In the conditions of the development of international trade and increased competition in the international markets of goods and services, the role of shaping the business reputation of the company on external markets as a perspective for the development of foreign economic activity is growing. Modern problems of the formation and development of market relations in the conditions of internationalization and globalization of the world economy create prerequisites for the necessity of forming a positive business reputation of the company in external markets.
The concept of "business reputation of company" is defined as the overall image that a company projects, which is shaped by a range of stakeholders such as shareholders, the board of directors, employees, the public, business partners (including financial institutions, suppliers, and sales representatives), and consumers. This reputation can be the result of deliberate efforts by the company or develop spontaneously, and it can influence the company's operations both positively and negatively. A strong business reputation in foreign markets can facilitate several key benefits, including improved access to borrowed funds, attraction of highly skilled personnel, greater consumer loyalty and commitment, and enhanced business relationships with partners. Ultimately, these factors can contribute to achieving the company's marketing objectives, leading to increased sales, a larger market share, and higher net profit.
The main characteristics of business reputation include perception group; a set of organizational properties that are perceived and measured; weight and significance of assessments of these properties; level of positivity (negativity); optimality; direction of activity; costs of creating and maintaining business reputation [1].
Solving complex problems of forming the business reputation of the company in foreign markets, which leads to the development of a step-by-step process, the main components of which are the analysis of foreign markets; the determination of the strategic mission and goals of the company in the foreign market; the research of the international marketing environment of the company and determination of target audiences in the foreign market; the development of a plan for the formulation of a positive business reputation of the company in the foreign market.
The main components of the business reputation of the company are business reputation of an employer, internal business reputation of an organization, business reputation of a consumer, a product, management, visual business reputation, social business reputation, environmental responsibility of the company, which determine the use of means of forming business reputation, namely, corporate identity, advertising means, public leisure, visual and verbal means.
Globalization and internationalization of the world economy have led to the development of various forms of international business. In the context of increased competition, the process of creating a positive business reputation for company is becoming increasingly important, which cannot be done without studying the main factors influencing the formation of business reputation.
An essential condition for forming a company's business reputation in foreign markets is identifying the factors that influence this process. Most researchers classify the factors influencing the development of a business's reputation into internal and external categories. Regarding external business reputation, these factors include product quality, the company's ability to maintain strong business relationships with suppliers and customers, its social policies, financial stability, office appearance, advertising efforts, and the business reputation of the company's country of origin. For internal business reputation, which reflects the relationships between staff and management, the key factors are the overall socio-psychological climate within the organization, the motivation of the employees, the appearance and professionalism of the team, opportunities for staff development and training, career growth prospects, as well as cultural and religious differences within contact audiences. Addressing these factors holistically can guide the successful formation of a company's business reputation in foreign markets.
Thus, the presence of a positive business reputation facilitates access to borrowed funds, contributes to attracting highly qualified personnel, establishing strong partnerships, trust, and support in development from government structures, and increases consumer loyalty to the manufactured products. It is necessary for managers to know the essence of corporate reputation and the factors influencing its formation as business reputation has a significant impact on company’s performance.
References
1. Uzliawati, L., Kalbuana, N., Budyastuti, T., Budiharjo, R., Kusiyah, K., & Ahalik, A. The power of sustainability, corporate governance, and millennial leadership: Exploring the impact on company reputation // Uncertain Supply Chain Management, Vol. 11, 2023, P. 1275–1288.
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