L1 Reputation.pdf

 What is Corporate Reputation?  What is it important?  How to measure it?  Every single move, the decision taken and isolated event that involves a company is scrutinised.  Corporate reputation comprises social image, financial image, product image and recruitme...

 What is Corporate Reputation?  What is it important?  How to measure it?  Every single move, the decision taken and isolated event that involves a company is scrutinised.  Corporate reputation comprises social image, financial image, product image and recruitment image (Fombrun, 1996)  Reputation is the overall estimation in which a company is held by its constituents.  Reputation is an index of a company’s worth or value.  Corporate reputation is concerned with the overall estimation in which an organisation is held.  Reputation is not a stand-alone discipline.  All a service company has to protect is its reputation.  Branding is at the centre of reputation management.  Reputation reconciles the multiple images of an organisation.  Reputation provides a competitive advantage.  Consider the fall in reputation of once great companies.  Recovering reputation is much more difficult than building and maintaining it.  The public have developed a cynical view of the business community.  The concepts of trust and reputation are clearly related.  It is the overall stock of information held about a company that forms its reputation.  Reputation needs to be the responsibility of all.  A reputation may be affected by those with whom we associate.  One’s reputation, no matter how good, is fragile.  Read case on negative reputational associations for Burberry (p. 15)  Are the employees of the company protecting the reputation of the business?  It is possible to have a poor reputation but still be a commercially successful company.  Are staff rewarded on the reputation rankings of the company?  Our reputations are now at risk, due to the rapidly changing technological environment.  We now have to build and protect our reputations amongst a sceptical public.  Reputation is a sum of the parts of the business or brand. 1. Provide a definition of corporate reputation based on your own experience. 2. Why has trust in companies declined over recent years? How can the management of corporate reputation improve this situation? 3. Why is it more difficult to control corporate reputation in the 21st century than it has been previously?