EFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY.

(A CASE STUDY OF PHINOMAR NIG. LTD. NGWO)

 

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ABSTRACT

 

Business organization in Nigeria have failed to realize the role a good corporate image policy has in business dealings.  This is probably because they do not understand the concept of corporate image and necessary toold for promoting them.

 

Corporate image, in fact goes beyond attractive products or reminding quality service, advertising paying good salary and so on.  It pervades every aspect of a business concern from the least workers personality to the dialing within the organization and with larger society.

 

In the fact of the dynamics of our society, especially in the business world, brought about by technology, companies are faced with stiff competition that maintaining a competitive edge requires aggressive strategies.  One of such strategies is efficient corporate image management and promotion.

 

The focus on this research work was to determine the strategies that could be employed to build and promote corporate image efficiently and enhance profit margins of an organization.  A case study of Phinomar Nigeria Limited, Ngwo was therefore undertaken.

The finding revealed that:

1. Phinomar Nigeria Limited has a lay down corporate image policy though not effectively managed.
2. Strategies employed to promote corporate image are limited.
3. Response to Phinomar products is fairly high, hence it can be said to be profitable.
4. Employee welfare and work environment need improvement.
5. Phinomar needs to increase the scope of its social responsibility.
6. Phinomar need a well managed corporate image which should be reviewed periodically for improvement.
7. Customers’ response to Phinomar product is high.
8. Communication among workers in Phinomar Nigeria Limited is not adequate.
9. Phinomar Nigeria Limited lays emphasis on public relations.

 

 

 

TABLE OF CONTENTS

 

Cover page  –         –         –         –         –         –         –         –         I

Title page     –         –         –         –         –         –         –         –         –

Approval page       –         –         –         –         –         –         –         –

Dedication   –         –         –         –         –         –         –         –         –

Acknowledgment  –         –         –         –         –         –         –         –

Abstract       –         –         –         –         –         –         –         –         –

List of tables          –         –         –         –         –         –         –         –

Table of contents   –         –         –         –         –         –         –         –

 

CHAPTER ONE –          INTRODUCTION

1.1     Background of the study –         –         –         –         –         –

1.2     Statement of the study     –         –         –         –         –         –

1.3     Purpose of the study        –         –         –         –         –         –

1.4     Scope of the study –         –         –         –         –         –         –

1.5     Significance of the study –         –         –         –         –         –

1.6     Limitations of the study   –         –         –         –         –         –

1.7     Research question  –         –         –         –         –         –         –

1.8     Research hypothesis        –         –         –         –         –         –

1.9     Definition of terms –         –         –         –         –         –         –

Reference     –         –         –         –         –         –         –         –

 

CHAPTER TWO – LITERATURE REVIEW

2.1     Meaning and history of corporate image management       –

2.2     Different views and opinions about corporate image management

and organization profitability     –         –         –         –         –

2.3     Different approach to corporate image management          –

2.4     Corporate image management at Phinomar Nigeria ltd      –

References   –         –         –         –         –         –         –         –

 

CHAPTER THREE – RESEARCH DESIGN AND METHODOLOGY

3.1     Research design     –         –         –         –         –         –         –

3.2     Area of the study   –         –         –         –         –         –         –

3.3     Population of the study    –         –         –         –         –         –

3.4     Sample and sampling procedures / techniques         –         –

3.5     Instrument for data collection    –         –         –         –         –

3.6     Validation of the instrument      –         –         –         –         –

3.7     Reliability of the instrument       –         –         –         –         –

3.8     Methods of data collection         –         –         –         –         –

3.9     Methods of data analysis  –         –         –         –         –         –

Reference     –         –         –         –         –         –         –         –

 

CHAPTER FOUR – DATA PRESENTATINO AND ANALYSIS

4.1     Presentation and analysis of data         –         –         –         –

4.2     Testing of hypothesis       –         –         –         –         –         –

4.3     Summary of results          –         –         –         –         –         –

 

CHAPTER FIVE – DISCUSSION, RECOMMENDATIONS AND CONCLUSIONS

5.1     Discussion of result findings     –         –         –         –         –

5.2     Conclusions           –         –         –         –         –         –         –

5.3     Implication of the research findings     –         –         –         –

5.4     Recommendations –         –         –         –         –         –         –

5.5     Suggestions for further research          –         –         –         –

BIBLIOGRAPHY –         –         –         –         –         –         –         –

APPENDIX I

APPENDIX II

 

 

CHAPTER ONE

 

INTRODUCTION

• BACKGROUND OF THE STUDY

A company’s product as such is no longer the chief media projecting its image.  Count more today is the public posture of management, its concern for consumer welfare and its visible response to imperative social and economic needs.  In short, management must concern itself as much with protection as it does with profit (Harold H. Margins: 1970).

 

Every aspect of business and industry is undergoing rapid change in terms of philosophy and technology and there is more rapidly changing function of corporate management to public attitudes and reaction.  In the same vein, the corporate image of any organisation has to be steer to change to correspond in response to the demands of its ever changing business public, marketing them aggressively, paying fair wages to the employees, and even paying taxes, etc.  is not just enough to maintain to competitive edge.  There is now economic and social responsibility that faces every business.

 

Perhaps it would be necessary to ask; is there any need to engage in corporate image promotion?  Does promotion have effect on the returns of an organisation?  Are there right and wrong ways to project a corporate image?  What is the place of employee motivation, communication, customer relations, social responsibility etc. in the whole role of image promotion programme?

 

Margins, H. Harold (1979.7) stated, “Mass merchandising, new method of advertising, increased competition, and government regulation have brought corporate reputations into public view and cause executive to seek more favourable reactions”.

 

However, many hard headed business men do have an uneasy feeling that promoting the corporate image is little more than a perceived gesture of public good will.  The critical importance of corporate image becomes apparent when consumers protest provokes, from large organization series of explanations and apologies for the faults they are accused companies must therefore give to finance.  Marketing and research in the table of rapid, social and technological change.  Other wise, it cannot expect the command public respect and support in the market place.

 

To live and grow, the command respect and regard, the corporate image must be more than a product of public relations.  Therefore, corporate image promotion should not be left in the hands of the public relations men, but should be the responsibility of top management and every member of staff.  This implies that the image programme should be part of the over all planning for the company’s future.

 

No matter how impressive a firm’s achievements are, they must be properly presented in the public, for them to be acknowledged.  Thus corporate planning is an integral part of policy decisions.  For some companies, image programmes is part of board planning for greater sales and profits.  This is one of the fundamental objectives of management and all its activities will be programmed to that end.

 

Staged that, “It is not an exaggeration to say that a good image is fundamental to the existence of any business enterprise.  The concept of image is often considered to be an important determination of long term sales and profits.  Therefore, it is reasonable to consider the use of image as an objective not only for an advertising programme but for marketing programme and an organization as a whole”.

 

When a new product is introduced in the market, a respected corporate name often benefits from the unknown product.  People are more likely to buy a new product if they know and like its manufacturer.  Furthermore, the quality image of a company’s product may have considerable influence on the kind of new product the company can market successfully.  They identified four types of resources available to companies, system resources and intangible resources.

 

Explaining the intangibles, Scholes and Klem observed that “many organization have significant strength in intangible assets such as, image or brand name.  The value of intangible resources should not be under rated.  Infact, in many service companies, these intangible can be the key asset of the company.  Potential purchase of money for this “goodwill” underlying their real value.  Finally, order to gain the support of its publics, the corporate image must show that management is progressing

 

 

 

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ANALYSIS OF BUSINESS OBJECTIVE AND THEIR ACCOMPLISHMENT THROUGH EFFECTIVE COST CONTROL

(A CASE STUDY OF LAKE CONCRETE INDUSTRIES LIMITED, ENUGU STATE)

 

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ABSTRACT

 

This study is centered on the analysis of business objective and their accomplishment through effective cost control in lake concerted industry-limited Enugu. There are lots of problem that face the industry, some of which are shortage of raw materials, excessive demand, ineffective stock planning and inefficient stock management.

The study therefore embarked on how the industry should form a strong stock management policy. Thereby forming a stock management committee that will monitor the implementation of the policy.

Also in this study, proper method of determining the maximum stock level was worked out that is the use of probability and technique. In the same val-soft were was procured to help in checking over-stocking and under stocking.

In this research work, questionnaires were used as the research work, question. Data were also collected through personal interview. The uses of chi-square and sample table were used to know how effective and reliable are the observed facts. Based on the objectives of this study, researcher come up with findings as it effects the effective cost control in lake concrete industry limited Enugu. It found out that there are low national factors and this made the workers to be relevant to put  in their best at work.

On this effect, the researcher come to conclude that training and development will contribute immensely to effective performance of the workers.

Therefore, the research finally recommends that the management of the industry should endeavor of staff to training and development to enhance proper technical know how of the job as will give opportunity to workers to influence decision effecting them.

 

 

 

TABLE OF CONTENT

CHAPTER ONE:

Introduction                                                                                           1

• Background of the Study 1
• Statement of the Study 4
• Purpose of the Study 4
• Scope of the Study 5
• Research Question 6
• Significance of the Study 7
• Definition of Terms 8

Reference                                                                                     10

 

CHAPTER TWO:

Review of Related Literature                                                             11

• Overview of Business 11
• The Objective of Business 12
• Overview of Cost Control 16
• The Role of Cost Control in Business 33
• Relationship to the Study 35

Reference                                                                                     37

CHAPTER THREE:

Research Design and Methodology                                                       39

• Research Design 39
• Area of the Study 39
• Population of the Study 40
• Sample and Sampling Procedure /Technique 40
• Instrument for Data Collection 42
• Validation of the Instrument 43
• Reliability of the Instrument 43
• Method of Data Collection 43
• Method of Data Analysis 45

Reference                                                                                     46

CHAPTER FOUR:

Presentation and Analysis                                                                      47

• Presentation of Data analysis of Data 47
• Testing of hypothesis                                                  63
• Summary of result 73

CHAPTER FIVE:

Discussion, Recommendation and Conclusions                                     75

• Discussion, Results /Finding 75
• Conclusion 76
• Implication of Research Findings 77
• Recommendation 77
• Limitation of the study 78
• Suggestion for the research 79

Bibliography                                                                                80

 

 

 

 

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

The pursuit of an objective and the accomplishment is the characterizes and every organization and this objective and accomplishment exist in dimensions. Every business organization whether sole trade (one man business) partnership, company or comporting therefore most have objectives and expected accomplishment.

 

The primary objective of every business organization in a capitalist or mix-economy is to make profit, and meet their accomplishment. Profit is described as the excess of total revenue over total cost during a specific period of time. For firms (Mostly competitive) to make profit, they most have control over the cost of their production and services.

 

In many business organizations some supervisors, always from and query why accountants usually scrutinize their expense and other cost they present for payments, when the money does not come from the accountants pockets. Accountants scrutinize claims, voucher etc in order to satisfy themselves that a particular item of cost is reasonably necessary and wholly for the operations of the enterprise.

 

Just like any one of us as individuals, we try to satisfy all our necessary requirements without throwing ourselves into financial mess before the inflow of another income, the scammers why individual requirement applies to partners in partnership, companies etc when an accountant queries cost incurred in ones department or cost center, all he is trying to do is to ensure that reasonable cost are being incurred for the level of the enterprises’ performance.

 

The researcher believe that each one of us manages cost in our respective homes and by so doing we are exercising the function of a financial manager through at domestic levels. If one gives his wife a reasonable monthly allowance to run the home and two weeks later, she asks for more money because she has finished the amount given to her, certainly the husband would from at her for not controlling her spending habits.

 

The common excuse house wives give is that things are expensive, but then a cost anxious husband before giving additional money would ask the wife whether she has tried alterative market or alterative food stuffs. In the some manner, Accountants Managers enterprise finds. While in the process they are not unnecessarily rigid but ensure that limited overall objectives of the organization are achieved.

 

Cost control can therefore be described as the prevention of within the existing environment in an organization. The main methods employed in controlling cost are budgetary control, cost reduction technique and value analysis. It is the intention of the project researcher to emphasize more on cost reduction.

 

Although both budgetary control and cost reduction go hand in hand because it is difficult to demarcate where cost control? And budgetary control ends both terms are concerned with improving efficiency and increased profitability. However, it is pertinent to note that effective and reasonable cost reductions for present output serves as standard for future production.

 

The researcher has decided to use LAKE CONCRETE INDUSTRIES LIMITED ENUGU as a case study, the establishment has been operating at loss for over five (5) years now which means that the objective of setting up the business is been defected. The researcher would then find out whether cost were substantially responsible for the loss. This will entail the analysis of cost incurred in its products so as to find out the area of weakness and hen suggest ways at improvement for the purpose of internment of the enterprise objective and their accomplishment.

 

1.2     STATEMENT OF THE PROBLEMS

This project study titled “analysis of business objectives and their accomplishment through effective cost control” intends to investigate the cause of the persistent loss in…

 

 

 

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CONTRIBUTION OF SMALL-SCALE BUSINESS TO NATIONAL ECONOMIC GROWTH AND DEVELOPMENT (A CASE STUDY OF SELECTED BAKERIES IN ENUGU URBAN)

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ABSTRACT

 

This paper analysed the contribution of small-scale business to National Economic Growth and Development in the Country.  It also paid attention to the foundling of these enterprises.

Where as failure of the large-scale import department assembly to propel the country into a satisfactory course of industrialization necessitate the demagnification of strategy to embrace the promotion of small-scale enterprises achievement under the new strategy has not been adequate with expectations of the stated objectives which were economic growth and development through the mobilization of available local resources, employment generation and industrial dispersal as well as mitigation of rural urban migration.  This paper identified this lack of list achievement with problems associated with severe lack of managerial and technical skills among Nigerian small-scale industrialists, inadequate of financial resources as well as infrastructural deficiencies.

Chapter one contains a general discussion of the contribution of small-scale business to economic growth and development as seen by different people.  It went further to state the problem to be studied and why this study was carried out, the scope and limitation of the study and finally the proposition and the definition of terms.

A number of past related literature examined by other studies as it relates to the contribution of small-scale business in Nigeria are highlighted in chapter two.

Chapter three deals with the design of the study, the methods used in collecting relevant data.  It also deals with way the questionnaires were  distributed and the treatment of data, and statistical techniques used.

The data got from the research survey were analysed and interpreted.  Also similar questions on both questionnaires were compared in chapter four.

Finally, the summary of findings conclusion in the research and recommendation made by the researcher are all in chapter five.

If small-scale business will put the recommendation on how to achieve economic growth and development to use, such as increasing availability of credit by raising interest rate ceiling and permitting a “spread” that makes it worthwhile for banks to lend to small-scale business or by increasing the number and range of investment etc. problems of small-scale business will be a thing of the past.

 

TABLE OF CONTENTS

CHAPTER ONE

• INTRODUCTION
  • Background to the study
  • Statement of problem
  • Need for the study
  • Purpose of study
  • Scope of the study
  • Limitation of the study
  • Hypothesis
  • Definition of terms

CHAPTER TWO

• REVIEW OF RELATED LITERATURE
  • Nature and scope of small-scale business
  • Factors that effect small-scale business
  • The role of small-scale business in economic growth
  • Starting a small business
  • Government policies for promoting small-scale business
  • The economic imperative of small business development in Nigeria
  • Importance of small business enterprises
  • Advantages of small-scale business
  • Advantages of self employment

 

CHAPTER THREE

• Design of the study/methodology
• Population for the study
• Development of research materials
• Research procedure
• Analysis of data
• Statistical techniques.

 

CHAPTER FOUR

• Presentation, analysis and interpretation of data
• Test of hypothesis

 

CHAPTER FIVE

• Summary of findings
• Conclusion
• Recommendation
• Suggestion for further research
• Bibliography
• Appendix

CHAPTER ONE

 

INTRODUCITION

BACKGROND TO THE STUDY

The contribution of small –scale business in fostering economic growth and development has been well articulated in different areas of this study .the specific attention on them based on their expected impact and potential contribution on broad and diversified production base, as well as their accelerative effect in achieving macro objectives pertaining to full employment, income distribution and the development of local technology.  They are particularly most conducive for diffusion of management skills and emulation of indigenous entrepreneurship overtime.

Small business provides financial opportunity and a chance to develop wealth.  It is a place where creative, motivated individuals can use their talents and expertise to the fullest, because it provides satisfying carecrs  and job opportunities and its also the back bone of the market economy of the word.  Every big business starts as a small business, and it started with an entrepreneur (small business), who at first, earns little or no profit.  It was the new ideas of small business that brought about Ekene Dili Chwkwu Transport, the FAN Milk, Nnewi “Tokumbo” parts, and even the many commercial banks in Nigeria.  Untried ideas become annulations that become concepts that changed the business world. And so it goes.  Small business is the basis for the economic well being many developed nations including USA/Japan.

Entrepreneurship is what makes a small business successful.  Entrepreneurship occurs when an individual develops a new venture, a new approach to an old business or idea, or a unique way of giving the market place a product or service by using resources in a new way under conditions of risk.  Small business triumphs and entrepreneurship are closely related to it.  It is difficult to separate them.

The unemployment situation in the country coupled with the new government instinctive towards easing social tensions among unemployed youths, through the programme of the National Directorate of Employment (NDE), were intended to lure a lot of unemployed Nigerians, including graduates into self determination through self employment.  Graduates and school leavers are now realizing that government and the established private companies are not ready to come to their aid directly, through paid employment due to the dividing state of the economy.  Short of the alternatives, Nigerians including our graduates are therefore launching themselves into various small-scale business ventures, such as cottage soap and cosmetics production, fairing, restaurants, fast food, publishing, writing, block making, garri processing, food processing, refuse disposal, taxi driving, cleaning services, weaving, baking tailoring, advertising and other sam business venture which depends mostly on local raw materials.  The determination to succeed is also fast becoming the order of the day.

Government has been playing appreciative tole in promoting the survival and growth of small-scale enterprise in recognition of them flexible and adaptive nature as well as their re-generative power in promoting economic growth and development.  Government also encourage people to establish their own small business so as to reduce the problem of unemployment in the country and also reduce the problem of importation of goods, moreso, to produce exportation products.

Government in believing that a dynamic and growing small manufacturing sub-sector can contribute significantly to the implementation of a wide range development effectives, has thus enunciated various policies to encourage their proliferation and make them veritable engines of growth and development.  In the third and for the development plans and the on-going three years rolling plan, priority has been accorded industrialization with greater emphasis on small-scale enterprises.  The basic activities of government policies as maintained in the monetary and fiscal policy measures, are to improve the financing and other supportive services of small-scale business by expanding and improving access to credit and infrastructural facilities, reducing their production costs, boosting their profitability, enhancing their survival and growth capacities as well as expanding their contributions to non-oil exports by making their products competitive in the export markets.

Hardly could any major industry succeed without the services of small-business enterprise. The major goals of any profit oriented business is to make profit.  A company will make more profit if statistics it’s customers need better them the competitors.  There fore in the contribution of small-scale business, bakeries would produce what the customers want and by sodoing they maximize profit and only bakeries that are effective and efficient can satisfy customers needs.  In reality, it is possible to run a business without profit for a time, but it is not possible for to survive for one day without customers.  Customers are the central theme of any business.  Without a total commitment to them, contribution to economic growth and development will have limited and brief effects.

 

1.2     STATEMENT OF PROBLEM

          Bakery is in the production industry the quality of products rendered by our Bakeries have been attracting criticisms from people in all works of life.  The civil servants, business men and the general public are all very critical of production of cookies like bread, chi-chin, cake, meat pie, bons etc.  the  complaints ranges from those of p