What do McKinsey, Chanel, and BTS have in common? Prestige based on status and reputation is critical to their success! Status and reputation are important forms of social evaluations that can be valuable assets or costly liabilities for you and your organization because they define how important stakeholders perceive and interact with you and your organization. Status refers to the hierarchical position occupied in a social system such as a market or an organization (think about how socially shared rankings shape perceptions of individuals and organizations). Reputation is a prediction of future behaviors that is based on how past behaviors have met external expectations (think about how socially shared ratings shape said perceptions). Status and reputation have become particularly important resources but also more difficult to manage in recent decades because of globalization and the extremely fast and widespread diffusion of information through social media and other digital technologies.
This course helps you understand how status and reputation affect the competitive advantage of individuals (how do you create and manage your status and reputation throughout your career?) and organizations (how do organizations create and manage their status and reputation for competitive advantage?). The course draws on strategy, management, economics, sociology, and psychology to provide you a solid foundation for understanding the importance of status and reputation as competitive advantages in markets and organizations. To help you think strategically about status and reputation, we use cases from different industries and countries to explore topics such as how to build your status and reputation, how to avoid damaging your status and reputation, how to repair status and reputation damage, and how technology and globalization affect your status and reputation.
Having completed this course, you will understand why status and reputation are critically important assets that affect competitive advantage for you and your organization but also how to proactively build, manage, and repair your and your organization’s status and reputation, and how scandal, misconduct, technology, and globalization affect status and reputation.
