Business

 

BUSINESS MINDS: Building Corporate Trust in the Internet Era

Trust is more than a bonus; it is a tangible asset that must be created, sustained and built upon. Text by Chia Ming Chien.

We have witnessed across the world one scandalous breach of trust after another; by governments, corporations and individuals. Scandals include Antonio Fazio, the Governor of the Bank of Italy, for passing confidential information on a merger; to illicit payments to ad agencies in Quebec. Chairman of Korea’s Hyundai Motor Co was arrested on suspicion of embezzling more than US$160 million. Enron went from the 7th largest company in US to bankruptcy in one year. Arthur Anderson, one of the world’s largest accounting firms (where trust is its primary capital), vanished in the light of its work with Enron. In Singapore, Chen Jiulin, former CEO of China Aviation Oil was jailed for four years after concealing US$550 million in losses. Nick Leeson, while in Singapore, forced the closure of Barings Bank, after hiding US$1.3 billion in trading losses. Tyco, WorldCom… the list goes on and is growing.
The issue of trust and reputation has never been as acute as today, not only because of these scandals (in fact, this is a small part of it) but because of the changes in landscape of what drives reputation, the stakeholders involved and the radically different channels of information created by the Internet. The paradigm has shifted.

(To read on, click: Corporate Trust)

 


 

ASIA! MAGAZINE: Branding at the Speed of Sound

Sonic branding will soon be coming to an appliance near you. Chia Ming Chien reports.

Without looking, you can tell a Harley Davidson has roared past. That macho throaty rumble is reason enough for many to own a Harley, despite what critics say about its mechanical performance. A friend cooed about his Renault: “Man, I love the way it feels.” I discovered how he felt had less to do with technical aspects than some intangible gestalt of sensory pleasure: “like, you know, the sound of the door closing, the purr of the engine …I can’t explain it… it’s little things like the click of the indicator… the car just makes me feel good.”

Little wonder – each sound was designed at Renault with the aid of psychologists, musicians and market researchers to evoke a particular emotion, an emotional ideal according to marketing criteria. Everything from the hum of the engine to the ‘swish’ of the windscreen wipers was simulated in a recording studio by an acoustician-musician and then handed over to engineers to be reproduced mechanically. Buying is an emotional thing, not only for woman.

To read on, click: Sonic Branding

 


 

Speak Your Mind

*