Corporate Reputation Management

Paper Summary:

In this essay, the writer discusses the theories raised that in the article 'Corporate reputation management: "CRM" with a strategic twist?'. The writer points out that CRM is necessary because corporate leadership and market success is no longer dependent on dynamics such as price or temporary product or technology superiority. The writer also shows that according to the article, a company needs CRM to meet its strategic and financial objectives, because a company's reputation is increasingly affecting its ability to sell products and services, to attract investors, to attract employees, and to influence government. The writer concludes that companies that seek better profits are now realizing that they are tied to what they can do for the welfare of its customers and the members of society. Further, the writer points out that a tighter linkage between the organizational, customer and society functions of public relations will achieve a new business vision for profit maximization called CRM.

From the Paper:

"As the article explains, it's important to understand how its reputation compares against both industry competitors and best of the class companies because CRM is an important source of competitive advantage. Research tools such as a reputation management index referred to as Delahaye/RMI is recommended to measure the reputation of a company based on responses from various stakeholders. Results can help organizations assess their strengths and weaknesses and to then develop appropriate strategies to improve corporate reputation.
This is a great article because it recognizes that obsession with the bottom line can be lethal for a company unless it also pays attention to other areas such as ethics, transparency and the welfare of the customer and society. For example, a company that promotes a product that it knows is bad for society (think cigarettes) will eventually pay a high price for doing so."

Sample of Sources Used:

• Global Alliance For Public Relations And Communications Management. Retrieved May 30, 2006 from Web site: http://www.globalpr.org/news/features/csr_statement_280604.asp
• Nakra, P. Corporate reputation management: "CRM" with a strategic twist?. Retrieved May 30, 2006 from Web site: http://www.questia.com/pr.qst?action=print&docid=5001767399
• Webley, S. and More, E. Does business ethics pay? Retrieved May 30 , 2006 from Institute of Business Ethics Web site: http://www.ibe.org.uk/DBEPpr.htm

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