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3 weeks ago
Reputations are easier to build than dissipate. Discuss.
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Business and Its Environment
Edition: 7th
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Reputations are built by actions, through products, and by policies to which a firm adheres. It is strengthened and maintained by conduct that accepts responsibility for actions and that benefits stakeholders and respects the public trust. It is also strengthened by openness, forthright conduct, and transparency. Thus, reputations are harder to build than they are to dissipate.
A firm may be thought of as having a reputation or trust account that reflects the aggregate effect of its past actions and conduct. The balance in the trust account is increased by how effectively it operates its business and manages its interactions with stakeholders, the public, and government. The balance is decreased by crises, illegal acts, and public criticism of its conduct. Negative events can be more powerful than positive events. The public remembers negative events more than positive events, and hence one negative event can wipe out trust built by several positive events. This asymmetry is important to recognize and makes effective crisis management imperative.
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