Reputation is an extremely important aspect of any organization and without it no organization can survive in the market. A good reputation has both tangible and intangible benefits and it is crucial for customers, employers and the client’s. It is not an easy task to build a good reputation for an organization…
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Reputation increases the actual worth of the company and increases its market value , but most organization does not understand the real value of reputation.
Companies need to measure, monitor and manage their reputation to be successful on a long term basis. Most organization does not take initiative to manage reputation because they consider it as an intangible asset. Like any other asset of the company, reputation has its liability side. So the reputation management implemented by a company has to evaluate both the reputation assets and the liabilities. According to Doorley (2007,pg.11)“The very act of having to list their reputational assets and liabilities helps the various units focus on reputation management”. It is extremely important for an organization to have a plan regarding the reputation management. A comprehensive reputation management plan is to be applied to all areas of an organization like finance, human resources, manufacturing, marketing, investor relations and public affairs.
Definition of Reputation
Reputation is the main identity of an organization on international business platform and to maintain it, a company need to have an ideal reputation management system. A reputation can be defined as the opinion or view of other’s about something. According to Chang“Abdul Rahman and Hailes defined reputation as an expectation about an agent’s behavior based on information about or its past behavior”....
Reputation has a profound value in business world as it enables business partners and consumers to trust the company without concerns. Reputation allows the business partners and customers to carry on business with a company on moral and ethical grounds. Trust and reputation go hand in hand and a company with a good reputation in the business world is deemed to be honest, transparent and reliable in their business dealings. Reputation of a company shows to the outside world the credibility it has in the market and between customers and clients. A company’s reputation depends upon its past performance and the opinion its customer’s and customer’s has based on it. Reputation gives an idea to the outside world about the future behavior of an organization. Reputation is of contagious in nature and word of mouth can enhance or destroy goodwill of the firm. Reputation spread in the market like fire and hence a company should be cautious and calculative in maintaining its prestige and reputation. Development Stages of Corporate Reputation The corporate reputation has evolved through different stages which involves corporate image corporate identity and corporate reputation. The corporate image is the stage where consumer perceives the company through its brand, logo and uniform and theme of office building. Corporate image is not only in the hand of the company but is contributed by media and other external agents. Corporate image can be established by creating graphical theme to the products and also by providing apt products according to the customer needs. Corporate image is the initial stage of reputation development as the quality of product enhances the image of an organization. The second stage is
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