Reputation management is overseeing a business's reputation by addressing negative issues, utilizing positive customer feedback, and maintaining a positive reputation. Most consumers research products and services online and are influenced by reviews - 80% have changed their purchase based on a negative review. Businesses must monitor their online reputation using tools like Google Alerts, Trackur, and Board Tracker, and address any negative comments to improve their reputation. The key aspects of reputation management are to listen to customer feedback, understand what they say, clarify any issues, implement changes, and provide feedback to customers to build loyalty.