Reputation can be defined as an intangible asset that allows a company to manage its expectations. Part of being in public relations is helping a company create a strong reputation in order to increase performance and sell for products. Building a strong and positive reputation for a company takes time and should be considered an investment in the company and part of the revenue stream. Companies with positive reputations outperform companies with negative reputations. This is because people want to buy their products and use the services of companies with a good reputation and are even willing to pay for the product if they know that the company has an excellent reputation. Part of building a good reputation is creating strong relationships …show more content…
Employees an easily spread a positive or negative experience with a company, so it is important to have a strong reputation with the company’s employees. Most companies have a value statement that they expect their employees to follow. This helps show what is really important to the company and how the employees can live the goals and ethics the company strives for. It is also important to involve the employees in the specific field the company focuses on. An example of this from the article “Reputation” by Elliot Schreiber, is from the company Nova Nordisk. Nova Nordisk is a pharmaceutical company that works closely with diabetes. In order to ensure that their employees understand the company’s values and role, employees are required to spend at least one day with a person who is diabetic. This helps employees get a first hand experience with someone who relies on the products they create to live a healthy life. This helps the employees learn the importance of their job and have a better understanding of the products they are making. In return, the people with diabetes that they visit realize that Nova Nordisk really does care about the people they are making products for, creating a stronger …show more content…
They expose the terrible conditions employees have to work under and the minimal pay they receive, I was most shocked to learn that while Wal-Mart prides itself on having great insurance policies available for their employees, they force many employees to work part-time hours so they are not eligible for insurance and save the company money. Part of building a strong reputation starts with how employees are treated. Wal-Mart is not being socially responsible. They are not being ethical because they are not doing the right thing by forcing employees to work part time to not be eligible for insurance. This is also ethically wrong in how the company makes money, because they are saving money by not having to pay for as many employees’
Wal-mart is currently the world’s largest company. It has seen continuous growth and financial success since it was founded in 1962. Today it is living off of a previous reputation of solid ethical business practices that are no longer being exercised. Sam Walton, the founder of Wal-mart, was considered to be “freakishly cheap… Cost-cutting was an obsession in the Wal-mart culture… on business trips, everyone, including the boss, flew coach, and hotel rooms were always shared.” (reclaimdemocracy.org. 2006). This was only part of the reason for Sam Walton’s success.
Corporation has is to increase profits for its stockholders. Through a utilitarian perspective, we can see that Wal-Mart is acts in a way to product the greatest possible balance of good over dissatisfaction for their stockholders. Wal-Mart upholds the fiduciary duties to their stockholders by not increasing wages of their employees, instead they take the sum of money and return it back to their stockholders and shareholders such as customers and suppliers. Wal-Mart creates the happiness for the amount of people who invest in the company. Ethics is about the consequences of an action and the consequence of Wal-Mart’s actions creates the greatest amount of good for the people who are the primary stockholders of the corporation.
Today Wal-mart has a higher GDP than the entire country of Switzerland, but don’t worry they’re pretty neutral about it. But there has also been news about how they treat there employees. In 2004 an article was released entitled Everyday Low Wages: The Hidden Price We All Pay for Wal-Mart, and soon after Washington got involved. The bad publicity took a toll on Wal-mart and in fact is still today, Maryland passed a law in January, 2006, that said larger employers, such as Wal-mart, must spend at least 8% of their payroll on health benefits for their employees, and now many other states have followed suit. The bad publicity also made it so 8% of customers shop elsewhere because of what they’ve heard, this has caused lower expected sales around the holidays during 2004, and 2005. Some things they’ve done is in 2006 they paid employees on average 9.36 dollars, while other major retailers like Target and Sears pay on average 11.08 dollars. While this can be easily denied by Wal-mart, another way they have gained bad publicity is from something called off-the-clock work. If they had not finished their job they had to clock out and then still finish their job, meaning they wouldn’t get paid for
Within an excerpt from, “The United States of Wal-Mart,” John Dicker explains that Wal-Mart is a troubling corporation. Dicker begins his article by discussing why the store is so popular within the news in an age of global terrorism, coming to the conclusion that Wal-Mart has a huge scope in the United States and that it has more scandals, lawsuits, and stories than any other supercenter. Continually, he goes on to explain that Wal-Mart outsources jobs and their companies demands makes it hard for employees to have livable wages and good working conditions. Furthermore, Dicker addresses the claim that Wal-Mart provides good jobs, by destroying this perception with statistics showing how employees live in poverty and that their union scene
Do you have a reputation? Is it a good idea? Bad? Not a bad idea. How has your reputation influenced your life?
The first value, integrity, refers to a strong commitment to ethics, having respect for diversity, and speaking positively of coworkers even when they are not around. Accountability puts an end to people diverting blame. If people are accountable for their actions, results become the primary focus. Passion is one of the values, and is practiced by employees having pride in their brand, as well as a passion to continually improve and innovate. Humility is a very important value in that it stresses the importance of admitting to mistakes, realizing that there is constant room for learning, and being willing to be taught....
Few companies create as much controversy as Wal-Mart has done with its approach to maintaining high profits with low costs. Individuals either love or hate Wal-Mart. There are consumers who like the low prices and convenience of shopping at Wal-Mart. Supporters of Wal-Mart also laud the fact that the company creates multiple jobs for not just the individuals who are employed within the stores but also those who create the products that are sold in the stores. Critics of Wal-Mart have issues with the treatment of those individuals who work at Wal-Mart. Wal-Mart has a poor track record when it comes to Fair Labor Practices by giving low wages, bad healthcare coverage, and treats employees. Low wages, no benefits, irregular schedules, and unreliable hours are just some of the horrible working conditions most Walmart workers have to endure.
Walmart is a company that can be seen from many different perspectives. Due to its vast size; it can be easy to identify its faults and environmental issues surrounding the company. However, they are well aware of these problems and criticisms and have made many efforts towards issues around the world. The motivation and desire Walmart have to improve the world we live in today can be seen through their treatment of employees, suppliers as well as their efforts towards the environment and other humanitarian issues. Given this, there is still endless resources on the web proving the company to be one of a negative burden on society.
Reputation has taken on a whole new meaning because of the Internet. Nowadays, it's effortless to know a person and form impressions of them based on how you see them online, through social media sites. It's so easy to tell how a person might be like based on status updates, shared photos, and their online interaction with other social media users. If you can know so much about a person through social media, what more if it's a business establishment?
Over the years the company has survived by focusing on its internal development in addition to a series of mergers, acquisitions, and corporate restructurings. Being a pharmaceutical company, the entire population is impacted: patients, physicians, employees, hospitals, and investors are some of the most important stakeholders. We first began our analysis of Novartis by evaluating the company’s strategic direction. Novartis’ mission statement is to care and to cure. They are a company that wants to discover, develop, and successfully market innovative products to prevent and cure disease, to ease suffering, and to enhance the quality of life.
Walmart has had a long-standing presence in America society since the middle of the 20th century, seen as a place to get everything done, Walmart has become a fixation in our society. From grocery shopping, to changing your oil and even filing your annual tax returns, Walmart is always there, everyday. Started by Sam Walton in 1962, it began as a small operation catering to a small Arkansas community. It was started on principles very similar to small local businesses in small towns. Today Walmart has gotten a different, darker reputation. On the surface, Walmart may seem like the solution to everyday issues. Low-income families are attracted to the low prices, and people who work odd hours benefit greatly from the 24 hours a day that many Walmarts are open. Lately, Walmart has also managed to be publicly recognized as a store that sells many of today’s green products, including organic food, environmental conscious cleaning products, as well as, paper products made from recycled paper. However, underneath all this, Walmart has a different side. Exploitation of its workers is widespread amongst Walmarts who do not belong to a union, especially in the United States. Wal...
Based on the literature review, reputation is a significant driver in creation of value or the obliteration of it. A number of the consumers consider reputation of a company as their most substantial purchasing criteria. Reputation provides a unique competitive advantage which enables companies to overtake the market. A decrease in reputation is linked with average market loss. Due to globalization, financial and economic unrest, growing business complexity, the news cycle rapidity and the evolution of social media companies are more vulnerable than ever. Today it’s hard to predict crisis which can be harmful to the most carefully build reputation. For example Volkswagen’s reputation has continued to be damaged by the revelation that it cheated emission tests. The company has a had a strong reputation for value but that reputation is now tainted. With different stakeholders all brands need to take care of their solid
A good reputation is needed in order to be with respect in a society. Those who have maintained a good reputation in society are given respect, but those who have not maintained a good reputation face more challenges in their life.
Since the day a child is born and they let out their first sound whether it be a cry, small whimper, laugh, or scream, all babies are born nice and do not intend to ruin their future. However, life takes its course on many people, humans suffer and therefore make bad decisions in life that they are not able to take back or re-do. That is why one's reputation can be so important, because once someone has done something there is no going back. Someone can spend their entire life building an amazing reputation, they are a nice caring person when all of a sudden they mess up and within seconds they are seen as a felon. Reputation is important because one can spend so much time gaining it and there is almost no way one can get it back once it has been ruined.
“Values are the beliefs of an individual, group, or organization, in which they are emotionally invested” (Carpenter, Bauer, & Erdogan, 2015). Many organizations consider corporate values strategically import for building their company’s reputation and keeping the customers’ confidence and allegiance. That, however, is only a tiny portion of the strategic benefits that organizational values can offer. “Further benefits include:guidance for decision-making on all levels, selection criterion for new employees, driver for individual and corporate behavior on all levels supporting the vision, mission, and goals of the company, and effective definition and implementation of core values” (Gupta, 2015). Values within a company need to be more than just a few words that sound nice to ensure overall acceptance within an organization. “Effective core values need to be emotionally appealing and workable” (Gupta,