Introduction
A business strategy is a process whereby a particular firm has a plan that is working in order to get its vision while competing successfully, reaching its chief objectives and maximizing its monetary performance with a business model. This article will talk about the importance of building and developing a brand, reputation, and image that integrates into a marketing and manufacturing strategy in addition to the way a compensation package supports a business strategy.
Importance of building and developing a brand
According to (Ries, 2014) branding refers to a marketing practice in which a company makes a name, symbol, or design that can be identified easily as belonging to the company. The following are the importance of branding.
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Branding makes a company become known to consumers. Branding has a logo which is its most essential part. The logo is essentially the face of the company (Badajoz, 2018). This makes it important to have a professional logo design which is powerful and easily memorable. This gives an impression on a person at first glance. This gets across the markets by having printed promotional products.
Branding increases business value. It is very important when trying to create future enterprises, and a strongly established brand can heighten a business value by letting the company with more leverage in the industry. All this makes it a more appealing investment opportunity because of its firmly established place in the marketplace.
Branding creates new customers. Powerful branding means that there is a positive impression of the company amongst consumers and they are likely to do business with it due to the familiarity and assumed dependability of using a name they can trust.
It should also be known that branding creates trust within the marketplace. A professional appearance and well-strategized branding will help the company build trust with customers, potential clients, and customers. People have a tendency to do business with a company that has a more polished and professional portrayal.
Importance of building and developing a reputation
A good business reputation facilitates engagement. It helps people to determine how to engage with the business. Business reputation is not only what current and potential customers use to form an opinion about your business; these opinions are that which influences other peoples and future customer’s opinions as well
A good reputation mitigates the impact of bad reviews (Bonaparte, 2017). Unfortunately, people are quicker to share negative experiences than positive ones. Even worse, one negative review can hold as much weight as ten positive ones. A good business reputation can help mitigate that damage. Fewer people will adopt or be influenced by an unhappy customer’s opinion if they already have a good opinion of you to start with.
Word of mouth marketing is real. With all the social media applications, online customer review sites on content platforms available today, people have more encouragement, ability, and convenience than ever before to speak out their opinion about a business. Moreover, people trust more opinions of other people, even if they are total strangers.
Importance of building and developing a good business image
Corporate image is the reputation of the firm with the various audiences that are important to it. These groups that have a stake in the company are known as stakeholders. Stakeholders are affected by the company’s actions and in turn, their actions affect the company.
The image that stakeholders have of the company will influence their willingness to either provide or withhold support. Therefore, if customers develop a negative perception of a company or its products, its sales and profits assuredly will decline. Government regulatory agencies, another important set of stakeholders, are required by law to monitor and regulate firms for specific, publicly defined purposes.
Maintaining a consistent image among several stakeholders is vital. It is important to stress different facets of the company’s identity to its various publics not forgetting to avoid projecting an inconsistent image because the concerns and membership of different stakeholder groups often overlap.
The way compensation package supports business strategy
Organizations use a compensation strategy to define how it views and manages employee pay and benefits. An effective compensation strategy motivates current employees and is used as a tool to attract new ones.
According to Fu (2016), a compensation package helps in budget allocation. The strategy should include the organizations approach to allocating compensation dollars into salary and benefits. This budget allocation will determine how much of the total compensation budget will be spent on salary and what percentage will be spent on benefits and other incentives.
It also helps to develop salary ranges to ensure employee pay is competitive with other organizations. To be competitive, it is essential to a benchmark like jobs within the same industry and creates a pay structure.
A good compensation package helps create a structured performance management system to ensure employees are meeting corporate objectives and are assessed on a regular basis.
Conclusion
In conclusion, there is a number of business strategies and among them are branding, the business reputation, and the business image. The article talks about the importance of building and developing a brand, a reputation and the image that integrates into a marketing and manufacturing strategy in addition to how a compensation package supports business strategy.
References
Badajoz. (2018). The absence of the brand logo in private label brands: mineral water without the logo, non-figurative logo or symbolic logo. grafica , 21.
Bonaparte. (2017). When Bad is Good and Good is Bad. SSRN Electronic Journal .
Fu. (2016). Dynamic Capital Allocation and Managerial Compensation. SSRN Electronic Journal .
Ries. (2014). The 22 immutable laws of branding. HarperCollins e-Books.
