70 
Public Perception on Reputation and Its Influence 
on Decision Making 
Rejla Bozdo
*
 
Abstract: Reputation is an important part of everyday life of people, 
businesses, and other organizations. Reputation is like a bunch of thoughts 
in ones’ mind that drives people’s decision-making as an autopilot. There 
are many methods applied to define reputation level for companies all over 
the world, such as ”World Most Admired Companies” of Fortune magazine, 
Financial Times “World’s the Most Respected Companies”, “Britain’s Most 
Admired Companies” from Management Today, or ”Asia’s Most Admired 
Companies” from Asian Business. This paper aims to discuss on the 
measurement of reputation which could stem by the public opinion. To do 
so, the analysis reports on a national survey which measures 5 variables of 
public opinion perception on Albanian companies. Each company provided 
by the respondents, is calculated a value which leads to define the 
reputation level of the total market. The whole list gives space to do 
sectorial analysis, too.   
This paper will particularly discuss the sector of shopping centres. Drawing 
on calculated values for each of shopping centres, perceptual maps are 
designed that can be of great help for investors to decide about the most 
appropriate shopping centre they should invest their new retail project. 
Furthermore, these perceptual maps can also be designed by combining 
variables that are related with employment and success that will help 
jobseekers to compare different options in the job market. This research 
gives a clear view on the perception that general public has on the reputation 
of shopping centres in Albania, that are Albanian brands. This research 
outcome is a ranking on reputation for 216 companies, from which are 
extracted 7 shopping centres, Albanian brands. 2 of them are ranked on top 
10 of the list and 3 of them are ranked on the bottom 10. Total perception 
for all seven shopping centres is negative. Perceptual maps are used as a 
tool to offer a clear view to managers regarding the findings for each 
variable of the study.  
Keywords: reputation, perception, perceptual mapping, measurement, 
decision-making.  
Javno zaznavanje ugleda in njegov vpliv na 
odloča n je  
Povzetek: Ugled je pomemben del vsakdanjega življenja ljudi, podjetij in 
drugih organizacij. Je kot nabor misli v mislih, ko ljudje sprejemajo odločitve 
kot avto-pilot. Za določitev stopnje ugleda za podjetja je na voljo veliko 
metod, na primer "Najbolj občudovana svetovna podjetja" revije Fortune, 
"Najbolj cenjena podjetja na svetu" revije Financial Times, "Najbolj 
občudovana britanska podjetja" revije Management Today ali "Najbolj 
občudovana azijska podjetja” revije Asian Business. Cilj tega prispevka je 
odpreti razpravo o merjenju ugleda, ki bi lahko nastalo zaradi javnega 
1.01 Original scientific article = Izvirni znanstveni članek  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Dr., Faculty of Economy, University of Tirana,  
Rr. Arben Broci, Tirana, Albania; 
rejlabozdo@feut.edu.al 
How to cite this paper = Kako citirati ta članek: 
Bozdo, R. (2020). Public Perception on 
Reputation and Its Influence on Decision Making. 
Mednarodno inovativno poslovanje = Journal of 
Innovative Business and Management, 12(2), 70-
78. DOI: 10.32015/JIBM.2020.12.2.7.70-78. 
© Copyrights are protected by = Avtorske pravice 
so zaščitene s: 
 Creative Commons Attribution-Noncommercial 
4.0 International License (CC BY-NC 4.0) = Creative 
Commons priznanje avtorstva-nekomercialno 4.0 
mednarodna licenca (CC BY-NC 4.0) 
Mednarodno inovativno poslovanje = Journal of 
Innovative Business and Management  
ISSN: 1855-6175 
 
 
 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
71 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
mnenja. V ta namen v članku poročamo o nacionalni raziskavi, ki meri 5 spremenljivk percepcije javnega mnenja o 
albanskih podjetjih. Vsakemu podjetju, ki ga priskrbijo anketiranci, se izračuna vrednost, ki vodi do določitve ravni 
ugleda celotnega trga. Celoten seznam daje prostor tudi za sektorsko analizo. 
Ta članek obravnava zlasti sektor trgovskih središč. Na podlagi izračunanih vrednosti za vsako nakupovalno središče 
so oblikovani zaznavni zemljevidi, ki bi lahko bili vlagateljem v veliko pomoč pri odločanju o najprimernejšem 
nakupovalnem centru, v katerega bi vložili svoj novi maloprodajni projekt. Poleg tega je mogoče te zaznavne 
zemljevide oblikovati tudi s kombiniranjem spremenljivk, povezanih z zaposlitvijo in uspešnostjo, ki bodo iskalcem 
zaposlitve pomagali primerjati različne možnosti na trgu dela. Raziskava daje jasen pogled na dojemanje splošne 
javnosti o ugledu nakupovalnih središč v Albaniji albanskih blagovnih znamk. Rezultat te raziskave je razvrstitev 216 
podjetij po ugledu, iz katerih je ekstrahiranih 7 nakupovalnih središč albanskih blagovnih znamk. Dva med njimi sta 
uvrščena na prvih 10 na seznamu, 3 pa po 10. mestu. Skupno dojemanje za vseh sedem nakupovalnih središč je 
negativno. Zaznavni zemljevidi se uporabljajo kot orodje, s katerim lahko vodje dobijo jasen pogled na ugotovitve za 
vsako spremenljivko študije. 
Ključne besede: ugled; percepcija; zaznavni zemljevid; merjenje; odločanje. 
1. Introduction 
Merriam-Webster Dictionary defines ‘‘reputation’’ as ‘‘overall quality or character as seen or judged by 
people in general’’. Cambridge Dictionary defines ‘‘reputation’’ as ‘‘the opinion that people in general have 
about someone or something, or how much respect or admiration someone or something receives, based 
on past behaviour or character’’. In the line of public’s general opinion, researchers Schwaiger, Raithel, 
Rinkenburger, Schloderer, and Matthias (2011), have found that ’’some academic definitions see corporate 
reputation as a general attribute of organizations reflecting people’s opinion if a firm is substantially ‘good’ 
or ‘bad’ (Milgrom, Roberts, 1992; Weiss, Anderson, MacInnis, 1999). However, such definitions do not 
provide information on how to measure reputation which is a prerequisite for the provision of empirical 
evidence for its impact on stakeholder behaviour and, ultimately, financial performance.’’ (Schwaiger et al., 
2011). 
There is a lot of discussion on how to define reputation. Foombrun and van Riel (1997) define reputation 
from six different academic fields, which are: accountancy, economics, marketing, organizational 
behaviour, sociology, and strategy. According to the authors, in accountancy reputation is seen as an 
intangible asset that has a financial worth; in economics reputation is seen as signals of the perception 
of outside stakeholders on the organization; in marketing reputation is viewed from the customer 
perspective on how the perception is formed; in organizational behaviour reputation is seen as the 
employees experience or the perception of internal stakeholders; in sociology reputation is seen as an 
aggregate assessment of a company`s performance relative to expectation and norms in an institutional 
context; in strategy reputation is seen as barrier of mobility and assets.  
L.A. Grunig and J.E. Grunig (2003) refer to reputation in organization context as ‘‘what public thinks of an 
organization’’. Many definitions on reputation from researchers and academics are based on the idea that 
there are just two groups of interests: employees and clients, while others give importance to a wider 
perspective of stakeholders. Reputation is defined by Post and Griffin (1997) as “a synthesis of the 
opinions, perceptions, and attitudes of an organization´s stakeholders”. While others define it as ‘‘a 
collective construct composed of aggregate perceptions of different actors on a firm’s performance’ 
(Fombrun et al., 2004). For Fombrun (1996) reputation is the stakeholder’s overall estimation of the 
company, expressed by affective reactions.  
People use the term “reputation’’ in everyday life usually linked to what a group of people think on 
somebody or any entity that can be a business entity, a political organization or an individual. In most of 
cases this group of people is the general public, but in some cases, it can also be a specific group. In this 
perspective, there is also a corporate reputation.  
Corporate reputation influences how interest groups behave in the face of the organization, influencing, 
for example, employee retention, consumer satisfaction, and consumer loyalty. Favourable reputation 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
72 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
encourages shareholders to invest in a company; it attracts good staff, retains clients (Markham, 1972) 
and is positively significantly correlated with returns (Robert and Dowling 1997; Vergin and Qoronfleh 
1998). 
There are several approaches to measuring reputation. Individuals can be asked to assess the reputation 
of a company from bad to good (Goldberg and Hartwick, 1990). However, this kind of assessment does 
not explain why a firm has a better or worse reputation than another. The applicant can use qualitative 
approach or assessment with specific degrees depending on the situation (Durgee, 1988; Hanby, 1999) 
but it will still be difficult to compare a reputation with another. 
Popular reputation measurements are the ones made by media, such as ”World Most Admired Companies” 
of Fortune magazine, Financial Times “World’s the Most Respected Companies”, “Britain’s Most Admired 
Companies” from Management Today, or ”Asia’s Most Admired Companies” from Asian Business.  
In this paper a combination of public’s opinion on reputation of companies and the perceptual mapping, 
will be discussed as a tool that can help decision-making. The aim of this research is to take a photo of 
the public mind on what they think on companies without any outside suggestion and to use it as a tool 
for managers in the process of decision-making. 
2. Materials and Methods 
The primary data for this research has been gathered in Albania. The methodology of this research is 
based on analysing some methods applied in practice found through the literature review. There is 
significant new input on the methodology provided for the specific case discussed in this paper.  
2.1 Literature review on tools 
2.1.1 Reputation listings and rankings 
There are many rankings used globally on reputation. The FOURTUNE World’s Most Admired Companies, 
since 1997, a partnership of Fortune Magazine and Korn Ferry Institute, is a study that surveys 
approximately 15.000 top executives and directors form eligible companies. The World’s Most Admired 
Companies are rated on nine attributes that are: 1) Ability to attract and retain talented people, 2) Quality 
of management, 3) Social responsibility to the community and the environment, 4) Innovativeness, 5) 
Quality of products or services, 6) Wise use of corporate assets, 7) Long-term investment value, 8) 
Effectiveness in doing business globally. Raters are asked to evaluate each eligible company on each 
attribute by assigning a score from 0 (‘Poor’) to 10 (‘Excellent’). A company’s overall score is determined 
through a simple average of the individual attributes scores. Companies who rank in the top half of their 
industry are defined as ‘‘most admired’’ within their industry (Korn Ferry Institute, 2019).  
Financial Times ‘‘The World’s Most Respected Companies’’ presents CEO’s perception of 8 criteria which 
include: 1) strong and well-thought-out strategy, 2) maximizing customer satisfaction and loyalty, 3) 
business leadership, 4) the quality of the products and services it offers, 5) continuous and strong profit 
performance, 6) a human and robust organization culture, 7) successful change management, and 8) 
globalization of business. The size of the selection is 4.000 CEOs from 70 countries interviewed by 
telephone. The answers are corrected by the weights of the interviewed CEO’s state GDP (Bozdo, R. 2015). 
During 2005, Financial Times ‘‘The World’s Most Respected Companies’’, in the 8
th
 year of conducting this 
survey there were some changes made with the aim to identify the companies that are seen to excel in 
areas such as corporate governance, investment in local communities and innovation.  
Chief executives were asked to nominate three companies in the world they most respect and after that 
they were asked to select three companies, they most respect in their industry sector in the world. Also 
they were asked to: identify three business leaders they most respect in the world; to name three 
companies in their country or region that they most respect and three companies that best delivered on 
creating the most value for their shareholders; to nominate three companies in the world that have the 
most effective corporate governance; to nominate three companies in the world that demonstrate the best 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
73 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
product or service innovation; to identify three companies in the world that have best demonstrated a 
turnround in their fortunes in the last two to three years and three companies that deliver the best levels 
of customer service. The other addition to the survey was an opportunity for CEOs to nominate a business 
writer or management guru who has had the most influence on their role over the last five to 10 years. The 
fieldwork was undertaken by the PwC International Survey Unit between August and October 2005, 
principally by telephone interview but in some cases by written questionnaire or face-to-face interviews 
(Nitcholl, Styles, 2005). 
Other similar listings are “Britain’s Most Admired Companies” by Management Today magazine, or Asia’s 
Most Admired Companies by Asian Business. There are differences between these listings regarding the 
sample and the time when they are conducted, but all of them take into consideration the financial 
situation of each company involved in them.   
2.1.2 Perceptual mapping 
Perceptual mapping, is a very powerful technique used in many marketing applications, in which managers 
want to know (1) the cognitive dimensions (thinking, evaluating, perceiving, etc.) that consumers use to 
evaluate products in the category considered, (2) the relative positions of current and potential products 
/ brands in relation to these dimensions. Used correctly, the perception map generates chances, fosters 
creativity, and helps design marketing strategies. The perception map includes a variety of techniques to 
display judgments on a set of objects by a set of subjects. In use, especially among market researchers, 
perception mapping is an even more general term. Some commercial perception maps are based on 
classical statistical and psychometric models. Today, more than an active theoretical model, the 
perception map can be useful as a general procedure collector that presents statistical analysis to non-
technical clients. Like the classification trees, the perceptual map shows complex relationships in a simple 
way, without algebra or statistical parameters (Bozdo, 2015). 
2.1.3 Research Methodology 
In the literature review, we find out that there are different methods applied to measure reputation but 
there is also some common ground for many of them which can be defined as a 360 - degree effect on 
reputation. This means that in a company´s reputation there is a combination of perceptions in different 
areas which include company´s financial management, its products and services, its customer’s 
management, its internal marketing, its human resources and corporate social responsibility. In this 
perspective, our research methodology will measure the corporate reputation gathered by public opinion. 
This method is based on a survey that collects data on 5 variables of public opinion perception on 
companies that they consider as SUCCESS (successful ⁄ unsuccessful), POWER (powerful ⁄ on the way to 
bankruptcy), GOOD OR BAD (good ⁄ abusive), EMPLOYMENT (good to be employed ⁄ bad to be employed) 
and CORPORATE SOCIAL RESPONSIBILITY (socially responsible ⁄ socially not responsible). Through a 
technique that gives values to the variables, there is provided a total value for each company named by 
the respondents. The general list of companies gives enough information for the reputation level of the 
total market. This list can be disaggregated for specific sectors. This paper analyses the sector of shopping 
centres. All collected values make it possible to design perceptual maps that can be of great help for 
investors that are questioning themselves in which shopping centre they should invest their new retail 
project. This perceptual map can also be designed by combining variables that are related with employment 
and success that will help people who are looking for a new job opportunity to compare different options 
in the job market.   
A sample of 1060 respondents, age 30-49 years old, in Tirana, Albania, are asked during September - 
October 2013 to name companies that they have in their minds. The respondents are free to name any 
company that pops up in that specific moment. The respondents are asked to name 3 companies that they 
perceive as: 
- The most successful in the market. (a) 
- The most unsuccessful in the market. (b) 
- The most powerful in the market. (a) 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
74 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
- The ones that they perceive as already bankrupted. (b) 
- The ones that are helping communities is need or not. ½ (a) 
- The ones that are not helping communities is need. ½ (b) 
- The ones that are involved in activities that protect the environment. ½ (a) 
- The ones that are not involved in activities that protect the environment. ½ (b) 
- The companies they name as “the best”. (a) 
- The most abusive companies in the market. (b) 
- The ones where they will love to work in. (a) 
- The ones that they will never choose to work in. (b) 
Companies that are named in the (a) questions get +1 point and companies that are named in the (b) 
questions get -1 point. For example, the variable SUCCESS: 
 
Figure 1: Two side effect, positive and negative of one variable. 
*the variable CSR – Corporate Social Responsibility has 4 questions, so each of them is weighted by ½. 
Total value of reputation for each company is the sum of all data, positive and negative, for 5 variables: 
SUCCESS (successful ⁄ unsuccessful), POWER (powerful ⁄ on the way to bankruptcy), GOOD OR BAD (good 
⁄ abusive), EMPLOYMENT (good to be employed ⁄ bad to be employed) and CORPORATE SOCIAL 
RESPONSIBILITY (socially responsible ⁄ socially not responsible). 
Total Reputation = V1+V2+V3+V4+V5, 
where 
V1=v1+ (-v1); V2=v2+ (-v2); V3=v3+ (-v3); V4=v4+ (-v4); V5=v5+ (-v5). 
As a final step, there is created a list that ranks companies from their total values.  
3. Results 
This research created a ranking of more than 200 companies which operate in different industries. The 
companies that operate in the sector of shopping centres and are Albanian brands are extracted from this 
ranking for the purpose of analysis. Each sector in the list can be analysed in the same way that will be 
shown below.  
The data provided by the respondents on all variables for the sector of shopping centres operating in 
Albania and created as Albanian brands, are shown in below table 1. 
Table 1: Table showing respondents naming companies in the sector of shopping centres in Tirana, 
Albania 
 
Codes represent shopping centres and the colours used to distinguish them are related to the position 
each shopping centre has in the general ranking. The ones with green colour are ranked among top 10 of 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
75 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
the list, which means they have the best reputation in the market, while those in red colour are ranked 
among the bottom 10, which means that they are among the ones with the worst reputation in this list. 
The ones in black are the ones found in the other part of the list which is not included in the green and red 
part.  
Data in this table show how the public perceives by giving a positive or a negative valuation to companies 
in the sector of shopping centres for variables part of this study. If we closely look at the values generated 
in this table, we find out that the total perception of all shopping centres is negative for all variables, it has 
a total value of -81. This means that consumers in this market have a total negative perception. 2/10 
companies in the top, 20% of top companies are shopping centres, but also 30% of the bottom list are also 
shopping centres. This means that how respondents perceive each shopping centre is completely 
different.  
This methodology can be used also for other sectors and we can compare the sectors with each-other to 
check who is better performing in the eyes of the general public.   
To have a clearer view and to make it easier for the managers to understand the situation, this data can 
be used to provide perceptual maps that can help different groups of interest. For example, an investor 
wants to know in which shopping centre he/she should invest. Another businesswoman wants to start a 
new store and she needs to find out which shopping centre is the best. Also, there can be analysed the 
situation of each shopping centre. By analysing each variable and the gaps in the positive and negative 
perception, companies have a very good input for their reputation strategy to be applied in the future.  
By creating combinations of variables, there can be produced perceptual maps as the examples below, 
which make it much easier for non-technical readers to understand. 
 
Figure 2: Perceptual Mapping of Power/Bankruptcy – Employment/non-Employment 
The above perceptual map can also help individuals who want to be hired but also managers to understand 
the labor market trends in relation to each company. 
In all cases, stains on the perception maps are very good indicators of the situation within a given industry 
by presenting the relative positions of market players to each other. Differences serve for the development 
of chances, the identification of weaknesses and the design of marketing strategies in the function of this 
analysis. 
Perceptual mapping data can also be used for all subjects involved in the study. From them, we can draw 
conclusions about the overall perception of companies in the market. Below is the positioning for success 
/ failure and power / bankruptcy variables. 
  

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
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Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
 
Figure 3: Perceptual Mapping of Success/non-Success – Power/Bankruptcy 
Managers and investors would choose the positive combinations of the first quadrant. The map increases 
the ease of making their decisions. Clients will visit those landmark destinations that they consider to be 
successful and powerful. What is remarkable in all cases, and not just in this industry, is the fact that 
success and power or failure and bankruptcy (this is a perceived level because the study is related to 
perception) are not fully matched, because success is related to market response to companies while 
power with other elements like capital, political support to business, etc. 
4. Discussion 
The definitions given in this paper on reputation give us clearer ideas on why some of the applications of 
reputation metrics are focused on data gathered by top level managers. This happens because they have 
built a reputation metric based on that group of interest. As stated in the reputation literature, stakeholders 
are related to the external and internal environment. This element has been taken into account in the 
research presented in this paper when defining variables. It has also been considered by reflecting on 
variables, the expression in the literature that the public opinion values companies on an emotional basis. 
Financial Times' questions formulated starting by ‘‘name three companies…’’ that are considered as 
appropriate also in the research published in this paper, assuming that the 3 companies mentioned are 
close to each other in perceiving the people being asked and that their order does not matter, so the 
mention of all three by the same person answering has the same value. 
Organizing variables with two extremes that have positive and negative values, aims to quantify the 
emotions of the public in order to achieve an aggregate value of emotions for each company. 
The methodology listed in this paper is a snapshot of public sentiment about companies and provides a 
means of comparing firms by reference to variables. Companies can use this data to analyse themselves 
and design their strategies. 
On the other hand, through perceptual mapping, managers and investors can understand how the public 
thinks about specific companies in the sector. By combining perception with other elements of decision 
making, such as pricing, contract terms, business vision, etc., they can improve their decision making to 
the benefit of the investment. 
The methodology used in the research presented in this paper can be used for the market as a whole and 
analysed for different sectors. Also, this model can be used at different times to generate listings and 
benchmarks. 
The results of the implementation of this model displayed in this paper are from data gathered during 
2013 in Albania. Among the top 10 companies listed at the bottom of the list during 2013, by year 2019, 
six out of the top ten listed companies are either out of the market or in very disadvantaged positions, by 
increasing the reliability of this model. 
 

Bozdo, R. (2020). Public Perception on Reputation and Its Influence on Decision Making 
77 
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management 12(2), 70-78, DOI: 10.32015/JIBM.2020.12.2.6.70-78 
5. Conclusions 
Corporate reputation is a powerful tool that influences how interest groups behave in the face of the 
organization, influencing, for example, employee retention, consumer satisfaction, and consumer loyalty. 
At the same time, corporate reputation shows how people feel about a company and their feelings may 
lead them to certain decisions regarding a specific company.  
In the literature review, we find out that there are different methods applied to measure reputation but 
there is also some common ground for many of them which can be defined as a 360-degree effect on 
reputation. This means that in a company´s reputation there is a combination of perceptions in different 
areas which include company´s financial management, its products and services, its customer’s 
management, its internal marketing, its human resources and corporate social responsibility. 
Based on literature review and many applications in the reputation measurement, in this paper is presented 
a new method of reputation metrics. Through a survey that collects data on 5 variables of public opinion 
perception on companies that they consider as SUCCESS (successful ⁄ unsuccessful), POWER (powerful 
⁄ on the way to bankruptcy), GOOD OR BAD (good ⁄ abusive), EMPLOYMENT (good to be employed ⁄ bad 
to be employed) and CORPORATE SOCIAL RESPONSIBILITY (socially responsible ⁄ socially not 
responsible). A technique that gives values to the variables, positive and negative, there is provided a total 
value for each company named by the respondents. The general list of companies gives enough 
information for the reputation level of the total market. From the list of all companies, there can be 
provided shortlists for specific sectors. For illustration purposes, the sector of shopping centers has been 
taken as a case study. The values make it possible to design perceptual maps that can be of great help 
for investors and jobseekers, too. Investors that are questioning themselves in which shopping center they 
should invest their new retail project can use this model. These perceptual maps can also be designed by 
combining variables that are related with employment and success that will help people who are looking 
for a new job opportunity to compare different options in the job market.   
The outcomes of this research give data on the general perception for the market and also for specific 
companies. These outcomes are of great value for decision-makers such as investors, managers, 
businesspeople, and clients. Each of these groups can build a strategy that follows their specific goals by 
using the analytical data or the perceptual mapping. Through perceptual mapping, managers and investors 
can understand how the public thinks about specific companies in the sector. By combining perception 
with other elements of decision making, such as pricing, contract terms, business vision, etc., they can 
improve their decision making to the benefit of the investment. 
Acknowledgments: Some parts of the paper have been presented at the Fifth International Scientific 
Conference on Knowledge Based Sustainable Development – ERAZ 2019. 
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