Tenet Partners' third annual report on the most and least respected corporate brands. The report correlates data determined by a survey of approximately 10,000 business decision-makers and opinion elites on two key metrics that contribute to a brand’s ability to drive long-term growth: Familiarity and Favorability. Brands with the highest Familiarity and Favorability are defined as most respected, while brands that are the most well known but have the lowest Favorability are considered the least respected.

1. October 28, 2015
2015 Top 10
Most and Least Respected Brands

2. Our Starting Point
October 28, 2015Tenet Partners2
Brand Respect scores are derived from the CoreBrand Index (CBI), a quantitative database
based on a continuous benchmark tracking survey of nearly 1,000 companies across 50
industries. To be considered, brands must be:
– A corporate brand (not a product or divisional brand)
– Publicly traded for 5+ years
– Tracked by the CBI for 5+ years

3. Our Starting Point (continued)
October 28, 2015Tenet Partners3
Respondents representing opinion elites and business decision-makers at the top 20 percent
of U.S. corporations are polled on the following:
– Familiarity: Respondents are considered to be familiar with a brand if they state that
they know more than just the company name. Familiarity scores can range from 0 to
100.
– Favorability: Respondents familiar with a corporation are then asked about three
dimensions that together, form a Favorability score, also on a scale of 0 to 100. These
three dimensions include Overall Reputation, Perception of Management, and
Investment Potential.

4. Methodology
October 28, 2015Tenet Partners4
Familiarity and Favorability are used to uncover the sentiment behind the most well known
brands. Over 500 companies meet the previously noted criteria and were eligible to be
considered for our most respected analysis.
• First, we sorted by Familiarity. Companies needed to achieve a threshold of understanding
– ensuring that we were ranking only the most well known brands. Focusing on the 100
brands in the CoreBrand Index (CBI) with the highest Familiarity, we then sorted by
Favorability score.
• Those with the most Familiarity and with the highest Favorability are defined as most
respected. Those with the lowest Favorability are considered the least respected.

5. Top 10 Most and Least
Respected Brands 2015

6. America’s Most – and Least – Respected Corporate Brands
Tenet Partners6
Brand
October 28, 2015
Most Respected Rank Least Respected
Coca-Cola 1 Delta Air Lines
PepsiCo 2 H&R Block
The Hershey Company 3 Big Lots
Bayer 4 Papa John’s
Johnson & Johnson 5 Denny’s
Apple 6 Rite Aid
Harley-Davidson 7 JCPenney
IBM 8 Best Buy
Microsoft 9 Foot Locker
GE 10 CVS Health
Based on “Familiarity” and “Favorability” scores. Note: “Least Respected are not “Least Favorable” – rather,
they represent the bottom of the most familiar in regards to brand respect.

7. Top 10 Most Respected Brands
Key Take-away:
Even the most respected
brands must remain vigilant

8. Coca-Cola retains its top position as the Most Respected brand
despite years of decline in Favorability
October 28, 2015Tenet Partners8
Familiarity & Favorability Trends
2010 2011 2012 2013 2014 2015
Familiarity 97.5 96.7 96.8 96.7 96.9 97.1
Favorability 88.4 86.6 86.1 84.5 83.7 83.6
60
65
70
75
80
85
90
95
100

9. Examining the three dimensions of Favorability, Coca-Cola’s
Overall Reputation, Perception of Management, and
Investment Potential scores have all trended down since 2010
October 28, 2015Tenet Partners9
Investment Potential has decreased the greatest during the past five years, perhaps reflecting the company not keeping
pace against major financial indices as well as the macro consumer trend toward healthier consumption
2010 2011 2012 2013 2014 2015
Overall Reputation 93.0 90.8 90.1 89.0 89.1 89.1
Perception of Management 82.8 81.7 81.9 80.4 79.6 79.7
Investment Potential 89.2 87.3 86.4 84.2 82.4 82.1
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0

10. Top 10 Most Respected Brands
Key Take-away:
Favorable Brand Perceptions are driven
in part by innovation, collaboration and
brand experiences, however, missteps
can be highly damaging

11. Apple and Microsoft demonstrate the strongest momentum
among the Top 10 Most Respected while J&J has declined
the most
October 28, 2015Tenet Partners11
Favorability – Top 10 Most Respected Brands
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0
2010 2011 2012 2013 2014 2015
Coca-Cola
PepsiCo
Hershey
Bayer
Johnson & Johnson
Apple
Harley-Davidson
IBM
Microsoft
General Electric

12. Apple’s strong rating on Overall Reputation and Investment
Potential – both experiencing doubt-digit growth – propels the
tech giant to move up 2 spots and place at #6 this year
October 28, 2015Tenet Partners12
This trend may be driven, in part, by Apple’s continuing focus on new product innovation,
acquisition of complementary brands and outstanding customer experiences to maintain
momentum and increase its reputation
2010 2011 2012 2013 2014 2015
Overall Reputation 76.3 77.4 80.5 83.2 85.6 87.5
Perception of Management 66.5 67.7 70.9 72.2 73.2 74.4
Investment Potential 67.0 68.5 72.1 74.5 76.3 77.3
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0

13. Microsoft places on the Most Respected List at #9 having
gained on both Familiarity and Favorability since 2010
October 28, 2015Tenet Partners13
Microsoft's upward trend may be attributed, in part, to its strong financial results, expansion
in its device business (Nokia, Xbox) and partnerships (Apple, SAP and Salesforce)
2010 2011 2012 2013 2014 2015
Familiarity 92.4 90.8 91.9 92.7 94.1 95
Favorability 72.2 72.2 74.8 75.5 77.6 78.9
60
65
70
75
80
85
90
95
100

14. While Microsoft improved across the board, its
Overall Reputation jumped 9 points since 2010
October 28, 2015Tenet Partners14
Improved Perception of Management closely mirrors Investment Potential,
helping bolster Overall Reputation
2010 2011 2012 2013 2014 2015
Overall Reputation 77.3 77.1 80.2 82.2 84.3 86.3
Perception of Management 67.6 67.6 70.6 70.8 72.9 74.2
Investment Potential 71.7 71.7 73.5 73.4 75.6 76.1
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0

15. Although J&J maintains its #5 position from 2014 on the
Most Respected Brands, the company’s Favorability has
been steadily declining
October 28, 2015Tenet Partners15
Familiarity and Favorability Trends
2010 2011 2012 2013 2014 2015
Familiarity 92.9 91.5 91.3 92 92.7 93.5
Favorability 87.3 84 81.8 80.1 80.4 80.2
60
65
70
75
80
85
90
95
100

16. J&J’s downward trend may reflect multiple product
recalls among its portfolio and numerous lawsuits during
the past few years
October 28, 2015Tenet Partners16
J&J’s Overall Reputation, Perception of Management, and Investment Potential have all suffered
since 2010, with the company’s Investment Potential taking the biggest hit, dropping 11.1 points
within the past five years
2010 2011 2012 2013 2014 2015
Overall Reputation 92.3 90.3 89.0 88.0 88.0 87.8
Perception of Management 82.6 80.2 79.3 77.2 77.3 77.0
Investment Potential 87.0 81.4 77.1 75.3 75.9 75.9
60.0
65.0
70.0
75.0
80.0
85.0
90.0
95.0
100.0

17. Top 10 Least Respected Brands
Key Finding:
While once on the verge of bankruptcy,
many of the Least Respected Brands
are finding new vigor

18. CVS Health experiences the most significant decline on
Favorability since 2010; Best Buy, Denny’s, and Big Lots see
consecutive gains on Favorability year-over-year
October 28, 2015Tenet Partners18
Favorability – Top 10 Least Respected Brands
35.0
45.0
55.0
65.0
75.0
85.0
95.0
2010 2011 2012 2013 2014 2015
Delta Air Lines
H&R Block
Big Lots
Papa John's
Denny's
Rite Aid
JCPenney
Best Buy
Foot Locker
CVS Health

19. Top 10 Least Respected Brands
Key Take-away:
Socially responsible corporate actions
are important but may not be enough
to overcome financial concerns

20. CVS Health’s Favorability has been trending downward
since 2010
October 28, 2015Tenet Partners20
Recent increases in Familiarity and corresponding decreases in Favorability may be linked to
investor skepticism about pulling tobacco products from shelves
2010 2011 2012 2013 2014 2015
Familiarity 81.3 78.7 77.7 77.4 77.8 79.9
Favorability 70.2 68.9 67 65.2 64.6 62.9
60
65
70
75
80
85
90
95
100

21. Significant losses across Overall Reputation, Perception of
Management, and Investment Potential cause CVS Health to
enter onto the Least Respected Ranking for the first time
October 28, 2015Tenet Partners21
Increased cohesion among downward trending dimensions contribute to brand “drag”
2010 2011 2012 2013 2014 2015
Overall Reputation 75.8 74.1 71.6 69.1 67.8 64.0
Perception of Management 66.7 65.5 64.7 63.6 64.0 63.6
Investment Potential 69.6 67.1 64.6 63.0 62.1 61.1
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0

22. Top 10 Least Respected Brands
Key Take-away:
Traditional brick and mortar retailers
face significant competition and fight
for share-of-wallet from online channels

23. Retail is most dominant category across the Top 10 Least
Respected Brands, representing 4 out of the 10 companies
October 28, 2015Tenet Partners23
Favorability – The Top 4 Least Respected Retail Brands
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2010 2011 2012 2013 2014 2015
Big Lots
JCPenney
Best Buy
Foot Locker

24. While these retail brands benefit from high Familiarity, their
Favorability scores have yet to reach the threshold necessary
to enter onto the Most Respected list
August 3, 2015Tenet Partners24
Among the Least Respected retail brands, Foot Locker benefits from a 7-point advantage
50
55
60
65
70
75
80
85
90
95
100
Big Lots JCPenney Best Buy Foot Locker
Familiarity
Favorability

25. Placing at #3, Big Lots is the Least Respected
retail brand though the company has been steadily
improving its Favorability.
October 28, 2015Tenet Partners25
Big Lots Favorability Attributes – in order to sustain its momentum,
the brand needs to carefully manage its Overall Reputation
2010 2011 2012 2013 2014 2015
Overall Reputation 53.5 53.7 56.2 57.5 57.1 56.7
Perception of Management 50.0 50.1 53.1 54.2 55.7 57.2
Investment Potential 46.3 46.8 49.9 51.2 52.4 54.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0

26. Best Buy moves from #5 and places as the #8 Least
Respected Brand
October 28, 2015Tenet Partners26
Best Buy Favorability Attributes
2010 2011 2012 2013 2014 2015
Overall Reputation 58.8 60.1 63.3 65.0 66.3 66.5
Perception of Management 52.0 52.4 55.7 58.6 62.2 64.2
Investment Potential 48.7 48.7 49.8 51.2 52.4 54.2
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0

27. JCPenney registers as the #7 Least Respected Brand
for the third consecutive year
October 28, 2015Tenet Partners27
While Perception of Management is steadily improving, consumers and investors are
still wary of the brand’s ability to rebound
2010 2011 2012 2013 2014 2015
Overall Reputation 70.1 69.9 70.9 70.6 70.6 69.8
Perception of Management 59.7 59.2 59.6 60.0 62.9 64.6
Investment Potential 55.1 53.8 51.8 51.4 50.1 49.5
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0

28. Foot Locker re-enters the Least Respected list at #9
In 2013 the company held the #10 position
October 28, 2015Tenet Partners28
Foot Locker Favorability Attributes
2010 2011 2012 2013 2014 2015
Overall Reputation 62.8 64.4 67.4 68.4 69.5 66.3
Perception of Management 58.2 58.6 61.6 63.7 66.6 67.0
Investment Potential 51.3 50.8 51.3 53.0 54.5 55.3
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0

29. Want to learn more?
Read “Tenet Partners Releases Top 10
Most and Least Respected Brands of 2015”

30. Thank you
tenetpartners.com
122 West 27th Street, 9th Floor
New York, NY 10001
212 329-3030
2665 Main Street, Suite 260
Santa Monica, CA 90405
310 581-9200
15 River Road, Suite 310
Wilton, CT 06897
203 834-0087
19 Cambridge Street
Rochester, NY 14607
585 256-2040