Podcast
Questions and Answers
Which of the following best describes the relationship between branding and reputation management?
Which of the following best describes the relationship between branding and reputation management?
- Branding and reputation management are independent functions with no direct relationship.
- Branding is at the center of reputation management, shaping and influencing it. (correct)
- Reputation management is a subset of branding, focusing on protecting brand value.
- Branding is a consequence of reputation management, reflecting the established reputation.
A company known for its innovative products faces a scandal involving its CEO's unethical behavior. How might this impact the company's various images, as defined by Fombrun (1996)?
A company known for its innovative products faces a scandal involving its CEO's unethical behavior. How might this impact the company's various images, as defined by Fombrun (1996)?
- Only the social image would be negatively impacted.
- The financial image would improve due to increased media attention.
- The recruitment image would remain unaffected as long as product innovation continues.
- The social image, financial image, product image and recruitment image could all be negatively impacted. (correct)
Why is maintaining a good corporate reputation crucial in a competitive market?
Why is maintaining a good corporate reputation crucial in a competitive market?
- It guarantees higher stock prices regardless of performance.
- It provides a competitive advantage by increasing stakeholder trust and loyalty. (correct)
- It simplifies regulatory compliance processes.
- It primarily enhances internal employee morale.
How does the rapidly changing technological environment pose a risk to corporate reputations?
How does the rapidly changing technological environment pose a risk to corporate reputations?
Which of the following statements best reflects the relationship between trust and corporate reputation?
Which of the following statements best reflects the relationship between trust and corporate reputation?
A company's marketing team launches a campaign promoting sustainable practices, but simultaneously, the company faces allegations of environmental violations at one of its factories. What impact might this discrepancy have on the company's reputation?
A company's marketing team launches a campaign promoting sustainable practices, but simultaneously, the company faces allegations of environmental violations at one of its factories. What impact might this discrepancy have on the company's reputation?
A new social media policy dictates that employees are not allowed to discuss company matters on personal social media accounts. Which of the following statements best describes the likely impact of this policy on the company's reputation?
A new social media policy dictates that employees are not allowed to discuss company matters on personal social media accounts. Which of the following statements best describes the likely impact of this policy on the company's reputation?
Why is recovering from reputational damage more difficult than proactively building and maintaining a strong reputation?
Why is recovering from reputational damage more difficult than proactively building and maintaining a strong reputation?
Flashcards
Corporate Reputation
Corporate Reputation
Overall estimation of a company held by its constituents, reflecting its worth or value.
Components of Corporate Reputation
Components of Corporate Reputation
Social image, financial image, product image and recruitment image of a company.
Reputation Recovery
Reputation Recovery
It's harder to recover from a bad image than to create/defend a good image.
Branding and Reputation
Branding and Reputation
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Reputation's Role
Reputation's Role
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Reputation and Associations
Reputation and Associations
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Fragility of Reputation
Fragility of Reputation
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Reputation at Risk
Reputation at Risk
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Study Notes
- Corporate reputation is defined differently across industries and market sectors
- Difficulty in managing a corporate reputation has increased
Aims and Learning Objectives
- Define corporate reputation
- Discuss the rise in importance of it
- Determine if it matters
- Consider the various levels
- Stress the importance of reputational association and how it may vary in differing market sectors and organizations.
- Explore the difficulties in managing a corporate reputation in the 21st century
Corporate Reputation Questions
- What is it?
- Why is it important?
- How is it measured?
Defining Corporate Reputation
- Every move, decision, and isolated event involving a company is scrutinized
- It comprises social image, financial image, product image, and recruitment image (Fombrun, 1996)
- Corporate reputation is the overall estimation in which a company is held by its constituents
- Reputation serves as an index of a company's worth or value
- Corporate reputation is concerned with the overall estimation in which an organization is held
- Reputation is not a stand-alone discipline
- A service company must protect its reputation
- Branding is key to reputation management
- Reputation reconciles the multiple images of an organization
Definitions of Corporate Reputation by discipline
- Economics: Traits or signals describing a company's probable behavior
- Strategy: Intangible assets difficult for rivals to imitate, creating mobility barriers and sustained competitive advantage
- Accounting: Intangible assets difficult to measure but create value
- Marketing: Corporate associations individuals establish with the company name
- Communication: Traits developing from relationships companies form with constituents
- Organizational theory: Cognitive representations developing as stakeholders make sense of activities
- Sociology: Social constructions from relationships firms establish with stakeholders
Qualities for a Good Reputation
- Credibility
- Reliability
- Trustworthiness
- Responsibility
Perspective of Corporate Reputation
- Corporate identity enhances recall
- Corporate image combines with personal values to form the reputation of an organization
Why Reputation Matters
- Reputation provides a competitive advantage
- A fall in reputation impacts companies
- Recovering a reputation is harder than building and maintaining it
- The public has developed a cynical view of the business community
World's Most Admired Companies
- Apple
- Amazon
- Microsoft
- Walt Disney
- Starbucks
- Berkshire Hathaway
- Alphabet
- JPMorgan Chase
- Netflix
- Costco Wholesale
Measurement of Reputation
- Trust and reputation are clearly related
- It is the overall stock of information held about a company
- It is the responsibility of all
Factors impacting reputation
- Reputation may be affected by those with whom we associate
- Even a good reputation is fragile
Other factors for consideration
- Whether the employees of the company protecting the business reputation
- Having a poor reputation but still being commercially successful
- Whether staff are rewarded on the reputation rankings of the company
Difficulty in controlling reputation in the 21st century
- Reputations are now at risk due to the rapidly changing environment
- Building and protecting reputations among a sceptical public is key
- Reputation is a sum of all parts of the business or brand
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Description
Explore the definition, importance, and measurement of corporate reputation. Understand its various levels and the challenges of managing it in the 21st century. Learn how a company's social, financial, product, and recruitment image affects its overall reputation.
