#1) What role does corporate reputation play within organizational performance and social responsibility? Develop a list of factors or characteristics that different stakeholders may use in assessing corporate reputation. Are these factors consistent across stakeholders? Why or why not?
Corporate Reputation is extremely important when considering the role that it plays regarding organizational performance and social responsibility. A companies overall success or demise mainly relies on its reputation. In Business Ethics, corporate reputation is defined as "one of an organization's greatest intangible assets with tangible value"(Ferrell, 2011). This meaning that although sometimes a companies reputation may be unwritten, the value of it is obvious.
There are many different factors that could be listed when discussing the characteristics stakeholders may use when determining the reputation of a company. Some factors that stakeholders may use are listed as follows: Strong Ethical Bearing-The company conducts itself in an ethical manner at all times Excellent Employee Relations-Employees are respected and treated well Welcoming Workplace-The workplace environment is that of a clean and safe manner Items of high quality-Company produces only the best quality of products Management-Managers within company realize the ideals and values of the company thus employing them down the chain Financially Sound-The company has strong stabilized financial records Social Responsibility-The company has strong ties within the community it resides The factors above are not always consistent with all stakeholders because each individual stakeholder has his or her own perceptual view of what is needed in each individual company to have a strong reputation. "Stakeholders who are most directly affected by negative events will have a corresponding shift in their perceptions of a firm's reputation"(Ferrell, 2011).
#2) Assume you have just become CEO at Coca-Cola....
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