Reputation Management
Reputation Management essay assignment
Reputation Management essay assignment
Warren Buffett: “If you lose dollars for the firm by bad decisions I will be very understanding. If you lose reputation for the firm, I will be ruthless.”
Warren Buffett: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Get solution to your nursing paper : Reputation Management
Benjamin Franklin – Architect of American: It takes good deeds to build a good reputation, and only one to lose it.”
Many CEO and other leaders have echoed a similar mantra that “Reputation is our most important asset.” But why do so many of them let the asset be trashed? GM-Ignition switch defect;
An unmanaged asset will decline in value over time, inevitably moving to the liability column, and this is one reason for the decline in corporate reputation. – Corporations have risk and crisis management framework in place but few have a process in place to management the reputation asset.
Reputation
© Taylor & Francis 2015
Reputation is a corporate of substantial and measurable value. The view that it is an intangible asset is not a constructive perspective. (i.e., derived by inference; implied by operation of law; not obvious or explicit.
“constructive liability”
Companies with better reputations attract more and better employees, pay less for goods and services, accrue competitive advantages and can charge more for their own products (i.e., Apple). Settled – Reputation is a tangible asset.
World’s most admired companies http://fortune.com/worlds-most-admired-companies/
2015 Reputation Dividend Report – indicated that the reputations of the Standard and Poor’s (S&P) 500 companies accounted for higher percentage of the combined market cap of those companies.
http://www.reputationdividend.com/files/1514/3515/4447/US_2015_Reputation_Dividend_Report_-_Final.pdf
Reputation
© Taylor & Francis 2015
Reputation can be managed. Companies that have a process in place rank higher.
Some companies are undervalued on certain drivers of reputation (i.e., long term investment value or corporate social responsibility – addressed through targeted communication strategy. Other companies are overvalued on such drivers, which represents a performance or a behavior challenge.
To manage the components of reputation – performance, behavior, communication and intrinsic identity (what the organization stands for) is to manage the whole.
By Managing relationships with groups and individuals that have a stake in the company is to manage the sum of those relationships – something called reputation.
If in place GM – no problems
Conference Board – CEO – For driving enterprise growth & performance, reputation among their top five strategies.
Reputation
“The sum of the images the various constituencies have of an organization”—Charles Fombrun
Reputation = Sum of Images = Performance + Behavior +
People – social capital (networking) helps them build relationships and careers, Corporations and other organizations develop reputational capital that helps them build relationships and grow their organizations.