The official professional identity formed by joint
physical body of individuals is known as Corporate. The derivation of
corporation comes from the Latin word
Corpus meaning for body or a body of people. Its traces can be found way
back to the Byzantine Empire in 527-565
and in the Roman Laws and Mauryan Empire
in India. In the 16th century early corporations were formed to lead
colonial ventures by Hudson’s Bay, Dutch
and British East India Company. Corporation in today’s modern globalized
world can be termed as a structured union governed and incorporated within a
legal framework of constitution for Administration & Business.
CORPORATE GOVERNANCE
The policies, decisions and actions permissible
within law for controlling and directing corporations is termed as corporate
governance. This formation derives the rights and responsibilities among the
diversified participants along with specifying rules and procedures for
initiating decisions in the day to day corporate affairs. Executives, Managers, Auditors, Creditors, Regulators, Shareholders,
Stakeholders and Board of Directors form the corporate framework. The
governance sets and pursues objectives reflecting the framework in context to
the social regulations and market environment. Ethical Behavior, Integrity and Transparency formulates the model
of Corporate Governance.
DIFFERENCE
BETWEEN CORPORATE GOVERNANCE & CORPORATE MANAGEMENT
Corporate Governance is primarily more about
protecting a business; on the other hand Corporate Management signifies growth
multiplication or growth of business. Governance is insuring that the business
is run by abiding the law, whereas Management is using the right techniques used
by executives to operate and flourish the business. Governance for example is
signatures of two officials of a company on the cheques to prevent frauds and
allocating different budgets to different departments as per their projections
is an example of Finance Management.
CORPORATE
IMAGE
The visions reflected in our mind when a corporate
is mentioned or discussed defines corporate image. It is the composite psychological impression
that springs across and continuously changes as per company’s performance, services, visibility and
pronouncements. At times it is based on Public Perception, Reputation and Goodwill of the concerned
Organization rather than on its
actual position or state of affairs. Corporate image, unlike corporate identity
is fluid and can fluctuate and change overnight from neutral to positive,
negative and vice-versa. The right mix of Corporate & Public relations is
needed to formulate & enhance a positive corporate Image.
CORPORATE
RELATIONS
Corporate Relations are a formal approach to acknowledge, understand,
classify and support inter & intra business activities on a wider spectrum
via networks and services. It can be termed as a medium for conduction of
smooth business relationships by nurturing and taking it to the next level of
comfort. The term corporate relationship management is thus of special
importance and organizations lay proper emphasis on its implementation and
adherence. Corporate relationship management is distinct yet related to
Enterprise Relationship Management (ERM)
and Customer Relationship Management (CRM).
Enterprise relationship management is a value creation business strategy and
does not focus on cost containment but strengthens the network enabled
processes and transforms relationships between the organizations and often
works beyond customer relationship management. In Customer relationship
management, a company follows a set of guidelines based on principles and
policies while holding meaningful interactions with its customers.
PUBLIC RELATIONS
The practices used to build and sustain the
goodwill image of the corporation at various community domains is known as
Public Relations. This form of publicity generation can be initiated by paid
and non paid forms of communication. Foremost it’s important to understand the
nature of organizations goals, perspectives and interests to address them
suitably among the public. In today’s corporate world, public relations are the
public face of the client who mingles and cultivates professional relationships
with the corporate world and associated patrons through business initiatives, CSR
events, shows and media forums. Public relation activities include building
targeted audiences, selecting appropriate media, addressing the media through Seminars, Conferences, Brochures,
Newsletters and Advertisements.
HOW TO
ENHANCE CORPORATE IMAGE
The right mix of Corporate & Public relations
is needed to formulate & enhance a positive corporate Image by
Organizations. Here Corporate Public
Relations comes into the forefront
by amalgamating both the concerns. These Publics include employees, channel
partners, clients, consumers, media, education bodies, government, agencies and
general public. So to establish a
corporate entity in the society, it has to nourish and maintain the
relationships with its various members by constantly innovating, servicing and
effectively communicating about its predominant role among them. By directing correct flow of services &
information to its targeted audience, organizations tend to enhance their
Image. For schools the targeted audience is students and their parents and for
Retailers their targeted audience is their consumers, it is their networking,
servicing, word of mouth and promotions which will help them and their goodwill
grow. You have to follow a two way process through continuous reviews and
feedback from your targeted audience among whom you are displaying your
products and services promoted by self and media services. Effective Corporate Image can be maintained through acts of Awareness, Acceptance and
Appropriate Actions.
Co-Authored
Kavita Thapliyal & Manjul Thapliyal
Business Communication and Soft Skills Trainer
&
Principal Consultant
Visions Ahead
Web: www.visionsahead.com
.
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