EFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY

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ABSTRACT

Business organizations 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 the necessary tools for promoting them. Corporate image, in fact goes beyond attractive products or rending quality service, advertising paying good salary and so on. It pervades every aspect of a business concern from the least worker’s personality to the dealing within the organization and with the larger society. In the face 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 as efficient corporate image management and promotion.

The focus of 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 findings revealed that:

1. Phinomar Nigeria Limited has a laid 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 needs 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.

 

LIST OF TABLES

 

1.       Return of questionnaires

2.       Determination of the qualities Phinomar possesses.

3.       Determination of strategies Phinomar adopts to communicate its products.

4.       Summary of tables on Phinomar corporate image records

5.       Customers response to Phinomar products.

6.       Computed theoretical frequencies in respect of customers response to Phinomar product

7.       Communication with Phinomar

8.       Computed theoretical frequencies in respect of communication within Phinomar

9        The emphasis laid on public relations by business organization in Nigeria.

10.     Computed theoretical frequencies in respect of the emphasis laid on public relations by business organization in Nigeria.

 

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            Research question

1.6            Research Hypothesis

1.7            Significance of the study

1.8            Limitations of the study

1.9            Definition of terms

References

 

CHAPTER TWO – REVIEW OF RELATED LITERATURE

2.1            Meaning and history of corporate image management

2.2            Different views and opinions about corporate image management and organizational profitability

2.3            Different approach to corporate image management

2.4            Corporate image management at Phinomar Nig. 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 procedure/ technique

3.5            Instrument for data collection

3.6            Validity of the instrument

3.7            Reliability of the instrument

3.8            Methods of data collection

3.9            Method of data analyses

 

CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS

4.1            Presentation and analysis of data

4.2            Testing of Hypothesis

4.3            Summary of Results

 

CHAPTER FIVE – DISCUSSION, RECOMMENDATION AND

CONCLUSIONS

5.1            Discussion of result findings

5.2            Conclusions

5.3            Implications of the research findings

5.4            Recommendations

5.5            Suggestions for further research

Bibliography

 

CHAPTER ONE

 

1.0            INTRODUCTION

1.1     BACKGROUND OF THE STUDY

“A company’s product as such is no longer the chief media projecting its image”. What counts more today is the public postures 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).

 

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 reactions. In the same vein, the corporate image of any organization has to be steered to change to correspond in response to the demands of its ever –changing business publics and environment. Making good product, marketing them aggressively, paying fair wages to the employees, and even paying taxes etc. is not just enough to maintain a competitive edge. The  are 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 organization? 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 regulations have brought corporate reputations into public view and cause executives to seek more favourable reactions.” However, many hardheaded business men do have an uneasy feeling that promoting the corporate image is little more than a perceived gesture of public goodwill.

The critical importance of corporate image becomes apparent when consumers protest provokes from large organizations series or explanations and apologies for the faults they are accused of. Companies must therefore give its public the same order of priority it gives to finance, marketing and research in the table of rapid, social and technological change. Otherwise, it cannot expect to command public respect and support in the market place.

To live and grow, to command respect and regard, the corporate image must be more than a product of public relations. Therefore corporate image promotion should not left in the hands of the public relations men, but should be the responsibility of top management and indeed 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 the fundamental objectives of management and all its activities will be programmed to that end.

 

Aaker, A.A. Myers, J.G (1975. 138) Stated 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 determinant 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.

Scholes, K and Klem, M. (1987. 85) see the image of a company as resources. They identified four types of resources available to companies which are: physical resources, human resources, system resources and intangible resources. Explaining the intangibles, Scholes and Klem observed that “Many organizations have significant strength in intangible assets such as; image or brand –name. The value of intangible resource should not be under rated. Infact in many service companies, these intangibles can be the key asset of the company. Potential purchases are often willing to pay substantial sums of money for this “goodwill” underlining their real value.

 

Finally, in order to gain the support of its publics, the corporate image must show that management is progressing, mobile, open to innovation, fair to all and free of dogma and convention. Creating and promoting a corporate personality efficiently is mainly communicating company’s objectives, beliefs, reputation and achievements to its publics in order to gain their goodwill.

 

1.2     STATEMENT OF THE STUDY

Adequate emphasis have not been laid by firms in terms of promoting a favourable corporate image and this attitude has affected their performance in the market, more so in the face of the prevailing stiff competition among firms.

The environment in which businesses operate is in constant change and it constitutes an important factor in that, it affects management decisions and actions. For any business, two types of environment exist. The operating environment, which may be classified with external and internal. External environment Comprises economic, social, political cultural, government, technological, while internal forces comprises the top management employees, task forces; and the public environment which is made up of the firms several publics.

For an organization to remain in business it has to  help to shape its environment because of the rapid change that the organization’s operating environment undergoes

Apart from the influence of the environment, the image of the firm is another factor that requires consideration. The type of image which an organization projects is an important determinant of its long run existence and performance. There are strategies that have to be developed and adapted creatively to achieve organizational goals.

 

From management’s point of view , without a good image, an organization is not guaranteed of long life, the profit objective of the organization will not be achieved, the market share will be affected resulting to decreased sales volume, there will be employee dissatisfaction; co-ordination of work will be unimpressible and thereby the organization will collapse.

 

The correction of the above management problems requires the application of the management’s functions of planning, which involves selecting objectives and formulating strategies, policies, programmes and procedures to achieve organizational goals.

 

1.3     PURPOSE OF THE STUDY

 

CONTRIBUTION OF SMALL-SCALE BUSINESS TO NATIONAL ECONOMIC GROWTH AND DEVELOPMENT

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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 magnification  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

1.0            INTRODUCTION

1.1            Background to the study

1.2            Statement of problem

1.3            Need for the study

1.4            Purpose of study

1.5            Scope of the study

1.6            Limitation of the study

1.7            Hypothesis

1.8            Definition of terms

CHAPTER TWO

2.0            REVIEW OF RELATED LITERATURE

2.1            Nature and scope of small-scale business

2.2            Factors that effect small-scale business

2.3            The role of small-scale business in economic growth

2.4            Starting a small business

2.5            Government policies for promoting small-scale business

2.6            The economic imperative of small business development in Nigeria

2.7            Importance of small business enterprises

2.8            Advantages of small-scale business

2.9            Advantages of self employment

 

CHAPTER THREE

3.1            Design of the study/methodology

3.2            Population for the study

3.3            Development of research materials

3.4            Research procedure

3.5            Analysis of data

3.6            Statistical techniques.

 

CHAPTER FOUR

4.1            Presentation, analysis and interpretation of data

4.2            Test of hypothesis

CHAPTER FIVE

5.1            Summary of findings

5.2            Conclusion

5.3            Recommendation

5.4            Suggestion for further research

5.5            Bibliography

5.6            Appendix

CHAPTER ONE

INTRODUCTION

BACKGROUND 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 careers  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 poor quality of products, poor packages, high prices, poor delivery, shortage of skilled manpower which affects productivity and restrain expansivion the use of potassium bromated which National Agency for food and Drug Administration Commission (NAFDAC) banned for health purpose.

Most bakeries do not put their customers in the prime place as they supposed to be.  There is now keen competition and to compete means to contribute to economic growth and development.  Dickson (1971:4), agreed with this view when he said that small scale enterprises are ploughed by inadequacies and serious mis-uses of business records and business information.  The problem of poor or wrong location of an industry affects its production.  Such as nearness to raw materials, market, sources of power and access to supply of labour and transport facilities etc.

Government incentive in industries has previously directed to public investment neglecting private initiative.  But a diversified and self-sufficient economy must take into consideration the importance of private sector in capital formation.

 

1.3     NEED FOR THE STUDY

There have been criticisms about the bakery industries in the way they render services to their customers. i.e.  they do not see the customers as king lot in terms of national output and employment.  Moreover, Nigeria has various policies on small-scale enterprises in recent National development plan and also in the structural Adjustment programme (SAP).  The researcher wants to carryout a research on what bakeries do and the role they play in economic growth and development the resucher also wants to have an idea base either to support all the sources about the poor impression people have on how to improve their production so as to contribute effectively in national economic growth and development. Bakeries can do a more individualized jobs for customers and thereby attract them on the basis of specialty product quality and personal services rather than on the impersonal of price or mass production of largely identical business.  Based on the above, the need for studying this topic is to show the effectiveness of small-scale business in national economic growth and development.