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