Ethical Dilemma #6 - Corporate Reputation
ETHICAL DILEMMA: REPUTATION
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The 2008 Corporate Reputation Study, completed by Leger Marketing in association with Marketing magazine, surveyed 1500 Canadians and found the following companies have the best corporate reputations:
1. Staples
2. Sony
3. Tim Horton's
4. Canadian Tire
5. Panasonic
6. Shopper's Drug Mart
7. Subway
8. Kraft
9. Honda
10. Toyota
Whereas, two years previously, in 2006 Canadians voted the following as the companies with the 10 best reputations:
1. Canadian Tire
2. Tim Horton's
3. Sony
4. Sears
5. Kraft
6. Nestle
7. Panasonic
8. Subway
9. McCain Foods
10. Home Depot
What do you think gives a company a good reputation? What are the criteria for a good business? What businesses do you think have a good reputation (name three not on this list)? What businesses do you think have a poor reputation (name three)?
From my point of view, in order to obtain a good reputation, companies are expected to be reliable in the corporate relationships, provide ethical and useful products, be friendly and nice towards people or society. In addition, there are five criterias that build up a good business, need or demand, barriers to entry, control of decisions, doesn't totally rely on your time, and be scalable. All business provide goods, services, or informations for their consumers and the decisive factor for whether a company can survive is if the society needs its products. Also, companies should have their considered standards so barriers to entry aren't too low and they can take over the control of their business. Last but not least, the business shouldn't totally rely on the time people contribute in and the extensibility can decide the future of a company. For example, Lego Group, Daimler (Mercedes-Benz), and Google are regarded as top ten companies ranked by reputation while J.P. Morgan, American Airlines and Wells Fargo are known to be having the worst reputation.
ReplyDeleteI never thought of how companies needing control over their business to have a good reputation. Its a really good point.
DeleteFor me, I would say that it's what the people of that group or company decides on what their reputation will be like and how they will portray themselves in real life and on advertisements, newspapers, etc. Factors can be like the productivity and reliability among the people there. Being able to trust others and be there for them when they're unavailable, being ethical and welcoming to new people and of the society. I also think that expectations for people in a company should be followed as it shows on how the people there are not just trustworthy of their peers but also of what the company believes as a whole. Also of that they should be clear of what products they sell or what they specialize in if it's a help group or organization, so its customers will be able to get what's worth their money and be likely to give that company a positive review if they wanted to at least. Three other businesses with a good reputation are the BMW group, The Walt Disney Company, and Rolex are in the top 10 most ranked businesses by reputation. Whereas companies like Halliburton, Citigroup and Comcast are three companies with quite a bad reputation.
ReplyDeleteI like your point about the whole beliefs as a company. Do you think there is a common theme between the lower end companies?
DeleteI agree that being ethical and welcoming to new people and the society adds positively to a companies reputation and that their reputation is how they are portrayed.
DeleteIn my opinion, a businesses reputation depends on what they sell, or more importantly the target audience. Staples sells to mainly adults for different reasons. They sell office supplies to adults for themselves and they are now the main store to go to for back to school shopping for kids. They have a high reputation for other reasons as well. For instance they have a broad theme for the products they sell but there is still a very wide variety of the items. Other companies have a great reputation for being so mainstream and for being something people need a lot for everyday convenience. For example Tim Hortons is a place millions of people visit everyday for coffee and breakfast and other snacks and meals. They have become so mainstream that when people think coffee or tea or breakfast they immediately think Tim Hortons. Also companies with poor reputations usually have better competitors. For the Tim Hortons example places like Coffee Time have a worse reputation for the pure fact Tim Hortons has a better one.
ReplyDeleteFor companies to get money, they need customers who come frequently and to get those customers, the company has to have a good reputation. To get a good reputation companies need to first stick with what they promised to their customers. Also, companies need to have their businesses in various different countries so more people can be happy and enjoy them. To have a good business, the manager has to get his company heard of through different media, because once people see it they would be interested in coming to the company. It is also good if the company has a wide diversity of employees who work there. The businesses that I believe have a good reputation are Pizza Hut, Starbucks, and Dairy Queen, because their employees are always happy to serve their customers. The businesses that I believe have bad reputation are McDonalds, Wendy's, and Burger King, because there have been many complaints about the food being poor and also their service.
ReplyDeleteI agree with your points on how companies need to get a reputation going and especially when you mentioned that they need to be in other countries and other forms of social media to even have a better reputation worldwide as I believe that's an effective way for a company to get an international reputation. As well as the point of having a wide diverse group of people working there as that would make it seem a very multicultural group making anyone and everyone interested in going there.
DeleteI think you are on to something when you said that companies need to keep the promises they made to their customers, I think not only companies need to do this, but also politicians! If somebody wants to be successful they need to be trust worthy and in order to do that you need to be putting your money where your mouth is.
DeleteI think it's so important that a company needs to be responsible for their products and be reliable to consumers just like what you said.
DeleteI agree with your point, but the reputation of a company cannot be judged just by its service but also its products and management.
Deletei dont see how the frequency of customers coming has to do with there reputation.
DeleteIn my opinion, In order to obtain a good reputation, there are something a company can do. Emotional appeal: it makes people feel, admire, or trust a company emotionally ;Products and services: the products and services that the company produces and provides are of high quality, innovation, reliability and customer recognition value; Financial performance: the company offers satisfactory returns to investors, and there is still a prospect of sustained returns in the future; Vision and Leadership: the company has a clear vision and vision for the future, and has a strong leadership to achieve that vision; Working environment: the company is well managed and has a first-class staff. It is a desirable place to work; Social responsibility: the company is a good corporate citizen, and spare no effort to support social justice and protect the environment. I think Adidas, Lego, and Rolex are the company with good reputation. And takata, Monsanto, and wells Fargo have bad reputation.
ReplyDeleteI like how you expressed how much a company needs to be trust worthy and have their customers feel admired.
DeleteI love your opinion that companies should make people trust emotionally. And financial performance is indeed very important for companies' reputation.
DeleteI totally agree with your opinion and think that how a company is seen has a lot to do with how people emotionally trut the company as well as the quality of product
DeleteIn my opinion, for a company to earn a good reputation it must have a good customer/employee relationship, the employee's are friendly and easy to approach, they care about customer happiness, they should sell useful and ethical things, the company should have the customers trust and sell good quality things. According to https://www.linkedin.com/pulse/top-5-criteria-good-business-brian-bijdeveldt the criteria for a good business is:
ReplyDelete1. There is a need or demand for the service/product
2. The barriers to entry are not too low
3. You have control of decisions regarding your business
4. The business doesn't totally rely on customer time input to operate
5. The business is scalable
I think that Disney, Apple and Google have good reputations because they care for customer well being. I think that American Airlines, McDonalds and Wendy's have a bad reputation because they are careless towards the customers.
I also wrote down some of the same points as you because I believe you're right on your points. I completely agree with your points on how a company can gain a good reputation. I also like how you cited the website you used to get this information.
DeleteI believe a company with good reputation must care for their consumers because they are providing services. We buy a company's product is because we need it and we trust them. There are billions of companies that sell likely the same product. If a company wants to win in this competition, this company should be ethical, responsible, reliable, and honest.
DeleteI liked the backup information from the other website used as it really supports your points from the article we were given. I also, like how you stated that the company should have the costumers' trust and sell the things they've advertised. Because in order for a company to get a good reputation, they should stay true to what they're selling to their customers and not rip them off with bad quality products or even completely different products and both the company and consumer should be able to trust each other in order for that company to be well known.
ReplyDeleteThis article was really interesting, I think that it helps to have a list like this so we can refer to it when shopping for something we aren't familiar with. In my opinion, in order for a company to achieve a good reputation, they need to have good customer service, they need to available at all times, their products need to be reliable and they need to be actually caring about their customers. The criteria for a good business, include having well written content that speaks directly to the audience they are targeting. You want to make your content easily shareable and easy to access. Another good point is that you want to educate about your product, don't just put it out there. A company that always has had good reputation is microsoft, they are one of the biggest companies in the world and it looks like they always will be. I also think that apple and samsung are companies with amazing reputations, it seems like almost everyone will say one of these two phones when asked which phone is the best on the market. Even though Nestle is on the list I personally believe it has a bad reputation, especially in Canada and near the Great Lakes since there have been so many news articles on how Nestle is taking water away from there. Two companies that also have really bad reputations are American Airlines and United Airlines, United obviously for kicking the man off the plane, and American Airline is notorious for delaying flights and cutting their employees pay.
ReplyDeleteThe example you used with the airlines were great. It makes it easier to know what bad reputation acts are.
DeleteI feel that one of the main factors in a reputation of a company is its service. For people to trust in a company they have to be very friendly and helpful. Secondly there quality of product must be high as thats what people look for when there shopping. A good business needs to be able to ensure both employees and costumers are treated right with a high level of respect. I feel that three companies that have good reputations would be Walmart, Costco and TD bank. I feel this way because from my experience with them they have withheld a high standard of customer service and the have a high quality of products. On top of that they haven't been involved in scandals etc. I feel that United airlines, McDonalds and Tommy Hilfigers have bad reputations. Firstly United airlines for removing the passenger from the plane for no apparent reason, McDonalds for their poor standards of food and usually service and Tommy Hilfiger for the racism scandal when Tommy Hilfiger stated on the Oprah Winfrey show that black people shouldn't wear his clothes.
ReplyDeleteUpheld not Withheld
DeleteI completely agree with you on the way you look at this Dilemma, the quality of the product and the service customers received is very important for the reputation of a business.
DeleteI think that the two main thing are value and customer service and how they give back say for example Tim Hortons has camp day and their camps that they run which makes people like them also another example is Canadian Tire which has jumpstart (with sport check).
ReplyDeletethree good companies
1. sport check
2. Dollarama
3. waste management
bad
1. BP oil
2. Joe Fresh
3. mcdonalds
I agree with your comment as customer service is a main value however why is joe fresh bad?
DeleteReputation is the key to a company's long lasting success. Without which, a company may lose customers and even go into liquidation. To earn good reputation, a company, first of all, should be reliable. Some companies have bad reputation because of over advertising, wicked service and financial problems. A good company won’t leak customers’ privacy and will always put their customer in the first place. Here are some of the companies I think have good reputation: BMW, Google, Sony and The Walt Disney Company. BMW, one the the biggest automobile producer in the world has world wide fame because the quality of its cars are credible. What’s more, its afer-sale service is worth learning. On the other hand, the Italy's car company Fiat has always suffer from the quality problems. It hasn't even been back on the U.S. market for long. Other companies with bad reputation is: United Airline, Citigroup and Halliburton. Some of the companies went through the financial crisis but it is already at the edge of destruction.
ReplyDeleteI agree with you because I think that reliability is a big part as well as privacy
DeleteI agree. Reputation is important for a companies long lasting success. Especially for a small company, a good reputation is one of its most important assets.
DeleteI agree with you about the part of a good company won’t leak customers private information, because it is the basic for a good company to keep their customer’s information safe and private.
DeleteThe quality of the product can affect the reputation of a company significantly, because people will be impressed and tell others if the product has high quality, and therefore enhance the reputation. In order to become a good business, it needs to be responsible to their customers after sell and answer their questions patiently, and also quality of the product needs to be good. They need to make the customers think that what they buy is worth the money they paid. In my opinion, Sony, Tim Horton’s, Canadian Tire should have good reputation, because all of them is on top 5 in both 2006 and 2008’s rank, so they should have good reputation for a long time. However, brands like Home Depot, McCain Food and Nestle might have poor reputation because they are on the list in 2006 and they were gone in 2008, so they might have bad reputation during the two years.
ReplyDelete