Final answer:
A successful brand benefits a firm internally by building its capacity to implement its mission, fostering trust among stakeholders, and driving cohesion within the organization.
Step-by-step explanation:
Which statements illustrate how the components of a successful brand benefit a firm internally? To provide a correct option in the final answer, let's evaluate the given options.
- A strong brand helps a firm build the capacity and skills to implement its mission. This statement is accurate because a strong brand can align a firm's internal resources and capabilities with its strategic goals, which is beneficial for internal development and implementation of the company's mission.
- A strong brand results in trust among the firm's stakeholders. Trust is important not only externally but also internally. It fosters a positive work environment and can improve employee morale and commitment, thus benefiting the firm from the inside.
- A strong brand helps to reduce the number of competing firms. While a strong brand can certainly provide a competitive advantage, it does not directly reduce the number of competing firms. Rather, it may deter potential new entrants or shift customer preferences away from competitors.
- A strong brand drives cohesion. Brand coherence and consistency can lead to a more unified organizational culture and vision, which positively impacts internal operations and strategy execution.
Based on the above analysis, the correct options that demonstrate how a successful brand benefits a firm internally are (a) A strong brand helps a firm build the capacity and skills to implement its mission, (b) A strong brand results in trust among the firm's stakeholders, and (d) A strong brand drives cohesion.