The Principal Legacies of Imperialism for the Contemporary World Economy Free Essays

Conceptual This investigation investigates the essential inheritances of dominion for the contemporary world economy. The discoveries demonstrate that in spite of the fact that expansionism finished numerous years back, its belongings approaches despite everything stay in the worldwide economy and it is being helped by globalization. The created economies utilize remote guide and multinationals to control the economies of the creating nations. We will compose a custom article test on The Principal Legacies of Imperialism for the Contemporary World Economy or on the other hand any comparative theme just for you Request Now Presentation The cutting edge world economy has been affected by both dominion and the experience of expansionism. Western colonialism overwhelmed the worldwide history over the most recent 200 years and it changed both the third world and western countries as far as culture, economy, governmental issues and socialization (Dutt, 2006). The term dominion was gotten from a Latin word imperator meaning dictatorial force and brought together government (Smith Dawson Books, 2008). As such government includes one nation commanding another nation or different nations in manners that advantage it and not the last mentioned. The effect of Europe on the world economy is noteworthy in light of the fact that it has molded the monetary circle. The inheritance of dominion exists as correspondence systems, financial structures and binds to metropolitan economies encapsulating previous states. Head Legacies of Imperialism on the Contemporary World Economy Dominion was the antecedent of globalization that portrays the contemporary world economy (Chattopadhyaya Das, 2007). This inheritance isn't completely favorable and the impacts of the rebuilding of economies of the previous provinces have prompted reliance on the metropole’s economies. Expansionism must be halted in light of the fact that it was exploitative, uprooted individuals from their common status and moved riches from one nation to the next. Be that as it may, globalization came up to supplant colonialism by accomplishing similar outcomes yet this time authentically and in a way that is politically right (Ramana Observer Research Foundation, 2008). The World Trade Organization and the General Agreement on Tariffs and Trade legitimized this inheritance of colonialism through setting up exchange understandings to kill exchange hindrances. This guarantees nations take part in their own oppression and in the process change themselves into neo-pilgrim states (Hont, 2005). Globalization has not prompted financial correspondence and association as it is frequently asserted. It has rather made the lesser created nations subject to the created nations (Dunning Lundan, 2008). What's more, it has likewise prompted obligation to the International Financial Institutions possessed by the west. Now and again it has likewise prompted uncalled for rivalry, more prominent obligation and expanded destitution. In spite of the fact that globalization has made riches for certain nations, it has additionally expanded destitution for other people. Dutt (2006) includes that it is a progressively productive method of misusing different countries with the assistance of set up universal establishments and components intended to ensnare the lesser created nations through making financial reliance, obligation, and expanding destitution. Anyway not at all like expansionism these nations can't rebel against the loss of their power. This is on the grounds that any endeavors to r evolt could cause them to lose financial guide that would bring about monetary and human emergency. This is an enormous hazard that these nations are never ready to chance. All these are results of the organizing of the economies of the previous settlements making them subject to fares, monoculture and changes in the worldwide market. Dominion made a political financial truth of reliance and misuse on the grounds that a large portion of the lesser created economies don't have full control of their monetary undertakings (Hont, 2005). There are counterarguments that political economies have lives of their own which make them not completely controllable or that globalization has removed such control from all nations. Anyway this recognition doesn't consider the way that there is an immense contrast in the degree of control. The northern country states have a moderately solid position due to the money related establishments and multinationals which give them higher power over their political economies (Tester, 2010). The southern country states then again are ruined, obligated and subject to remote venture and outside guide. Accordingly neo-expansionism steps in on the grounds that these country states have decreased control. The contemporary world economy is sorted out around entrepreneur dominion described by efficient aggregation of capital through composed work misuse and entering abroad markets. The capital radicals make interests in different nations, changes and afterward overwhelms their economies. Furthermore, they incorporate their profitable and money related structures into the global arrangement of capital collection (Chattopadhyaya Das, 2007). Extension is the focal basic of free enterprise since financial specialists possibly seek after undertakings whenever they see open doors for removing more than they contribute. These organizations possibly increment their profit when their ventures develop. As such the industrialists continue scanning for methods of producing more cash. They need to put resources into request to produce benefits and assemble qualities to have the option to beat off rivalry and capricious markets. Attributable to its expansionary nature, private enterprise needs to con tinue investigating different open doors from home. It is this extension that winds up devastating entire social orders as individuals are compelled to change into disfranchised pay workers (Smith Dawson Books, 2008). Shopper social orders, mass market and broad communications supplant people societies and indigenous social orders. Agribusiness manufacturing plant ranches override agreeable grounds, incorporated dictatorships supersede independent locales and forlorn shanty towns supplant towns. European and North American companies have procured and now command over 75% of mineral assets in Africa, Asia and Latin America (Dunning Lundan, 2008). In any case, the interest for characteristic assets isn't the main explanation behind growing tasks abroad. They additionally need to bring down the expense of creation and boost benefits through putting resources into economies with less expensive work markets. They make over half benefits in the lesser created nations contrasted with their nations of origin in light of components like low wages, feeble trade guilds, low charges, powerless or non-existent natural and word related insurances and non-existent work benefits (Guo, 2010). For example Citibank which is one of the biggest US firms makes about around 75% of its benefits from its tasks abroad (Ramana Observer Research Foundation, 2008). Colonialism has made it feasible for the global firms to keep becoming even when their home markets are drowsy due to the emotional development in the outside business sectors which despite everything stay unexploited. Presently nearly 400 transnational organizations control around 80% capital resources in the free worldwide market (Hobson, 2005). These organizations have created worldwide creation lines over the lesser created nations. Various sourcing permits these transnational organizations to conquer strikes in a single nation by expanding creation in different nations. By playing the laborers of various nations against one another, they debilitate them from setting expectations for pay and advantage increases which sabotage the techniques of worker's organizations. These organizations find modest work, common assets and other productive conditions in the less evolved nations. This is the thing that empowers them to produce tremendous benefits which they at that point repatriate back to their nations of origin. Both national and neighborhood governments frequently contend in pulling in global organizations with gigantic desires as far as work arrangement, charge incomes and financial movement (Sharp, 2009). These legislatures offer the organizations motivations as far as careless work or ecological guidelines, promises of government help, tax reductions and different sponsorships. Other than offering these legislatures a guarantee of financial development, these organizations apply control over government through their specialized and protected innovation. For example Microsoft has programming licenses and Adidas has licenses on shoe structures. The licenses permit these companies to practice their monopolistic powers in the neighborhood economy and in the process repress the development of the nearby endeavors. Furthermore, this syndication encourages them keep up low expenses of work and now and again even exploitative. Inferable from the size of these companies, they regularly impact gov ernment approaches utilizing dangers of withdrawal from the market (Louis, 2006). This powers the legislatures of the lesser created states to make polices that advantage the partnerships instead of ensuring the privileges of the residents. In this manner these partnerships abuse the nearby work power and channel the significant assets from these nations into their nations of origin. Along these lines globalization has made the lesser created economies to be reliant on the created nations. The worldwide organizations additionally cause lopsided conveyance of advantages in light of the fact that the assets are occupied from the nearby individuals into outside business sectors (Louis, 2006). For example land that could have been utilized to create nourishment for the neighborhood populaces is utilized by these organizations to develop money crops for their tasks. This prompts significant expenses of nourishment for the nearby populaces as they are now and again compelled to import what they could create locally if their common assets were adequately used. What's more, new produce are bundled for the global markets where they will get more cash instead of taking care of the neighborhood populaces. This is the motivation behind why remote reliance has prompted boundless lack of healthy sustenance

Impairment test under AASB 136

Questions: 1.The motivation behind the hindrance test? 2. How the presence of generosity will influence the weakness test? 3. The fundamental strides to be followed in applying the weakness test? 4. Crossbow Ltd is a substance that works in the assembling of cowhide footwear for ladies. It has forcefully embraced a system of purchasing out different organizations that had contending items. These organizations were sold and the benefits and liabilities brought into Crossbow Ltd? Answers: Presentation Impedance test under AASB 136 on the advantages of The Longreach bunch Ltd could be clarified as a method of finding the genuine estimation of benefits. AASB 136 has been changed and changed over into IAS 136. The Longreach bunch Ltd is private value firm which is for the most part occupied with venture benefits for the sake of customers in a few shared assets. Impedance test is significant so as to give valid and reasonable estimation of benefits in budget summary. According to different principles and guideline numerous substances have been utilizing impedance test, models, presumption to assess all the advantages. IAS 136 gives all the essential advances which ought to be trailed by The Longreach bunch Ltd for executing weakness test. 1. Motivation behind debilitation test IAS 136 gives all the means to debilitation of advantages. It tries to guarantee that companys resources are not booked at or not appeared at the higher incentive than its recoverable sum in its accounting report. A weakness test is recently embraced component begun in Australia to gauge the correct estimation of benefits. This test is executed at the time at whatever point it is required aside from if there should be an occurrence of altruism and other immaterial resources for which yearly debilitation test is actualized by elements. The for the most part reason for weakness test is to recognize or survey whether resources appeared in budget summary might be disabled for the duration of the time. Disability test causes substance to portray the valid and reasonable estimation of its association to its partners (Finch, 2009). 2. Effect on the hindrance test with the presence of generosity Altruism debilitation is connected with charge that organizations record when generosities conveying an incentive on the accounting report surpasses its reasonable worth. The Longreach bunch Ltd needs to run its debilitation test on its generosity on yearly premise (Godfrey, et., al., 2009). The fundamental effect on the disability test with the presence of generosity would be that organization needs to run its hindrance test on yearly premise. In any case, in the event that if organization gain other organization and it results into let down of money producing units from the consolidated business working. At that point for this situation organization should diminish its reasonable estimation of sum which was paid at the hour of securing of Target Company. Testing of generosity for hindrance Testing of generosity for hindrance is connected with distribution of money producing units. On the off chance that Goodwill has been conveying for CGU, at that point altruism related with the activity will be remembered for the conveying sum (Determined measure) of money producing unit when choosing misfortune and increase on removal. Altruism in business has direct impact on impedance test on CGU (money creating units) to which generosity has been distributed. In a perfect world altruism ought to be distributed to CGU that take benefits structure the cooperative energy of blend of two distinct units. On the off chance that the recoverable measure of unit is more than booked measure of units (to which generosity has been distributed) at that point it would be said not impeded resources. Be that as it may, in the event that on the off chance that conveying sum surpasses the recoverable measure of unit, at that point substance would be perceived weakness misfortune. Impedance test on altruism allotted to specific year. For weakness test, gained altruism in business will influence the hindrance test on CGU (gathering of advantages that produce money inflow). Generosity must be apportioned to CGU that are relied upon to take profits by the cooperative energy of mix of two organizations. For this situation AIT for the CGU wherein Goodwill was designated must be performed during the detailing time frame. Furthermore, singular test would likewise be done to personality the genuine estimation of all benefits of The Longreach bunch Ltd. (Hart, et., al., 2008). Impedance trial of generosity of The Longreach bunch Ltd is needy upon the recoverable measure of either element worth or value esteem. If there should be an occurrence of recoverable sum figured according to element esteem at that point results attracted hindrance test ought to be contrasted and contributed capital. However, if there should arise an occurrence of value esteem measure of recoverable worth would be founded on the investors of value. In the wake of examining this reality it would be processed that if recoverable sum dependent on substance esteem is not as much as speculation measure of The Longreach bunch Ltd then it will result into decrease of generosity add up to distinction sum. And yet conveying sum would not be diminished from its reasonable estimation of cost of capital (Sorros, et., al., 2015). 3. Premise steps in weakness test Hindrance test is worried about calculation of conveyed esteem, recoverable sum and distinguishing proof of money creating units specifically timespans. Endorse technique and other fundamental advances have been given under IAS 136. The Longreach bunch Ltd needs to decide the recoverable worth and conveyed estimation of the considerable number of benefits appeared in monetary record to recognize whether estimation of advantages have been debilitated or not. On the off chance that recoverable estimation of benefits is not as much as its conveyed esteem, at that point it hindrance of advantages would be made. Notwithstanding, in the event of generosity weakness test would be made on yearly premise. For the weakness test Longreach bunch Ltd would enjoy recoverable test for distinguishing the genuine estimations of things appeared in accounting report. Disability test would be assessed with the undisclosed Cash inflow of CGU and afterward it would be contrasted and their conveying sum. On the off chance that money inflow of CGU is not as much as measure of benefit appeared in budget summary then it would be verify that advantages of the organization isn't recorded at its actual worth and weakness test would be enjoy. There are following fundamental advances which are appeared in the graph demonstrated as follows. 4. Calculation of the Impairment Loss A. Conveying measure of money creating unit including generosity Sum ($) Land 200,000.00 Stock 180,000.00 Brand 'Crossbow Shoes' 160,000.00 Shoe Factory 700,000.00 Apparatus for assembling shoes 400,000.00 Altruism on procurement of contending 40,000.00 Absolute 1,680,000.00 B. Recoverable sum 1,420,000.00 C. Weakness Loss (A-B) 260,000.00 Diary Entry to Record Impairment Loss S. No. Record Titles Charge Credit 1 Weakness Loss 260,000.00 Altruism (Note-1) 40,000.00 Land 26,829.27 Stock Product ($260000-40000)/($168000-40000)*$180000 24,146.34 Brand Crossbow Shoes ($260000-40000)/($168000-40000)*$160000 21,463.41 Shoe Factory ($260000-40000)/($168000-40000)*$700000 93,902.44 Apparatus ($260000-40000)/($168000-40000)*$400000 53,658.54 (Being weakness misfortune perceived) 2 Benefit and Loss 260,000.00 Weakness Loss 260,000.00 (Being weakness misfortune charged to benefit and misfortune account) Note-1 Altruism sum will be deducted first at that point remaining sum will be utilized on customize premise to assign the rest balance (Li, et., al., 2011). End and proposal In this article debilitation test on the benefits appeared in the budget report of The Longreach bunch Ltd has been thought about. This test has given a decent understanding with respect to how to assess valid and reasonable estimation of benefits appeared in fiscal report of association. Furthermore, it is likewise seen that hindrance test is significant for assessing the genuine estimation of immaterial and elusive resources of organization. Presently at long last it would be said that weakness test ought to be attempted with away from of strategy given in IAS 136 by The Longreach bunch Ltd for distinguishing the valid and reasonable perspective on its advantages. References Detzen, D., Stork genannt Wersborg, T. Zlch, H. 2016, Debilitation of Goodwill and Deferred Taxes Under IFRS,Australian Accounting Review,vol. 26, no. 3, pp. 301-311 Godfrey, J.M. Koh, P. 2009, Altruism weakness as an impression of venture opportunities,Accounting and Finance,vol. 49, no. 1, pp. 117-140. Li, Z., Shroff, P.K., Venkataraman, R. Zhang, I.X. 2011, Causes and results of altruism debilitation losses,Review of Accounting Studies,vol. 16, no. 4, pp. 745-778 PETERSEN, C. PLENBORG, T. 2010, How Do Firms Implement Impairment Tests of Goodwill?,Abacus,vol. 46, no. 4, pp. 419-446. Sorros, J., Belesis, N. Karagiorgos, A. 2015, The Reliability of Impairment Tests: The Case of Vessels,Procedia Economics and Finance,vol. 32, pp. 1787-1793. Finch, N. 2009, The CEO's hindrance test,Critical Perspectives on Accounting,vol. 20, no. 7, pp. 872-872.

Understanding and Managing Customer Perception

Understanding and Managing Customer Perception Beauty is in the eye of the beholder. Perception is reality for the individual.The way we think of ourselves has, sometimes obvious, sometimes surprising effects on our market decisions. Whether we think of ourselves as successful or not, rich or not, beautiful or not, safe or not â€" in a complex way these axes determine our profiles as buyers.We perceive our experiences and our possessions as extensions of ourselves, as extensions of our personality.‘I am free, therefore I am driving an expensive sports car’. ‘I am a busy businesswoman, therefore I am shopping from a high brand coffee shop’. ‘I am an environmentalist in my soul and therefore I only shop from eco-friendly brands’.And brands can and should create, manipulate and manage the image they create of themselves for their customers.There are two main schools of thought about customer perception. Organizations can either decide on their target market and align their image to match a favorable picture for that mark et, or decide on the image of their brand and their product and manipulate customer perception in order to be seen as the choice of the individual.If you want to learn more about customer perceptions, the channels through which it can be managed and the traps and tricks of customer perception management, continue reading.WHAT IS CUSTOMER PERCEPTION?Customer perception’s most common definition is:‘A marketing concept that encompasses a customer’s impression, awareness and/or consciousness about a company or its offerings.’You can assess customer perception regardless of whether or not the customer has heard of the product or service, whether or not their opinion is positive or negative, whether or not they have made a purchase.You can start building positive customer perception before you introduce the product, while you are conceptualizing it, at the time of purchase, or even post-purchase.HOW TO MANAGE CUSTOMER PERCEPTION?AdvertisingAdvertising might not be the biggest deci sion factor for a customer perception, but they would be the first thing that would start shaping their opinion of your organization, or your products.Advertising is the basis. It starts from creating the product the way you want it to look like, to sound, to smell. The nuance in color, the texture, the pleasure to the touch.The feeling you want to create in the customer when they hold it in their hands. How your product or your service will make their life better, easier, more luxurious, more meaningful.Advertising is the best channel to build customer perception about the values and the purpose of your brand. Create exposure for the variety of your products. First, you need to create exposure. The channels you chose to reach out to your potential customers is the first step towards building customer perception. Do your customers listen to the radio? Do they watch TV? Do they spend hours on the Internet? Which influencers are they interested in? Saturate the channel with informatio n about your product.TV advertisement is expensive. Therefore, TV would be the best place to advertise high-end products. It will be, however, a bad place to advertise digital products. You want to advertise them on the Internet â€" where you click on the ad, pay and start downloading the product in seconds. Niche products for IT experts cannot be advertised on TV. The customer cannot perceive they are purchasing a product for the masses.Second, grab their attention. This is the step between being aware of the product and actually considering it. Alert the customer with a message that would speak to them. Attend to the senses you find more successful in passing your idea across.Third, manage the interpretation. Tell the customer all they need to know about using your product â€" the benefits they will reap from using it. It is perfect, and it is perfect for them. Align the product with who they are and who they want to be. Tell them, show them how to use it in their life â€" in your video ads, in your posters in the subway stations, in your AdSense graphics.How to use advertising to manage customer perception?Right from the start. You need to make sure you stand out and offer a unique product. In order to have a message that will grab the attention, your product has to be like no other. And not just that, the difference has to be for the better. Not just a needless alteration. Create focus groups, go through feedback from your previous launches or versions of the product. Study the competition. Look deep into your product and produce a unique profile. Then communicate it to your customers. It is a simple message. ‘This is how we are different and this is why we are different’. It is up to you how close you decide to stay to that example, but make sure ultimately this is the perceived message.Do not make false promises. Resorting to false promises or false fame is a sin common for brands and products that do not have a lot of unique features. Stay away from superlatives. Are you sure your service is ‘the best’? Does your product ‘always’ work? Do you really offer a ‘lifetime’ guarantee? Your market (and in some cases the authorities) will want you to back up those claims with facts â€" focus groups, research, studies and tests are your best friend to build your credibility. Post those on your website and have your sources on your ads. Small print would do. Building an image of a brand with integrity is an investment in this AND your future products.Do not be afraid to edit your message. So your launch was a flop. You falsely interpreted the expectations of the market towards your product, your unique features were not appreciated. Your product had unexpected flaws. You cannot continue on the same path. You need to change your message. It doesn’t matter if your message is already on the packaging, or you paid lots of money to celebrities and influencers to endorse your product. If it doesn’t work it doesn’t work. Slow ly but steadily create a new logic in your message. Always start from the original â€" you cannot erase your initial intention. Gradually build your story until you are completely aligned with your customers’ expectations.Get closer. Make sure you know your customers. Personalize your message. Digital advertising gives you a lot of freedom to reach out to communities with particular interests, of particular background or on location. Control your communication. In a world of vicious competition, you are trying to capture the attention of the individual. You need an individual approach.Customer reviewsThe messages in advertising mainly come from the brand. However, customer perception is more and more often formed by peer opinion, rather than official brand messages.Customer reviews are the best channel to build customer perception about the quality of your product, and the level of satisfaction with personal experience. Because of social media, the importance of customer experienc es and reviews is raising. As a potential customer, the stories of thousands of other users with the brand and its products are just one Google search away.The average rating of online reviews can often be the ultimate test. Comparison between brands for a lot of products is becoming easy and numerical rather than complex and analytical.If we follow this logic, than why would we believe the brand and their message rather than easy to compare online reviews?In some cases, we can even filter out the best product for us, with a few clicks, all user-generated.Entire business models are arising that will digitalize competition, process customer reviews and allow us to find the perfect product or service.Let’s take one of those business models. Say, you are looking for a hotel for your visit. In Booking.com you can filter out the best hotel for your vacation or business trip based on:Property typeAvailability datesRoom size and number of bedsBudget per nightDistance from landmarksCancel lation policyAmenities (Sauna, Spa, Fitness, etc.)Wi-Fi availability and many othersOnce the customer has filtered out the must-haves, come the results, by customer-generated rating.How to use customer reviews to manage customer perception?Do not underestimate customer reviews. In the digital age customer reviews are the most important decision factor. Why believe the seller? They have an incentive to offer the worst product at the highest price. Customers’ incentive is to share stories. It makes the most sense to look for customer with the same demands and needs and find out what their experience was. Customer reviews are the best tool to for a potential user to know in advance if the price is worthy, if the product is of sufficient quality or if the service would work for them.Get a lot of them, but organically! You will find multiple offers on the internet to get you large volumes of likes, shares, views, high scores or fake customer reviews. 4 words. Do. Not. Do. It! First off , more often than not the platform you are working with will have mechanisms against that sort of fraud. You are risking being temporarily banned, fined or even being permanently unlisted. And, second, users have their way of recognizing ingenuine customer reviews. Even if they don’t, having a class-A online rating and poor service or product will only make the backlash that much more dramatic. You may experience a temporary high, followed by a critical, fatal low.Incentivize good reviews. If you cannot fake it, you will need to give a reason to your customers to review your products. Yes, can you imagine that, even if they love your product, a user can be perfectly content with their life without shouting from the rooftops how happy you made them? There is more to it. Unfortunately, people feel a higher urge to share bad experiences, than they do good ones. Meaning, you may have 10% unhappy customers, and 90% happy customers and your reviews could be completely balanced. The bad reviews would dull out the good ones. You cannot afford this asymmetry of reality to perception. Offer a free addon, a free trial, a free extension and any other stimulus you could think of, to encourage everyone to review.Pay attention to bad reviews. The product was not received? Poor customer service or customer support? The product did not look as expected? The service took longer than expected? Reach out to the customer. Tell them you observe your customer reviews closely and take care of the online presence of your brand. Offer them to rectify the situation in any possible way â€" can you offer them a discount for future purchases, throw in a bonus product, or get them in touch with one of your top specialists to finally resolve their customer support issue? Invest in your policy. Have someone exclusively look over your customer reviews and give them the power to be able to satisfy the customer. Keep communication open until you have a resolution. Then ask the customer if they will consider adding an update to their review and if they will reconsider the score they had given you.Public relationsAccording to The Institute for Public Relations, a new age has come in Public relations since the digital has entered our lives. It has given a tool to all customers to share their opinion on air. Social media creates a platform for information to go viral.Public relations are the best channel to build customer perception about the social responsibility of your brand. You are the brand that always takes the right position on polarizing social topics.It is a scary perspective, but the speed with which information can gain popularity, travel around the globe and penetrate the social discourse is astounding. And it leaves organizations at a constant risk of their carefully built image being completely disintegrated overnight.The truth is with opinions switching and moving so quickly, brands have dramatically less time for disaster management. The perception of a bran d can now change so drastically and in large scale when exposed to poor marketing tactics, questionable political statement or a viral video.United Airlines was involved in an accident where a security official violently removed an unwilling passenger after them being asked to leave voluntarily because their flight seat was double-booked. 53% of consumers reported they are less likely to travel with United Airlines after the accident.On the opposite side of the coin, the fans of Pepsi were more forgiving. Because of their long-term affiliation with the brand 77% say they are unaffected by the controversial advertisement with Kylie Jenner, where it seems the brand makes light of police violence protests of Black Lives Matter activists.Why? Pepsi reacts immediately to the public outrage. The company does an official statement they did not intend to make light of such serious issues and pulled the advertisement from air less than 24 hours after originally releasing it.How to use public relations to manage customer perception?Observe. The question is no longer just ‘Who are our customers?’ or ‘Who do our customers want to be?’. The question is also about how customers align themselves in polarizing topics. As is the case with Pepsi, recent events that look unrelated have to be carefully considered. While Pepsi is trying to catch the wind of an organic switch of public attention to a controversial topic, the same public consider Pepsi’s actions as trying to monetize serious events.React quickly. In a world where one accident can make you or break you overnight, it is your responsibility to react fast and thoroughly. Do not defend unpopular decisions. Cease and desist. Apologize. Learn a lesson.Focus on reinforcing the positive. Studies tell us that regardless of how detrimental negative PR can be for your brand, positive PR has even more significant effect on your customer loyalty.Social mediaSocial media is the strongest platform where you can sway the c ustomer opinion towards one or other direction. According to Clutch, 52% of consumers spend their time using social media more than any other media outlet.Social media is the best channel to build customer perception about the character of your brand. You are ‘the brand that listens’. You can be held accountable and are always responsive to your community.Instant gratification. Whereas with advertisement and PR your messages are carefully crafted and take relatively long time to reach the public, social media users are accustomed to short messages, quick reactions and interactive communication flow, which allows you to use it as the fastest way to get to a large audience.Personalized following. TV commercials may give you a lot of exposure to new audiences, but they could also give you wasted budget on an uninterested crowd. Social media allows you to reach groups that are already tuned in to hear what you have to say or show.Global reach. TV, radio and other types of local adve rtisement will only get you that far. If you want to reach your entire community, the easiest way to do it is via social media.Low budget. Once you have built your audience you can reach them on social media for free.Personal touch. Social media is interactive. It means you can A) observe the reaction to your messages in real time and B) mitigate bad response when you see one. You can establish a connection with the customer, get feedback and respond to constructive criticism. It is the perfect tool to build an image of ‘the brand that listens’.Consistency. Most social media platforms will allow you to schedule your posts and messages so you can regularly reach out to your audience and keep your communication open. You can use apps and statistics for the biggest platforms to learn when and what to post to reach the best engagement.How to use social media to manage customer perception?Honesty, transparency and trust. Use social media for its ability to offer personal touch to you r customers. Be responsive. Be open for communication. Accept constructive criticism, feature requests and appraisal. Show responsibility and prove yourself accountable for mistakes.Variety of expression. Use images, video, text. Share news and events that are compatible with your vision and values. People pay attention to different types of content â€" some perceive messages better when they are written. Some are more open to visual means â€" images and video. Some are open to music and dialogue. Some respond better to serious topics, other to humor or maybe content, evoking emotion.Be consistent. Schedule your posts and reach out regularly. Trust your statistics. Do tests. Don’t overdo it. Sometimes often is too often. Aim for optimum engagement.Be inclusive. When you build your content, you need to make sure you are speaking to your entire audience. Think carefully if crafting your message to match your target does not exclude people from different background, different countri es, economic status, political views or ethnicity.Learn more about working on your public relations via social media: Personal experiencesThe basics of personal experience is all about personalization â€" being responsive and being flexible.Personal experiences are the best way to build customer loyalty. If you can be the brand that aims to make each individual happy, they will stick to you. Your strategy involves 6 simple steps.Analyze what your brand offers and what your customers need â€" where do you meet?Categorize customer demand and make sure you are able to respond to each need with either the same product or different features or variations of your product.Make sure you are able to identify the occasion for each sale or experience â€" you already know what kinds of customers you will meet, now you need to recognize which type they are as soon as they make first contact.Make sure you have the resources to offer the right variation to the right customer.Offer continuous suppo rt â€" make sure you resolve every issue that arises.Go the extra mile. Throw in a free bonus, a next-purchase discount or a coupon code for affiliation. Tell your customer they are more than a deal for you. You really want to make them happy.How to use personal experiences to manage customer perception?Personalize customer experiences. Whenever it is possible, aim for in-person interaction. Encourage in-store consultants to engage with customers and offer them the best products. If you are offering digital products or services, enable a live-chat consultant.Analysis. Use data analysis to predict the needs of your customers, their demands, the possible issues and also peaks and lows in demand. First, make sure you have the legalities worked out. There are tough regulation on data analysis. Get consent from your customers to use purchase and interaction data and start gathering right away. Aggregate data with other open sources and use automated predictive analysis to better distribu te your resources to always be prepared to offer the best customer experience.CONCLUSIONWith managing customer perception, knowledge is power. Before you can become the organization customers love and prefer and are loyal to, you need to know who your customers are, who do they want to be, what are their issues and how they expect you to resolve them.Customer perception is very complex and comes from a place that is NOT on the market. The perception of your organization may depend on, or vary based on: the customer’s background, their income, their self-worth and their perception of themselves, their political or social views, their social group.There will always be a customer base you can never reach and never sway in your favor. The game of customer perception can only be played in a Venn diagram between who you are and who the market is.All you can do is manage your brand image and customer perception to bring those two together, and build a larger area for you to meet.