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Growing and sustaining brand equity
Growing and sustaining brand equity
Growing and sustaining brand equity
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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? Online reputation management means that one pays close attention as to how a person, establishment, or organization, appears online. It involves keeping a close watch on what is said about them on the Internet and responding to these reactions in a professional and positive manner. A lot of major brands now use the Internet as a way for them to reach out to their patrons. It's not just about having an official Facebook, Twitter, or Instagram account, but more of keeping these accounts alive and interacting constantly with their followers. There are many important factors concerning online reputation management. Here are some of th...
Reputation is a company’s biggest asset so you would think that organisations would avoid engaging in any sort of business that would put its reputation in jeopardy. Nevertheless, many organisations find their credibility destroyed due to practices that are harmful and illegal, which could land a CEO’s in prison.
Do you have a reputation? Is it a good idea? Bad? Not a bad idea. How has your reputation influenced your life?
With the use of Internet, anyone can write reviews on any product or service. Millennials are more likely to look at online ratings, and take the opinions of people they know on social media. “They have twice the number of friends on social networks. Our research found that they also have a deeper level of engagement and multiple points of contact with their connections throughout the day (Fromm). Millennials grow a vast network of followers on social media, which means good or bad reviews can go viral in minutes. One action companies need to do to get positive evaluations, is to increase traffic to their website and keep retention of buyers high. Numerous corporations have adapted rewards programs into their business models to build excitement about their products, and keep customers coming back. The program allows people to earn points that will accumulate to various rewards. In some instances, if people in the program invite friends to join, they can get a percentage of their purchase. Reward programs have been established across a variety of industries, such as food to retail. To accommodate the millennial mindset of convenience, most reward programs have apps for smartphones that keep track of points and allows people to pay through the
The web has in recent years brought new concerns about privacy in an age where technology indefinitely stores and records all social media aspects, every online photo posted, every status update, blogs and twitter posts by and about us will be stored forever available for future generations to see. At the heart of the Internet culture is a force that wants to find out everything about you. In 2010 Microsoft published a report that stated that 75 percent of United States recruiters and human resource professionals that they surveyed are not only checking online sources to learn about potential candidates, but they also reported that their companies have made online screening a formal requirement before hiring any candidates. Of the recruiters and human resource professionals surveyed 70 percent say they rejected candidates based on information found on social media site. This has lead so many people’s awareness about online privacy and the need to control public access to private accounts by online privacy settings in order to protect they online and real world reputation. There have been legal suits against many sites and employer’s over the invasion of privacy on the internet. The authenticity of what the recruiters find on these social media sites should be questioned.
Multiple identities have been increased by the creation of cyberspace communications according to "Cyberspace and Identity" by Sherry Turkle. Turkle uses four main points to establish this argument. Her first point is that online identity is a textual construction. Secondly she states that online identity is a consequence-free moratorium. Turkle's third point is online identity expands real identity. Finally, her last point states that online identity illustrates a cultural concept of multiplicity. I disagree with many aspects of her argument and I have found flaws in her argument. Technology is an area that does not stand still and consequently outpaced Turkle's argument.
Social networks are increasing dramatically every year. Employers are turning to social networks because it is a tool to screen job applicant’s profiles. According to a survey conducted by jobvite.com (2013), 94 % of employers use social media profiles to recruit job applicants. This trend assists the applicants and recruiters. Job applicants should be judged by their social network profiles because social media give positive image about the candidate, prove the information in the resume, and help to identify if the person fits the culture of the company or not.
Once this bad reputation is established, it is hard for a company to recover and repair the damage. “According to a 2011 Satmetrix Study, when trying to connect to businesses through online tools, 47 percent of customers expect a response within 24 hours of initial contact” (Angies). This same type of situation can also be applied to other people. Hypothetically, if one individual sent a message to someone else and did not get a response until a week after, how would that make this individual feel? You just show that they are not important enough to you for you to take the time to even send a respond in a timely matter.
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
The research suggests that reputation comes from relationships and trust. Fombrun (1996) stated that to have a positive reputation managers must invest in building and maintaining good relationships. Building relationships with the company’s publics can result in a higher opinion of their reputation. These relationships also builds trust in the company. “Trust, like reputation, can take years and resources to build up, and while it may be difficult to break, it, again, like reputation, can take considerable time and even more resources to restore” (Bronn, 2010, pg. 310). With both relationships and trust, a company must be communicating with its publics. Van Riel and Fombrun (2007) developed six key communications principles that yield a high reputation: visibility, distinctiveness, authenticity, transparency, consistency and responsiveness (pg. 313). Applying these six principles to the Carnival case, we can determine if Carnival used them in managing their reputation.
1) See what social media channels your business is already on. Every business, even B2b, should have a Facebook, Twitter and LinkedIn. These are the most popular social networks and having a presence on these channels is necessary for your business 's reputation. I would recommend having a Google+ account purely for SEO purposes but don 't stress about posting content there consistently. There are a number of other social media networks like Pinterest, Instagram, Tumblr, etc. that could be beneficial for your business but only start if you can handle the upkeep!
Platforms such as Facebook and Twitter allow users to access company information, photos and employees as well as ask questions and express personal experiences with the company. It also allows potential employees to understand the vibe of the organization and gain a deeper and more personal understanding than a website. However, with social media, it is important to not ove...
..., which can result in decreased productivity. An employee may be spending more time viewing their friends’ posts and pictures, rather than focusing on their job. Social media can be addicting to some people. This should be monitored by all business owners. Employees can attend a party with people taking pictures, and then the pictures can be misconstrued or distorted. Online reputational concerns can be critical for businesses along with their employees. It can result in loss of employment, loss of economics, and unforgivable social humiliations. Businesses are at another disadvantage while using social media because followers can post negative comments on the business’s Twitter, Facebook, and Instagram site. Also, a hacker can retrieve the company’s page and post false information. A business or organization’s reputation will suffer from these actions. (Oravec 97)
Social media avenues are a new, upcoming, and popular way to advertise for businesses and for people to connect to each other. Alexis Ohanian once said that "Being effective at social media, whether for business or personal use, means capturing people who have short attention spans. They 're only a click away from a picture of a funny cat, so you have to make your thing more compelling than that cat. And that can be a high bar." (Ohanian) Powerful usage of social media can have a big impact.
In recent years, technology has become the most used and preferred way of communicating, extending across many platforms. All of these programs, such as e-mail, instant messaging, social networking websites in conjunction with text messaging and the ability to access all of these entities on the go, have come into fruition based on the immense and widely found growth made in technological advancements that have occurred in our society. With this, a massive change has developed in regards to referencing how we as humans engage in communication. We have now shifted into a society that relies heavily on the existence of digital communication, whether it be through the means of a mobile device (text messaging) or the Internet (Facebook, Twitter,
Secondly, the social media has made it easier for businesses and business people such as bankers, business owners, brands, and even celebrities to communicate faster and to get things accomplished. Through social media interaction networks such as Twitter, Instagram, What...