Importance of the Public Image
Public image refers to how a company is viewed by is customers, suppliers, and stockholders, by the financial community, by the communities in which it operates, and by federal and local governments. Public image is controllable ____(1)____, just as the product, price, place, and promotional efforts are.
A firm’s public image ____(2)____ a vital role in the attractiveness of the firm and its products to employees, customers, ____(3)____ to such outsiders as stockholders, suppliers, creditors, government officials, as well as diverse special groups. With some things it is ____(4)____ to satisfy all the diverse publics: for example, a new highly automated plant may meet the approval of creditors and stockholders, but ____(5)____ will undoubtedly find resistance from employees who see their ____(6)____ threatened. On the other hand, high-quality products and service standards should bring almost complete approval, ____(7)____ low quality products and false claims would be widely looked down upon.
A firm’s public image, ____(8)____ it is good, should be treasured and protected. It is a valuable asset ____(9)____ usually is built up over a long and satisfying relationship of a firm with is publics. If a firm has ____(10)____ a quality image, this is not easily countered or imitated by competitors. ___(11)___ an image may enable a firm to charge higher prices, to woo the best distributors and dealers, to attract the best employees, to expect ____(12)____ favorable creditor relationships and lowest borrowing costs. It should also allow the firm’s stock to command a higher price-earnings ratio than other firms in the same industry ____(13)____ such a good reputation and public image.
A number of factors affect the public image of a corporation. ____(14)____ include physical facilities, contacts of outsiders with company employees, product quality and dependability, prices ____(15)____ competitors, customer service, the kind of advertising and the media and programs used, and the use of public relations and publicity.