Reputation is the opinion (more technically, a social evaluation) of the public toward a person, a group of people, or an organization. It is an important factor in many fields, such as business, online communities or social status.
“If you lose money, you lose nothing”
“if you lose health, you lose something”
“if you lose character, you lose everything”
Reputation is a subject of study in social, management and technological sciences. Its influence ranges from competitive settings, like markets, to cooperative ones, like firms, organisations, institutions and communities. Furthermore, reputation acts on different levels of agency, individual and supra-individual. At the supra-individual level, it concerns groups, communities, collectives and abstract social entities (such as firms, corporations, organizations, countries, cultures and even civilisations). It affects phenomena of different scale, from everyday life to relationships between nations. Reputation is a fundamental instrument of social order, based upon distributed, spontaneous social control.
A business can buy everything but not reputation. If reputation is gone, it cannot be ploughed back. If a business does not have a good reputation, it will get difficulties to operate and survive in the market. There is an example below about a company called MTD consumer products, it shows how repution plays a rapt role for a business.
MTD Consumer Products,
A Global Manufacturer of Outdoor Power Equipment
MTD, founded in 1932 and headquartered in Cleveland, Ohio, started as a tool and die supplier to the local manufacturing community. Through hard work, dedication, integrity and an emphasis on customer service, MTD quickly gained a reputation as a high quality tool and die supplier, and this reputation helped the company make the natural expansion into steel stampings. The company became involved with consumer products by supplying stampings to the toy industry, but this expanded quickly to include complete products such as tricycles. Wheelbarrows were added to the consumer product line in the early fifties, and this simple product line had profound effects. Satisfied customers encouraged MTD to expand the product offerings for the yard, and in 1958 the company produced its first lawnmower.
Today, MTD is a leading global manufacturer of outdoor power equipment, which produces equipment for both the residential and commercial market. MTD's engineers and state-of-the-art facilities have led to our being known for our innovations and award winning products. MTD has earned a reputation around the world for excellence in quality and service. The MTD family of brands include Cub Cadet, Troy-Bilt, Yard-Man, Yard Machines, Bolens, McCulloch and White Outdoor while the Cub Cadet Commercial brand is targeted to the commercial industry' needs. MTD products can be found in all channels of distribution such as home improvement stores, mass retailers, hardware, independent dealers and farm supply stores.
Importance of corporate reputation
All the elaborate business plans, innovative ideas and savvy strategic moves are meaningless if you don't have a good reputation in the eyes of your customers, employees and potential investors. A solid reputation is what gives people the confidence to do business with you—and helps your company weather the tough times.
The study, entitled Corporate Reputation Watch Middle East 2007 observed a high level of importance attached to management and CEO reputation, execution of corporate strategy and corporate culture. On the results, Dave Robinson, chief executive of Hill & Knowlton Gulf said: "There is certainly a trend of increasing importance for corporate reputation globally and particularly in the Middle East over the past few years. Corporate decision-makers are recognising the importance of understanding...
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