This article throws light upon the top eight evaluation techniques for corporate image of a business enterprise. The evaluation techniques are: 1. Graphical Method 2. Point Method 3. Index Formulae 4. Survey Method 5. Ratio-Analysis 6. State or Public Recognition 7. Position Analysis 8. Method of Comparison.
Corporate Image: Evaluation Technique # 1. Graphical Method:
Up-to-date graphs are kept which chart for each of the attributes of a profile under evaluation (say, Product, Consumers, Shareholders, and Investors).
Corporate Image: Evaluation Technique # 2. Point Method:
Ratings are done for each attribute concerning a profile and scaling them as—very good, good, fair, poor, very poor—in relation to an acceptable minimum rating standard.
Corporate Image: Evaluation Technique # 3. Index Formulae:
Ideal indices are developed for comparison with actual ones for some attributes of a profile (e.g. promotion index under ’employee’ profile, complaints’ index and after-sales-service index, etc. under ‘customers’ profile, ROI index and dividend per share index under ‘shareholders’ profile, and so on).
Corporate Image: Evaluation Technique # 4. Survey Method:
This method includes questionnaires to elicit information, attitudinal surveys, etc.
Corporate Image: Evaluation Technique # 5. Ratio-Analysis:
Analysis of events and trends, such as Exports to Total sales, Own sales to Total sales in the same industry, Own Exports to Total Exports, etc.
Corporate Image: Evaluation Technique # 6. State or Public Recognition:
The recognition earned by an enterprise, i.e. awards, medals, certificates of merit received for outstanding contribution to Research, Country’s Exports, etc.
Corporate Image: Evaluation Technique # 7. Position Analysis:
The state of an enterprise in the market with regard to:
a. Market size, i.e. geographical coverage;
b. Market share in relation to competitors and economic phenomenon operating in the firm under study;
c. Market stability in times of war and trade depression, etc.
Corporate Image: Evaluation Technique # 8. Method of Comparison:
This may include:
a. Budget/Actual comparison on quantifiable attributes within the enterprise, and
b. Inter-firm comparison within the same class of industry.
The image of a corporate sector largely depends on the image of its products and/or services. Basically, corporate image and product image go hand in hand. The messages conveyed through the medium of advertisements by a business enterprise are directed towards this.
They try to evoke a favourable response towards their products and brands by building product image and corporate image. A model below may illustrate this view-point.
A Conceptional Model of Corporate Image and Product Image:
Here, the model highlights a close relationship between the corporate mission (for image development) and the responses of the consumers on the product attributes (product image)—ultimately leading to the over-all corporate image.