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Nowadays, because of the advancement of society, such as new media and technology, it is an undeniable fact that corporations have to face more challenges and risks when they are trying to build, maintain and protect their reputation. Therefore, how to manage their corporation image is one of the most important problems for many corporations worldwide and this is especially a problem with some famous international names. At the same time, corporation reputation management is also a prevalent academic research topic. Many scholars, such as Gray Davies and Charles Fombrun, had contributed to develop this topic. The essay will analyze the method Inner Mongolia Mengniu Dairy Co. Ltd.(Mengniu Dairy) had employed to build its corporate reputation in the past and will bring up some suggestions about its methods and strategies.
There are three main reasons this essay takes Mengniu Dairy as the sample to do the analysis:
1) As one of the biggest dairy manufacturers in China, Mengniu Dairy has been dominating the domestic dairy sales for many years.
2) Mengniu Dairy is a rising company. Founded in 1999, it took Mengniu only 8 years to secure its leadership in China’s diary industry. The important reasons Mengniu Dairy could gain this surprising achievement is its prominent success in building its corporation reputation.
3) Mengniu Dairy’s reputation has just experienced a fatal strike in 2008 because of its implication into the toxic powder milk scandal. Therefore, how to rebuild its corporate reputation is an exhausting and time-taking task especially given the adverse market and the impact of financial tsunami.
Considering reasons, the essay could be able to show the affect for developing a young firm from its successful strategy in building corporation reputation through analyzing Mengniu Dairy. Simultaneously，the essay could also do some creative tries on rescuing and rebuilding its reputation after the scandal.
2.1 Definition of Corporation Reputation
There are thousands definitions of corporate reputation. Different scholars give different definitions from different aspects. The essay adopted the definition from Fombrun and Rindova (1996, p2):
A corporate reputation is a collective representation of a firm’s past actions and results that describes the firm’s ability to deliver valued outcomes to multiple stakeholders. It gauges a firm's relative standing both internally with employees and externally with its stakeholders, in both its competitive and institutional environments.
2.2 Background of Mengniu Dairy
Inner Mongolia Mengniu Dairy Co. Ltd. was founded in 1999 in Huhhot, Neimenggu, China where another dairy manufacturer giant named Yili Dairy Group already dominated the market. Mengniu Dairy succeeded in keeping a miraculous speed of development in the already-saturated market situation from the start to 2008. According to the official status from Mengniu Dairy, the Compound Annual Growth Rate (CAGR) of its sales revenue was 121% (Mengniu Dairy, 2009). The CAGR of its profit was 159% (Mengniu Dairy, 2009). It is also the first firm whose revenue surmounted RMB 20 billion yuan in China (Mengniu Dairy, 2008a). Mengniu Dairy occupied the largest slice of the domestic dairy pie in 2007 with a percentage of over 25% (China Industrial Information Issuing Center, 2008). Mengniu also topped the sales of liquid milk, yogurt and ice cream for three consecutive years（CGCC & CNCIC, 2008）. In the list of 2008 The Asia's 500 Most Influential Brands which was elected by World Brand Laboratory, Mengniu Dairy surpassed Japanese firm Meiji Diary in the top 226 in the chart, which is only one place lower than Yili Dairy，and successfully established itself as the second largest diary company from