THE IMPACT OF BUSINESS REPUTATION ON ENSURING THE ECONOMIC SECURITY OF A COMPANY
Abstract
The article offers a theoretical analysis of the influence of reputation on a company's economic stability and practical insights for businesses in monitoring and evaluating reputation to uphold economic security. For monitoring a company`s reputation, authors recommend applying the reputation dimensions (drivers) formulated by RepTrak Company. The article underscores the pivotal role of a resilient, positive reputation in attracting skilled employees, strengthening brand marketing efforts, and fostering long-term customer loyalty. It also highlights the dire consequences of a damaged reputation, which can negatively affect economic security—creating financial setbacks, hindering the company's advancement, and more. This underlines the pressing need for reputation management and the imperative for businesses to be proactive in this area for favorable market development.
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