...Importance of Reputation Management For this assignment write a 2 page paper in APA format (plus cover sheet and reference page) that discusses the importance of reputation management in relation to an organization’s credibility. If a PR person only has their credibility to offer and is only as good as his or her deserved reputation, how can social media help or harm that reputation? What is Reputation and why is It Important? • Corporate Reputation is estimated to be worth about 4 to 5 percent of sales per year. • Reputation is the most valuable asset entrusted to a CEO by the board and shareholders. • Reputation Management is a holistic business activity, combining elements of strategy, management, marketing, customer service, communications, and human resources. • Reputation Risk is the No. 1 risk concern of CEOs globally (Aon Insurance study, 2007). • Reputation management is not the same as advertising, corporate social responsibility, or corporate identity. Reputation is a perception of value or distinctiveness vies-a-vies peers and competitors — that is held in the mind of stakeholders and prospective stakeholders. Reputation Management, then, is a systematic approach to management where decision-making is informed by the perceptions of value vies-a-vies peers and competitors that are held by an organization’s stakeholders. • Reputation builds competitive advantage. Studies have found that organizations with better reputations...
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...is at the centre of reputation management, it requires a clear corporate mission and philosophy. -Trust and credibility from public are indispensable to build a strong brand image (Schweizer & Wijnberg, 1999). -Brand personality and identity must be clearly understood by each stakeholders to portray the brand values. -The culture and values of a brand are a key part of the brand image. Improve Financial performances -Good reputation leads to higher customer retention (Caminiti, 1992; Preece et al., 1995) so increase repurchasing. -Customers are willing to pay higher prices for a product/service sold by a company with a good reputation. -Good reputation improve customers satisfaction (Markus Eberl and Manfred Schwaiger, 2004). -Past financial performances can impact the current reputation which can impact the future financial performances. -All of these elements have a positive impact on profit. Develop relationship with stakeholders -“Any group or individual who can affect or is affected by the achievement of an organisation’s objectives” (Freeman, 1984, p.46). -Shareholders, customers, employees, business partners, media, government, local communities, environment. -The company must communicate efficiently, transparently and use different ways of communication for each stakeholder to maintain and develop strong relationship (Benjamin A. Neville, Simon J. Bell and . Bulent Menguc, 2005). Create a competitive advantage -Reputation like brand image is...
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...buildings and plant equipment, financial resources such as equity and loan capital, human resource like the individuals and teams, entrepreneurial and operational skills, upstream and downstream knowledge, administrative and reputational resources. Another two things that would make a firm specific advantage are routines and recombination. Routines are the distinct ability to combine further the firm’s resources in unique ways valued by the firm’s stakeholders and they are also stable patterns of decisions and actions that coordinate the productive use of resources, and thereby generate value, domestically or internationally. 4. Some FSAs are location bound because: -A firm uses stand-alone -A firm has a very deep knowledge of local marketing or reputation -A firm has developed a unique way of working that is local -A firm has an entrepreneurial potential which is difficult to transfer across borders to a different context 5. Location bound means that the FSAs stay at the home country. Some of the reasons might be because of the resources are immobile. 6. The English department store, “Harvey Nichols”, which originally came from Knightsbridge, London decided to open a branch in Jakarta, Indonesia back in 2008. They thought Indonesia would have the best market and be a...
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...intoso-called "media frenzies". Reporters are forced by the nature of the competition to pry everdeeper for an angle on a story that no one else has been able to uncover. With this type of media coverage, it does become more and more likely that anyone who is subjected to it willhave his or her reputation tarnished, as no individual is perfect. Everyone makes mistakes. Theadvances in technology have made much information easily and instantaneously available.Technology has also made it easier to dig further than ever before into a person's past,increasing the possibility that the subject's reputation may be harmed.The above statement is much too broad, however. "Anyone" covers all people all over theworld. There are people whose reputations have only been enhanced by media scrutiny. Thereare also people whose reputations were already so poor that media scrutiny could not possiblydiminish it any further. There may very well be people that have done nothing wrong in thepast, at least that can be discovered by the media, whose reputations could not be diminishedby media scrutiny. To broadly state that "anyone" subjected to media coverage will have his orher status sullied implies that everyone's reputation worldwide is susceptible to damage underany type of media scrutiny. What about children, particularly newborn children? What aboutthose people whose past is entirely unknown?Another problem with such a broad statement is that it does not define the particular level of media scrutiny. Certainly...
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...been built using consistent standards and specifications, despite the fact that the suppliers are “selected on the basis of quality”. Reputational Risk Definition: A speculative uncertainty that is associated with the public’s perception of a company because of quality controls around a product, service delivery and the overall customer experience. Application: There is a risk that Bulldog Trailers Ltd may have a tainted reputation as the result of the possibility of clients not being satisfied with the quality of the “extras”. The clients may spread the word about the poor quality of the “extras” and return the trailers for a full refund. Third party risk Definition: A pure (outcome that can only be bad) uncertainty linked with the reliance on third parties to deliver critical components of the finished product. Application: There is a risk that the external suppliers may delay delivery of the “extras” to Bulldog Trailers Ltd, which creates a possibility of Bulldog delivering the completed trailer late to the consumer. This may harm the reputation of the company as the clients could spread the...
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...protection strategies against any governmental restrictions and limitations. Economic Aspect Being the world's largest and competitive industry in terms of banking and finance, HSBC, is said to have a stable and successful economic stability. In spite of many dangers that they encounter in different parts of the world, the management of HSBC sees to it that they would be able to surpass such struggles and strives to have a better economic condition. Social Aspect HSBC is being affected by the situation of the society in which they are operating. Along with this, HSBC tries harder to make sure that each society is given equal chances to take advantage of the resources given by the organisation. The company adheres to having good reputation and relations in the society that they belong. Technological Aspect The emergence of information technology and internet affects how HSBC has been operating in the past years. The company adopts different IT/IS systems and used internet to reach their customer all over the world and to know the latest trends in the global business. Aside from these, the company also uses facilities which helps them improved their productions and...
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...type of risk can be informational in nature or even financial. Extreme cases may even lead to bankruptcy. Recent examples of companies include: Toyota, Goldman Sachs, Oracle Corporation and BP. Damage to a firm's reputation can result in lost revenue or destruction of shareholder value, even if the company is not found guilty of a crime. 3. Reputational risk can be a matter of corporate trust, but serves also as a tool in crisis prevention. A strong, positive business reputation is an extremely valuable asset for any organization. 4. There are also several reasons for why reputational risks important. 5. There are three determinants of reputational risk. The first one is reputation-reality gap, next is changing beliefs and expectations and the last one is quality of internal coordination. 6. Lets talk about reputation-reality gap first. If the company enjoys an undeservedly high reputation, there is a high risk that the truth could be revealed and substantiated. This revelation could then be very damaging. Clearly, the ability to accurately assess reputation in relation to true character is a critical factor. 7. Next one is changing beliefs and expectations. Shifting expectations and beliefs of stakeholders can widen (or narrow) the reputation gap. In other words, if the company operates in an environment where beliefs about the company and expectations of the company can change quickly, then there is a high risk that the company will find itself out of...
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...Bombardier TEG (A): Operational and Political Issues in Multinational Projects Price, technical proficiency, delivery dates, and domestic content/presence were the most important award criteria to win bids for passenger railcar manufacturing contracts in the US. For most bids around 1992, Morrison-Knudsen (M-K)’s offers were outweighing the technical edge Bombardier’s Transportation Equipment Group (TEG) had through fast delivery times and performing most of the contract locally (e.g. open more local plants or hire more local people than competitors). In addition, the company considerably underbid contracts by 7% on average. Remarkably, all those key deciding factors were based on promises without a record of proof. Therefore, M-K’s promises seemed to be out of touch when considering that the company lacked substantial experience in manufacturing rail equipment, and had not delivered a single working vehicle to any client so far at that time. M-K had experience in the refurbishment market for mass transit cars, but this is considered an entirely different business from car manufacturing, e.g. it did not involve design, and many integration issues were already solved (blueprints). Consequently, without the control of the overall design and the integration of various systems, while having components coming from all over the place (e.g. M-K was supplied and supported by low-cost overseas firms from Brazil, Japan or Portugal, even for design and engineering), M-K took a huge risk...
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...Many people are concerned about winning. In sports, players are at the point where winning seems to be the most important thing. Some players engage in trash talking their opponents in order to gain a psychological advantage. The players do not always know the negative effects that trash talking can lead to. In the local 16 and up recreational softball league, there is a team that does a lot of trash talking. The end of the season meeting is coming up, and one of the coaches is debating if he should take action in trying to end the trash talking. I believe that a policy should go into effect with penalties and rules for teams to follow in order to provide fans with a healthy game atmosphere. Trash talking has become very common in many sporting events. Players tend to act as if they can say whatever they want to, whether it is on the field or on the court. Just because it is a game, does not make it right to do so. Trash talking may seem innocent to the person saying it, but it can actually greatly hurt the one it is being directed towards. All players are not able to ignore trash talking as well as others might be. This can especially be the case if an individual is new to sports or not used to being around trash talk. Trash talking can do more damage than just mess up a player’s performance. Trash talking can hurt a person both mentally and physically. A person who is used to having trash talking statements directed at them could start to lose a great amount of...
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...audience / Connect with your audience a. What is in it for them to spend time to listen to your presentation? b. Don’t leave them in dark or puzzled after your messages… c. Could have a small appropriate joke if deemed to be suitable for the presentation 2. Set a clear / honest objective for the presentation a. What messages and bangs are you delivering? b. What do you want from them…etc? 3. Speak in audience’s language a. You can lose them very quickly if not presented in the language / terms they understand b. Financial data for non finance people…etc – summarize it in their simple terms 4. Open and close strong / with a bang (impression and perception matter) a. Strong start captures attention b. Finish strong leave a good reputation and creditability; may collapse the whole presentation otherwise c. Be memorable 5. Be concise and clear to your points a. Cut out the noises and frills when it comes to “seeking” 6. Break your talk into bite-size pieces / digestible messages a. Remember they can retain 7 things – max 3 take away 7. Make good use of your visuals aid a. Add a bit of animation if possible - (may not suitable for all presentations) b. also a picture speaks of a thousand words 8. Hand out the right things at the right time a. Otherwise, they will read instead of listening to you 9. Finish on time (Cut off means cut off) a. Control the pace and don’t waste audience’s time 10. Overcome nervous feeling (hard but has to be done – deliver in confidence) ...
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...Jack Synesael Peppercorn Case Analysis Organization Development 10-11-2015 Question Responses: The partners from Square One Consulting seemed to have an extreme interest in the operations of Peppercorn Dining. Right from the beginning, with the help of Erica’s firsthand experience, each member was able to grasp a brief understanding of the daily procedures necessary for a successful day of service. Given such a brief time for data collection, each member seemed to do a good job at retrieving interview and observation data. One thing I noticed was the cohesiveness of Lynn, Roger and Erica. They never let a moment slip by without collecting some type of information and sharing it with each other. With respect to data gathering in general, I believe it was an affective attempt at diagnosis. With no set game plan, each member was able to sit down and converse with various members of the unit and still allow for normal day operations. No employees seemed to dislike their presence and each interview gave a unique viewpoint of the dining area with specific and useful data. However, the content of their data seemed to be a little unorganized and rushed. Seeing as though they only had a few days to collect and conduct their results, I understand their obstacles. Perhaps, they should have taken more time to display their results to show the vast areas for improvement. It didn’t seem like one specific area needed improvement, it consisted of various department issues. If they could...
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...seafood contamination and request them to serve the menu-item only if the individual restaurants maintainFDA-approved cooking standards that could heat the seafood to the desired temperature. Yours sincerely, Balasubramanian S External Advisorto Michael’sHomestyle Pasta Executive Summary Mike Valentiis considering whether he should inform a restaurant chain thatthe recent shipment of seafood sent to themiscontaminated with salmonella. He can choose to not inform the chain, inform the chain and recall the entire shipment or inform the chain and request to serve only if restaurants adhere to FDA-approved cooking standards. While deciding, he should consider the cultural precedent that he is setting for the organisation, impact on reputation of company and financial impact on the business. It is recommended that Mike inform the chain of the contamination with a request to serve only if restaurants adhere to FDA-approved cooking standards. Number of Words: 106 Table of Contents Content | Page Number | Executive Summary | 3 | Situational Analysis | 5 | The Problem / Objective | 6 | The Options | 6 | Criteria for Evaluation | 7 | Evaluation of Options | 7 | Recommendation | 9 | Action Plan | 9 | Situational Analysis As a...
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...Q1. How would you improve Cisco’s acquisition selection and integration process? Re: Acquiring other companies is an important strategy for Cisco to rapidly offer new products, reach new markets, and grow revenue. Cisco strengths were its large scale production reaching to large customer base, good reputation, and good financing capabilities. However, unlike other networking companies Cisco doesn’t always develop new technologies on it own and have to rely on acquisition. Cisco acquisition selection should the meet criteria to ensure it meets its acquisition objectives- the companies should have compatible vision for industry and product perspective, share complementary culture, produce short and long term benefits to Cisco shareholders and company should be geographically located close to Cisco. While, for smother acquisition integration Cisco should setup consistent and adaptable product, personnel and manufacturing acquisition process and at the same time continually refine the process from the lessons learned. Q2. Does the Cisco’s process adequately address the challenges of the Summa Four acquisition? Re: Summa Four was a leading provider of programmable switches which will enable Cisco to offer value- added telephony applications to new and existing service providers. Due to the deregulation of the telecommunications industry, service providers were in a competitive race to develop and deliver these types of enhanced services to their customers. Cisco announced...
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...Organizational Behaviour & Human Resources Assignment: Iggy’s Bread of The World – ½ Page Recommendation. Name: Marcus T. Cleare Background Iggy’s Bread of The World, once a close knit, culture-rich, quality driven enterprise has lost many of its values as a result of expansion and a newly implemented management structure. The business has grown, but the owners recognize that restoring the original organizational values is critical to avoiding an even greater loss of employee productivity, company morale and the resulting reputational fall-out of such a state of affairs. The challenges seem to all point to a common denominator; the decision to hire Matthew McCrae as COO. The leadership style and hiring decisions which McCrae made led to growing hostility between his team and long-tenured employees. Additionally, the owners were increasingly discontented with McRae’s lack of consultation with hiring and expansion activities. As the relationship between owners and COO worsened, McCrae resigned, and then rescinded his resignation, following which the parties decided to try to work out the differences. In summary, McCrae came up with a proposal, citing “undercompensating” as his primary concern. Recommendation Faced with a decision on McCrae’s proposal, I believe: 1. The owners should ask the question, Is McRae worth the price? Recognize that while their COO had credentials, he did not share their values. 2. McCrae wants more money and control; clearly it...
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...1. They benefited from this network because Amazon for one has a good reputation with not only what they sell but with their shipping and deliveries. Many people will already be shopping through Amazon and will come across products from these networked businesses. Because Toys' R Us was struggling with making good time during the holiday season which affected their sales, going through Amazon made sure that their toys were delivered on time while also giving profit. This was good for Amazon as well because this gave another set of items that could be sold through their site expanding their business even further. At the same time this also gave Amazon money for doing this for Toys' R Us. This way I believe was another form of advertising for Toys' R US, a way of expanding through Amazon. For other toy retailers this gave the option to not only buy from Toys R Us but also from Amazon at possibly a lower price. Amazon saw this deal as a way to expand through partnering with Toys R Us instead of having to sell them it all by themselves. 2. Advantages of signing with Toys R US was that it would give a mutual benefit of profit and reputation to both parties. That having Toys from such a popular store would be good for the company. It also helped give them more merchandise without having to do all the work themselves. The profit that Amazon would make working with Toys R Us was a substantial amount of money. Disadvantages would be having to keep a promise not to sell any other...
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