Corporate strategies in small and medium enterprises essay

Malcolm grew up in Vaucluse and Double Bay in the s and s and for much of his childhood, his father, Bruce, was a single parent. Seventeen years ago Malcolm arranged for an additional means tested scholarship to be established at Sydney Grammar in memory of his late father.

Corporate strategies in small and medium enterprises essay

Reputation management Many businesses have public relations departments dedicated to managing their reputation. In addition, many public relations firms describe their expertise in terms of reputation management.

The public relations industry is growing due to the demand for companies to build corporate credibility and hence reputation. Although many companies[ who? Hoover's has a list of officers with the term "reputation" in their titles. Despite the great interest in reputation, there only remains 25 or fewer people as reputation officers.

Reputation capital According to Joachim Klewes and Robert Wreschniok, reputation can be managed, accumulated and traded in for trust, legitimisation of a position of power and social recognition, a premium price for goods and services offered, higher customer loyalty, [3] a stronger willingness among shareholders to hold on to shares in times of crisis, or a stronger readiness to invest in the company's stock.

Therefore, reputation is one of the most valuable forms of "capital" of a company. This framework provides "return in cooperation" and produces reputation capital. A positive reputation will secure a company or organisation long-term competitive advantages.

The higher the Reputation Capital, the less the costs for supervising and exercising control. Stakeholders of a company include any individual or group that can influence or is influenced by a company's practices.

The stakeholders of a company can be suppliersconsumersemployees, shareholders, financial community, governmentand media.

Corporate strategies in small and medium enterprises essay

Companies must properly manage the relationships between stakeholder groups and they must consider the interest s of each stakeholder group carefully. Therefore, it becomes essential to integrate public relations into corporate governance to manage the relationships between these stakeholders which will enhance the organization's reputation.

Corporations or institutions which behave ethically and govern in a good manner build reputational capital which is a competitive advantage. According to Fombrun, a good reputation enhances profitability because it attracts customers to products, investors to securities and employees to its jobs.

A company's reputation is an asset and wealth that gives that company a competitive advantage because this kind of a company will be regarded as a reliable, credible, trustworthy and responsible for employees, customers, shareholders and financial markets.

Also, it is the outcome of managers' efforts to prove their success and excellence. It is sustained through acting reliably, credibly, trustworthily and responsibly in the market.

It can be sustained through consistent communication activities both internally and externally with key stakeholder groups. This directly influences a public company's stock prices in the financial market.

Therefore, this reputation makes a reputational capital that becomes a strategic asset and advantage for that company. As a consequence, public relations must be used in order to establish long lasting relationships with the stakeholders, which will enhance the reputation of the company.

Much of this confusion has been alleviated by recent work integrating reputation models in terms of underlying psychological theory. According to Money and Hillenbrand reputation models can be placed in a framework that relates to reputation, its causes and its consequences.

In this approach it is important not only to understand reputation, but also to identify the causes of reputation and its consequences. Causes of reputation are seen to reside in stakeholder experiences. Stakeholder experiences relate to a company's day-to-day business operations, its branding and marketing and "noise" in the system, such as the media and word of mouth.

Further causes of reputation may include the perceived innovativeness of a company, the customers' expectations, the perceived quality of the company's goods and services and the subsequent customer satisfaction, all of which differ according to the respective customers' cultural background.

While the cognitive element of reputation can reflect the uniqueness of a company or of products in term characteristics such as brand attributes whether an organisation is delivering high quality products, is international, friendly etc.

In other words, it gives an indication of whether stakeholders like, admire or trust a company and its attributes. A unique and distinctive cognitive evaluation of a company only has value if this results in a positive affective evaluation and positive consequences of reputation.

The consequences of reputation reside in the behaviors supportive or otherwise that stakeholders demonstrate towards a company. Behaviors such as advocacy, commitment and cooperation are key positive outcomes of a positive reputation.

Reputation recovery[ edit ] This section is written like a personal reflection, personal essay, or argumentative essay that states a Wikipedia editor's personal feelings or presents an original argument about a topic.

Please help improve it by rewriting it in an encyclopedic style. June Learn how and when to remove this template message The convergence of globalizationinstantaneous news and online citizen journalism magnifies corporate wrongdoing or missteps.

Some companies face new assaults on its reputation daily. Reputation recovery is often a long and arduous process to rebuilding equity in a company's name.

Research has found it takes approximately 3. Collins of Good to Great fame says it takes a company seven years to go from good to great. The path is clearly long. The reason reputation recovery has risen in importance is that the "stumble rate" [6] among companies has risen exponentially over the past five years.The Journal of Management and Marketing Research (JMMR) publishes original, unpublished manuscripts related to contemporary issues in management and marketing.

Any topic related to management or marketing is appropriate for publication consideration in the journal. 1 Literature Review on Small and Medium Enterprises’ Access to Credit and Support in South Africa Prepared for National Credit Regulator (NCR).

STRATEGIC MANAGEMENT FOR SMALL AND MEDIUM ENTERPRISES By Chiew Ming Chak, MBA Matriculation Number: Chapter 29 Strategies towards Buyers and Sellers a key pillar for corporate survival, may be adapted.

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Corporate strategies in small and medium enterprises essay

Corporate Strategy. There are differing schools of thought with respect to businesses' contribution towards social responsibility and corporate citizenship. Thomas, Strickland and Gamble (, p.

)define the essence of corporate social responsibility as a . The workforce is changing as businesses become global and technology erodes geographical and physical organizations are critical to enabling this transition and can utilize next-generation tools and strategies to provide world-class support regardless of location, platform or device.

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