symbolic and experiential aspects of the product or service (Park,
Jaworski, & MacInnis, 1986) including the influence of product advertising on the brand. Intuitively, one
would expect a significant interaction between brand image and corporate image. This is especially true for
brand names such as Coke or Sony, where the company name (or a part of it) is also the brand name. In
general, the interaction effect would be maximum in those cases where the public can associate the brand
names directly with the company. Research has found that brand advertising can improve the image of the
company as long as the advertising message conveys the relationship between the brand and the company
(Lewis, 1988). Hence, in situations where a firm's products are easily associated with the company name,
brand image is directly related to company image.

Public Relations: Public relations campaigns have long been a means for companies to build up a general
reservoir of goodwill (Martineau, 1958). Through sponsoring local events and contributing to charities,
companies can project an image of a "good corporate citizen." Public relation programs can be used to
project an image of a company that is environmentally conscious. A "green campaign" can not only boost
the image of the company but, also, can do wonders for company sales.

The flip side of the coin is that a bad public relations campaign could lead to a disaster. According to
advertising and image consultants, a recent U.S. trade mission to Tokyo turned out to be a public relations
debacle for Detroit. The mission was a failure, and the image of the Big Three executives begging the
Japanese to buy more American cars has done little to improve the image of these companies (Adweek,
1992b).

Frontline Employees Behavior: Whenever an organization comes into contact with the public, interaction
occur which influence perceptions of that organization and establish or affect the relationship between the
parties. In many situations, direct contact with frontline employees of the company serves to form
impressions about the company. The courtesy and knowledge of the telephone receptionist, the efficiency
of the service engineer or the sincere concern of a sales manager in dealing with the complaints of a
customer, will help form or reinforce an organization’s image. The behavior of these employees is, in turn,
influenced by the corporate culture and organizational climate (Dowling, 1986).

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Corporate culture is “the pattern of shared values and beliefs that help individuals to understand
organizational functioning and thus provide them with norms for behavior in the organization” (Deshpande
& Webster, 1989). A well-developed corporate culture is an efficient medium for providing governance for
employee aspirations and behavior. While corporate culture can be looked upon as a set of shared
assumptions and understanding about organizational functioning, organization climate relates to members'
perceptions about the extent to which the organization is currently fulfilling their expectations.
Organization climate refers to the ways organizations operationalize the themes that pervade everyday
behavior -- the routines of organizations and the behaviors that get rewarded, supported and expected by
organizations. The behavior of frontline employees are governed and influenced by the prevailing corporate
culture and organization climate. In turn, the interactions of these employees with the 'public influence the
corporate image formation process.

Web Sites: The emergence of the World Wide Web as a mass communications medium has, in a few short
years, changed the way organizations think about interacting with its stakeholders. Today, Organizations
use the internet as a potential means of communication to all their stakeholders. Built around the concept of
integrated marketing communication, websites help an organization’s stakeholder, gather information, form
perceptions and interactively respond back to the organizations. Technology enables the organizations to
manage their corporate image dynamically through web sites at relatively low costs. Web sites enable the
organizations to recreate and reposition themselves to meet the demands of the market place.

External Sphere of Influence


Impressions of organizations can be formed through indirect contact. Information received second-hand
through personal experiences of friends and colleagues can influence a stakeholder's image of a
corporation. Information from the popular press regarding the activities of the company or its financial
health can impact on a corporation's image. Major sources of information within the external sphere that
play a major role in the corporate image formation process are: a) industry image; b) country-of-origin
image; c) word-of-mouth; and d) press reports. These sources are beyond the direct control of the company
but may be influenced indirectly.

Industry Image: The general image of the industry a company is associated can impact on the company's
image. Consider the case where a consumer knows nothing specific about Geico Insurance Company
before he or she telephones for a quote on auto insurance. Would the consumer begin his or her association
with a completely "blank mental" image of Geico or with an image similar to that held of other companies
in the insurance industry? Few would argue that the former would be the case. Thus, beyond the matter of
whether stakeholders use their image of the industry as proxy when little is known about a specific
company, the real managerial issues are whether this industry image is negative or positive, the strength of
the proxy industry image, and what a company can do to change this image if need be.

Country-of-Origin Image: Research has shown that knowledge of the country-of-origin affects both the
image of the brand and the company (Darling & Arnold, 1988). This interaction helps explain the halo
effect associated with Japanese cars and German machinery. Consumers, for example, may form an image
that Mitsubishi is a maker of high quality automobiles just knowing Mitsubishi is a Japanese company
without ever having had direct dealings with the company.

Press Reports: There is also a link between company public relations, press reports and the image of the
company. In this paper, public relations are press releases controlled by a company while press reports are
reporting by any and all others. People do not always have a sharp mental picture of an organization but do
have access to a broad variety of news items. Press reports such as the Exxon Valdez oil spill and
Dow-Corning breast implant problems shape stakeholders' image of these corporations. In addition, these
reports impact on a stakeholder's image of each industry involved which, as discussed previously, impacts
on the associated corporation's image.

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Word-of-mouth: Word-of-mouth is personal communications between two or more people. This includes
stakeholder's conversations with family, friends, colleagues, acquaintances, and so on. In the absence of
direct interaction with the organization, the stakeholder may form opinions and impressions of the
organization based on what others say about the company. Word-of-mouth tends to be highly credible and
persuasive (Schiffman & Kanuk, 1987) and can significantly affect the image a stakeholder forms toward a
given company.

STRATEGIC MANAGEMENT OF CORPORATE IMAGE


Critics argue that companies cannot create or influence corporate image, no matter how much money they
spend (WSJ, 1991). Critics support their arguments with data that show that the top ten corporate
advertisers in the U.S. have slashed their corporate advertising budget over the past couple of years. In
contrast, the position presented here is that a firm can create and/or modify its image by managing and
controlling the variables within the firm's internal sphere of influence.

Corporate America has several success stories where the image of an organization has been effectively
changed or influenced through a well-orchestrated corporate image program. The change over of
"Allegheny Airlines" to USAir is one such classic example. At the time, consumers' perception of
Allegheny Airlines was quite negative and dubbed the company "Agony Airlines." It cost the company $3
million to become USAir; but, according to company officials, it was a bargain (Selame & Selame, 1988).
AT&T developed a massive campaign aimed at changing its image from that of a stodgy near-monopoly to
a cutting-edge, high-tech firm(Adweek, 1992a).

Organizations may wish to change or influence their image for many reasons. Whatever the motivation, a
company needs to develop a clear image that reflects its mission and goals. The specific image should leave
little room for stakeholder interpretation. For example, Ford's "Quality is Job 1" conveys a clear image that
Ford is a company where quality is first and foremost. However, MCI's "the most" is quite unclear. The
most what? The most expensive, the most inexpensive, the most innovative, the most conservative?

The desired image should be defined and planned as precisely and carefully as the other marketing
variables such as the brand name, product pricing, advertising and distribution. An in-depth analysis of the
company's existing image is required before any corporate image campaign can be conducted. To help
insure that the correct image is getting through to the stakeholders, the entire image campaign should be
consistent, carrying the same theme, and supporting the same message. Further, since corporate image is a
perception on the part of the stakeholder and not necessarily reality, regular feedback to ascertain the actual
image stakeholders hold of the corporation is recommended.

Corporate image is that picture of the firm held by the stakeholders, and it is important for firms to have
knowledge of the stakeholder groups, their needs, wants and the extent of their interaction with a company
before attempting any image campaign that aims at influencing the stakeholders' perceptions of the
company. Given the notion that companies can do something about their image, the question becomes what
should companies do?

A key to developing an effective corporate image is in recognizing that different company stakeholders
may consider different firm attributes important. For-example, consumers may feel that a caring company
is important when purchasing personal products. However, stockholders for these same companies may feel
that a company that cares too much is an ineffective profit generator. Stockholders may believe that a
tough, efficient corporation is more likely to generate profits. Therefore, an image based on "caring" may
benefit the corporation by generating positive attitudes with consumers but may deter the stock price from
rising since stockholders feel that this type of corporation does not typically generate the required profits.

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Approaches to Image Management
In choosing a strategy for developing an effective corporate image, firms need to consider that the various
stakeholder groups may hold different attributes of a corporation important and salient. This leads to the
consideration of at least four possible strategies for developing a corporate image:
1. single image focusing on one attribute important to all stakeholders
2. single image focusing on most important stakeholder
3. single image that combines two or more attributes
4. multiple images directed at different stakeholder groups

In the first strategy, the firm focuses on one attribute that is important to all company stakeholders. An
example of this type of strategy is GE's "Progress is our most important product". As shown in Table 1,
progress is at least a moderately important company attribute to all stakeholders. For the stockholder,
progress is important since it can mean a corporation that effectively advances toward its financial
objectives. For the community, progress is important since it can mean helping to advance societal goals.
To the consumer, progress can mean technological advancement to the point where the consumer has
assurance of buying state-of-the-art products. In other words, all GE's stakeholders would probably feel that
progress is an important attribute which the corporation needs to deliver. ,
-------------------------------------
Insert Table 1 About Here
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Trust is an example of an attribute of great importance to all stakeholders. Corporations make some type of
commitment, whether expressed or implied, to all stakeholder groups. Therefore, it is very important that
each stakeholder believes that a firm is trustworthy enough to honor these commitments. Choosing trust as
a focal image attribute could be very effective. Trust can serve effectively as a focal image attribute.

A second strategy is to focus on the most important stakeholder group(s) and develop an image tailored to
that selected stakeholder. For instance, utility companies may consider the community the most important
stakeholder. In building the utility's image, focusing on company attributes that are most salient to the
community would be in order. In this strategy, privately held companies have an advantage over publicly
held corporations.

Privately held firms do not have outside stockholders and can concentrate on forming a positive consumer
image without being concerned about the potential negative images formed by stockholders. However, this
strategy is the least appropriate in most situations, since not many companies can afford to concentrate on
just one group, essentially ignoring the other stakeholder groups.

A third strategy would be to develop an image that combines two or more attributes that are salient to
stakeholders. For example, Merrill Lynch's image of a bull moving through a china shop without breaking a
dish combines the attributes of strength and care. This image conveys to consumers that the company cares
about them but, at the same time, communicates to both consumers and stockholders that Merrill Lynch has
the strength to do what is necessary to meet its goals. Moreover, being a "bull" has a positive connotation
on Wall Street and provides stockholders with confidence in Merrill Lynch.

Focusing on one image or one stakeholder may be too limiting for some firms. Therefore, a fourth strategy
involves creating an image campaign that attempts to influence the multiple images held by different
stakeholder groups. This multipronged approach could be quite successful in conveying an important,
meaningful image to each intended stakeholder group. However, this approach may also lead to a blurry or
mixed corporate image that can cause confusion among the company's stakeholders.

Tools for Building an Effective Image Campaign


As previously mentioned, companies have an image whether they do something about it or not. Due to the
halo effect, being identified as part of a specific industry or being associated with a specific press report

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inherently includes an accompanying image. However, as shown in the figure, companies can do something
about their image by effectively utilizing one or more of the basic tools the organization has within its
direct, control (the internal sphere of influence) to change or influence its corporate image.

Corporate advertising is the most often used tool for image management. Corporate advertising can be used
not only to deliver the company's image but also to help dispel negative images attached to the company
via a general industry image, country-of-origin or outside press reports.

Corporate identity is another powerful tool, within the control of the company, that can be used to
create/change corporate image. Identity programs that clearly demonstrate the intangible and not so readily
quantifiable characteristics of an organization or product play an increasingly important role in customers'
purchase decisions. Broadly speaking, corporate identity programs can be divided into three major
categories: monolithic identity; endorsed identity; and branded identity (Olins, 1990). The underlying
characteristic feature of a monolithic, identity program is that of projecting a single, solid identity for all its
various activities. In the case of the monolithic option, the organization uses one name, symbol, type style
etc. in virtually every application that comes to mind, right down to matchbook covers in the executive
dining room. This serves the purpose of reinforcing at all times the identity of the parent company.

On the other hand, the underlying feature of an endorsed identity program is the synergy effect achieved by
jointly projecting the corporate's identity along with the identity of its individual activities. An endorsed
identity strategy is based on the concept that the individual parts of an organization should be readily
identified but should also be seen as part of a larger whole. An endorsed identity strategy is ideal for firms
that have grown largely through mergers and acquisitions and operate in multiple industries with a wide
array of activities. Such firms are concerned with retaining the goodwill associated with the brands and
companies they have acquired. Yet, they are also want to impress certain audiences, such as the financial
community and suppliers, with their total size and strength by projecting a single consistent image. The
underlying aspect of a branded identity program is that a firm chooses to project its brand identities when
they are stronger than the corporate identity. This strategy is typically applicable for organizations that
operate through a series of brands that may either be unrelated to each other or to the corporation. This type
of identity program can be powerful, complex, highly charged and create immediate symbolism aimed at a
specific marketplace.

Public relations is an image-building tool often used during crisis to set right tarnished images. Rumors and
accidents can negatively affect a company's image within a short period of time. In such situations, fast and
intelligent response help create confidence among stakeholder groups. Internal image management among
employees is another step in a firm's corporate image campaign. Employees are an organization's primary
public. Satisfied employees can go a long way toward projecting a positive image of the company. Thus, a
company's corporate image should be articulated accurately and consistently to every employee and should
be reinforced in every communication with them.

Conclusion
Stakeholders form images of the corporation based on several factors. Some of these factors are directly
controllable by the corporation, while others can be indirectly influenced. In creating a strategic plan for
one's corporate image, it is important to remember that corporate image is inherently multidimensional and
that a firm will have an image whether or not it does anything toward building one. Firms can influence and
manage their image through proper use of the factors that are within their internal sphere of influence.
These factors include: corporate advertising; corporate identity; brand image; public relations; and
employee behavior. Before implementing an image campaign, a firm needs to identify what image it wants
to project to each of its stakeholder groups. A thorough understanding of the various stakeholder groups
will help in designing an effective image campaign.

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REFERENCES

Adweek. (1992a), “AT&T Sets Out to Change its Look,” Adweek's Marketing Week, May 25, 5
Adweek. (1992b), “Brand America Takes a Beating in Japan,” Adweek's Marketing Week, January 13, 5
Adweek. (1992c), “The End of the Great Diaper Debate,” Adweek's Marketing Week, January 20, 6
Bayton, J. (1959), “Researching the Corporate Image,” Public Relations Journal, 4(October), 3-8.
Darling, J. R., & Arnold, D. R. (1988), “Foreign Consumers' Perspective of the Products and Marketing
Practices of the United States versus Selected European Countries,” Journal of Business Research,
17(3), 237-248.
Deshpande, R., & Webster, F. E. (1989), “Organizational Culture and Marketing: Defining the Research
Agenda,” Journal of Marketing, 53(1), 3-15.
Dowling, G. R. (1986), “Managing your Corporate Images,” Industrial Marketing Management, 15, 109-
115.
Kilbourn, W. E., & Mowen, J. C. (1986), “Image Advertising and Consumer Attitudes towards the
Company: An Exploratory Study,” Akron Business and Economic Review, 17(1), 28-33.
Levy, S. J. (1958), “Symbols By Which We Buy,” Paper presented at the Advancing Marketing Efficiency.
Lewis, W. C. (1986), “The Effect of Brand Advertising on Company image: Implications for Corporate
Advertisers,” Journal of Advertising Research, 26(6), 54-59.
Lewis, W. C. (1988), “Does it Pay to Advertise to Hostile Audiences with Corporate Advertising,” Journal
of Advertising Research, 28(3), 11-18.
Marchand, Roland (1998), Creating the Corporate Soul: The Rise of Public Relations and Corporate
Imagery in American Big Business, Berkeley, CA: The University of California Press.
Martineau, P. (1958), “Sharper Focus for Corporate Image,” Harvard Business Review, 36, 49-58.
Olins, W. (1990), Corporate Identity: Making Business Strategy Visible Through Design, Boston, MA:
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Park, C. W., Jaworski, B. J., & MacInnis, D. J. (1986), “Strategic Brand Concept-Image Management,”
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Schiffman, L. G., & Kanuk, L. L. (1987), Consumer Behavior (3rd ed.), Englewood Cliffs, NJ: Prentice-
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Stewart, K. (1991). Corporate Identity: A Strategic Marketing Issue. International Journal of Bank
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WSJ. (1991), “Firms Cut Spending for Image Campaigns,” The Wall Street Journal, November 26.

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TABLE 1: CORPORATE ATTRIBUTE – STAKEHOLDER GRID

Corporate ß------------------------------- IMPORTANCE TO STAKEHOLDER --------------------------------à


Attribute Stock- Board of Channel
Employees Customers Community Suppliers
holders Directors members
Caring L L H M H H M
Efficient H H L M L M M

Progressive H M M M H M M

Trustworthy H H H H H H H

Quality H M M H H M H

L = of Little Importance, M= of Moderate Importance, H=of high Importance

FIGURE 1: CORPORATE IMAGE FORMATION PROCESS

INTERNAL AND EXTERNAL AND


CONTROLLABLE SPHERE UNCONTROLLABLE SPHERE
OF INFLUENCE OF INFLUENCE

Corporate Personality & Identity


Industry Image
Corporate Advertising
Country of Origin Image
Brand Image
Word of Mouth (including Chat
Public Relations
Rooms)
Frontline Employee Behavior
Press Reports
Web Sites (& other Internet
Applications)

CORPORATE IMAGE

Board of Channel
Shareholders Employees Customers Community Suppliers
Directors Members

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