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Organizations and companies exist outside the area of economics as they are complex structures that are also affected by other factors. Political, cultural, legal, social influences and more often have an impact on organization operations, performance, and perception. As such, non-market challenges are often integral in relaying whether a company is successful or can continue to develop and grow. Brand identity is a component that is integral in establishing a company not only among its stakeholders and consumers but within the industry and its community as well. For large brands, this can include influencing the perspective of the firm in relation to the global population.
Phillips 66 is a multinational energy production firm currently headquartered in Westchase, Houston, Texas. While the firm enjoyed rapid growth in value over the past five years as it became available for public trading, this growth is being stifled. This is primarily due to the fact that Phillips 66 is becoming less attractive to stakeholders and larger consumers. As an energy production firm, Phillips 66 makes most of its profit through contracts with private, governmental, or other large consumers and investors. However, due to high competition in the energy sector, Phillips 66 is unable to meet its desired growth goals. As a company, Phillips 66 lacks a strong and defined brand identity that would make it more recognizable for both stakeholders, customers, and investors.
Brand identity manifests through physical features, relations with customers and the wider public, and, more recently, through a presence on social media platforms. Brand identity assists customers by linking certain colors, logos, and other specific qualities of a firm with its operations, services, or products. A memorable and pleasing physical aspect of brand identity is vital in ensuring the growth of customer populations and continued engagement with current clients. Similarly, a firm’s brand identity is also a vital component of its relations with customers, other brands, global events, and culture, whether it is through events, projects, or social media. A brand that is adaptable and engages with customers is more likely to have a strong brand identity and attract clients. As such, a firm that struggles to cement an appropriate brand identity or suffers from a poor brand image is likely to observe issues in its operations due to this non-market challenge.
A weak or negative brand identity is a vital non-market issue as brand identities are closely linked to loyalty and trust between the customers and the firm. Brand identity establishes recognisability, an element that is likely to impact customers to prefer certain products and services over others. As such, a brand that utilizes physical features to create familiarity between clients and products is more likely to maintain a steady flow of sales. Differentiation from the competition is also integral as it allows clients to cement their preferences and remain loyal to their selected firms. A weak or even negative brand identity is linked with low brand awareness and recognition. A poor identity can form not only due to stylistic choices for brand appearance but also through positions of certain social issues, involvement in local communities, and contribution to causes, customers, and employees. A decrease in brand recognition directly relates to fewer loyal customers. The effect of this would include lower engagement with company services, fewer product sales, and overall low profitability. As such, brand identity issues directly relate to performance and market force features that are intertwined with the effectiveness of a firm’s operations.
Government stakeholders that act as customers for the affected firm may be influenced by weak brand identity. Stakeholders that rely on the firm to purchase products or services may either be criticized for engaging with a firm if brand identity is negative or may have to buy goods for higher prices if the firm lacks other customers. Essentially, if a firm is unable to meet its desired goals for sales, especially through diverse paths of sales, government stakeholders may be charged a higher price. Because Phillips 66 operates in the energy sector, the demand for energy resources remains high regardless of certain market changes, but the more prominent brand identities of competitors are likely to cause Phillips 66 to garner limited profitability and engagement.
The same may occur for non-governmental stakeholders that rely on a firm’s products or services. In the case that a firm has a weak or negative identity, stakeholders that invest in the firm may see that operations are insufficient, and the organization is not observing growth or expansion in terms of client numbers. In the case that a firm has a negative brand identity, media outlets owned by certain stakeholders may not be willing to engage collaboratively. Similarly, if a firm notices a decrease in brand identity, media outlets such as television channels, radios, or news organizations may lose readership due to the association.
The CEO of Phillips 66 would likely improve the market issues that the firm is currently experiencing by making its brand identity more visible and trustworthy. While specialized products may continue to observe desired sales rates, more budget and popular items struggle against competitors. As such, Phillips 66 should prioritize promoting these items by engaging with customers, enticing new clients through events and social media, and providing accessible ways of interacting with firm information, products, and the organization’s position on social issues, community events, and other factors that clients are likely to need.
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