Reputation Management is the act of monitoring, addressing or mitigating SERPs (search engine result pages) or mentions in online media and Web sphere content. ORM primarily involves tracking what is written about a client on the Internet, then utilizing sophisticated online and offline techniques in promoting positive and neutral content, while at the same time pushing down those links the sponsor (in most cases business or individuals) may not want to show when their name is searched.
The key I believe is to manage what people say about you. Engage them after they leave your place of business and help them review your business. Positive or Negative, you need to create an outlet for them to voice their opinion.
Search engine reputation management (SERM) is the process of monitoring search results related to your name and associated keywords to ensure the results that people see when they search for you using search engines like Google, Yahoo!, and Bing are the ones that you want them to see.