Reputation management: From Communication to Reputation - Assignment Example

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The behavior of reputation building is of strategic importance to the performance of any business especially in settings of incomplete…
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Reputation management: From Communication to Reputation
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Download file to see previous pages The paper is a discussion of the reputation management practices at British Petroleum considering that the business lost a considerable amount of its reputation at one time. This paper examines and interprets the relationship between crisis management methods for cases such as BP’s Deepwater Horizon oil spill and reputation levels.
The Deepwater horizon crisis caused considerable financial damages to the company. In the Stock Exchange Market of London, for example, the company’s shares dropped on 25 June 2010 by almost 7%, which was its lowest level in 14 years. BP also lost 50% of its capitalization of the market in July 2010 (Mejri & Daniel 2013, p. 69).
There was also a reduction in the reputation of the company particularly in the US. Such is the core of this work because there was a need that the firm deals with the public because of its profitability. Before a completion of the sealing of the well, as there has been a progression of the spill without a resolution, the company received the lowest grade in reputation ranking. The PRWeek/OnePoll’s survey that happened nearly one month after the crisis indicate the BP had not done enough in enough to make the leakage stop. There were reports by the 12th Annual Harris Interactive US, which gave BP a reputation quotient of 49.82 that ranked it as second last in the order. Such is an indication that most Americans still felt that the firm was one of those with the worst corporate reputations.
BP also faced remarkable calls for people to boycott its products by a group on Facebook called Boycott BP, which has approximately 640,000 fans. There was also a fake Twitter account called @BP_America, which had only 18, 826 followers. Lastly, there were thousands of lawsuits from multiple other actors such as hotels, fishers, NGOs like Animal Welfare Institute, restaurants, and other organizations (Mejri & Daniel 2013, p. ...Download file to see next pagesRead More
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