Akey aim for most large businesses is to achieve ‘market standing’. In other words, they want the reputation of their business to be high. A business that carries prestige may be preferred by customers, preferred by high-flying graduates and may find it easier to gain access to government ministers. In America, Apple boss Steve Jobs can phone Barack Obama and expect to be listened to. And, as we know, consumers respond to Apple at least as enthusiastically. With this kind of reputation, it is no wonder that analysts Millward Brown valued the Apple brand and logo at $83 billion in April 2010.
Yet corporate reputations are easily lost. In a 2010 survey of brands, oil company Shell’s brand ranking rose three places from 30 to 27 (out of the world’s top 500 brands). At the same time, BP’s ranking fell from 38 to 53. And that was before the Gulf of Mexico oil spill disaster that hit BP in April 2010. BP was once a highly regarded brand in America. Today, its reputation is in tatters.
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