Corporate reputation image rebranding spize singapore
The report will provide specific examples on how Spize can utilize the models in its rebuilding process. The report will also identify the major stakeholders that should be addressed in the process of rebuilding its reputation in the hotel and hospitality industry in Singapore. This report will also recommend a corporate social responsibility (CSR) initiative that aims at supporting the reputation building for the organization. The report will also describe the ways in which the returns of the rebranding might be assessed in Spize. Table of Contents Executive Summary 2 Introduction 4 Models of Corporate Reputation Theories 4 Corporate reputation communication/trust model 4 Corporate Reputation Quotient model 8 Key Stakeholders to Address when Rebuilding Its Reputation 10 Customers 10 Employees 11 Broader Society and Local Community 12 The Media 13 Corporate Social Responsibility Initiative 13 Measuring the Returns of the Rebranding 15 Conclusion 16 References 17 Introduction For a long period, Spize Singapore has been one of the most popular and respected restaurants in Singapore’s hotel and hospitality industry.
Kim (2019 p. 1148) writes that this model holds that there exist the need for effective corporate communication and establishing public trust. In terms of communication, the model holds that organization should evaluate the significance of communicating externally and internally. This means that the company possesses total control on all elements of communication applied when communicating with the public. Besides the advantages that an organization can obtain from the frequent nature of communication, there are various concerns the company can reveal via its communication (Kim, 2019 p. The element of trust is described as the anticipated trustworthiness and credibility of a particular trust. In the perspective of trust, it is worth to understand that the element of corporate reputation entails the components of reliability, responsibility, trustworthiness, and credibility.
At this point, reputation is identified as a subjective collective evaluation of a company’s reliability and trustworthiness using its past performance. It also depicts reputation as the level of confidence when undertaking particular motives (Liu & Mehta, 2017 p. The idea of establishing corporate reputation is concerned with strategically identifying trust in stakeholder relationships to deal with formal accountability needs. They should pay attention that it is possible to satisfy various consumers, but is not possible to satisfy all the consumers because of existing principles and cultural differences. Spize can apply the corporate reputation communication/trust model in the process of rebuilding its brand name in the Singaporean hotel and hospitality industry. To apply this model, the firm should start by understanding that frequent communication with its stakeholders helps in the establishment of an outstanding level of trust.
Trust cannot be established in the absence of frequent or monologue communication. It should focus on using a two-way communication that ensures that there is exchange of information between stakeholders. Media activities would entail making documentaries on how the company embraces a given product policy to enhance safety production, thereby eliminating adverse thoughts and ideologies that the public might have regarding the firm. It can also engage in media activities to inform the public how its activities comply with the existing regulations (Wu et al. , 2015 p. Customers are likely to positively view the firm’s reputation if it demonstrates its engagement in complying with existing rules and regulations. The model can also be used to enhance the firm’s image and identity by informing different stakeholders the actions that the firm is currently undertaking to provide safe products.
It will also help in rebuilding its brand name through triggering admiration and respect for the company. The driver of products and services is a significant element of the CRQ model. This component of the model requires firms to stand behind their products and services. It also necessitates companies to provide outstanding quality products and services. It also requires companies to focus on the development of products and services and ensure that it provides goods and services that are of good value (Gaines-Ross, 2017 p. Spize should rebrand its brand name by informing the public that it has an excellent leadership that focuses on the attainment of consumer high levels of customer satisfaction. It should also use this driver to communicate its clear vision for the future in terms of ensuring that it carries out relevant activities to assess the safety of its products.
The CRQ model incorporate the driver of workplace environment. It asserts that a reputable workplace environment is properly managed, looks like a good firm to work in, and shows that it has good human resource (Eckert, 2017 p. Spize should use this driver to ensure that it rebrands its name. This will make its stakeholders to view the company positively, thereby succeeding in rebuilding its brand name. Key Stakeholders to Address when Rebuilding Its Reputation Customers Stakeholders can impact or be impacted by the company’s actions, objectives, and policies. In this perspective, stakeholders are parties that have an interest in a firm (Thomas, 2017 p. It is worth to recall that the firm is trying to rebuild its reputation after a severe case of poisoning that resulted in the death of one patron and left 46 other people hospitalized.
This shows that it is in dire need of restoring its reputation with the customers. Communicating on its strengths to prevent another occurrence of food poisoning is the best place to start when addressing its customers and it is through the process in which the firm will obtain a credible platform. Employees The employees serve as a firm’s primary internal stakeholders. They have substantial financial and time investments in the company. They also play a crucial role in the company’s tactics, strategy, and operations that the firm undertakes. Properly-run firms take into consideration employee insights, opinions, and values that shape the mission, strategy, and vision of the company. It increases the likelihood of employees reporting incidences that might cause adverse outcomes for the company in the future.
It also encourages commitment of the employees in their tasks. Employee commitment is a vital variable that affects the quality of products and services that a firm provides to the market. Broader Society and Local Community The other key stakeholders that should be addressed in the mission of rebuilding the reputation for Spize include the broader society and the local community. The rationale is that a firm can be a significant benefit to a community. CSR serves as a management concept in which organisations integrate both environmental and social concerns in their business activities and how they interact with their stakeholders. This way, CSR is depicted as the way through which a firm obtains a balance of environmental, economic, and social imperatives.
This is depicted through the Triple-Bottom-Line (TBL) Approach while ensuring it addresses the expectations of stakeholders and shareholders. Embracing the implementation of CSR is a careful consideration to ensure that the firm does not adversely affect its economic viability and feasibility in the industry (Grayson & Hodges, 2017 p. The TBL approach exists as a point of view that ensures that firms demonstrates their commitment towards the provision of working objectives rather than profits alone. Spize can build its reputation through waste management by recycling and reusing materials. This includes taking the steps necessary for recycling the commonly recyclable products and looking for easy opportunities to replace disposable or recyclable materials with reusable items. It should also be on the forefront to assist with more complex ways of exotic items.
It should also use the media to create awareness on the need to embrace positive waste management operations. Through the various waste management activities, Spize will obtain certain benefits that are tied to the process of building reputation. They focus on monitoring the effectiveness of the engagement efforts with how the target audience feel about the brand and how they perceive it. The company will assess the perception metrics by looking at its website traffic, the impressions it creates on clients, and the followers in its social media platforms. It will also assess the perceived quality of its products, its relevance in the hotel and hospitality industry, and the purchase intent of its products. The performance metrics should also be used to measure various aspects of purchase such as sales, close ratio, and leads, in addition to loyalty in terms of client satisfaction, repeat purchase, retention, and referrals (Collange, 2015 p.
Financial metrics should also be used to assess how client behavior creates the firm’s tangible economic value in terms of market share, generation of revenue, profitability, and brand valuation. Routledge. Bosse, D. , Neumann, K. , Priem, R. L. , 2019, July. Value Creation from a Stakeholder Theory Perspective. In Academy of Management Proceedings (Vol. 2019, No. 1, p. , Matten, D. and Spence, L. eds. Corporate social responsibility: Readings and cases in a global context. Routledge. Horgan, I. , Ahsan, K. and Miah, S. The importance of attributional trust to corporate reputation. Journal of Relationship Marketing, 15(3), pp. C. and bin Md Isa, A. H. The Reputation Quotient as a corporate reputation measurement in the Malaysian banking industry: A confirmatory factor analysis. Procedia-Social and Behavioral Sciences, 219, pp. Tantalo, C.
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