When people develop companies, their dream is to make to the list of top recognized and respected brands but every once in awhile brands take a hard hit. And these hits can have a lasting impression. It took most of these companies’ years to build up their brand name, but only a short time to put a permanent mark on their record.
1. Martha Stewart: Currently in a legal battle between Macy’s Inc. and J.C. Penny Co. Inc., on which retailer has the rights to sell her brand items.
2. Apple: Sales for apple products are down because of the creation of Galaxy SIII and the Galaxy S4, which many are reporting are better than the iPhones.
3. Hyundai: Fabricated information lead to the recalling of many cars. This car company falsely reported the miles per gallon (MPG) on some of their cars, which resulted in dissatisfied customers.
4. Boeing: The delay of the reveal of this airplane has many concerned for the safety of this spacecraft. This spacecraft has not been given permission to take flight, which puts major concern in the eyes of the passengers.
5. J.C. Penney: With the end of major discounts, constant sales and low advertising, this company’s revenue has dropped substantially. Customers are not purchasing items at full price and the lack of discounts deters people from making purchases.
6. Best Buy: This company is having trouble competing with Amazon. Sales have decreased within the year and due to circumstances that were revealed about the CEO, the reputation of this company is faltering as well.
7. Groupon: Facing difficulty keeping up with the competition. Current revenue is at a low 0% to 9%.
8. BlackBerry: Because of the creation of smart phones, this company has not been able to fight off competitors. Their customers continue to leave because of the high interest in the other phones, which causes sales to decrease drastically.
9. J.P. Morgan: After a trade lost this bank millions of dollars, many began to question the integrity of the company. There was concern over how well the situation was handled and began to be investigated by the federal government.
So, what exactly went wrong? Customers began to loose trust within these businesses. Consumers do not want to see the products they buy plastered on front-page news with headlines revealing unknown information about such products. With the economy still trying to rebuild itself, corporations are still looking to make money. The best way to make money and keep customers coming back is to be honest. Unfortunately, for these brands, rebuilding their image will be an uphill battle.