ENHANCING THE EFFECTIVENESS OF MONETARY POLICY IN COMBATING INFLATIONARY PRESSURES

 PROBLEMS, PROSPECTS AND REMEDIES. 

 

 

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ABSTRACT

This research work is an attempt to examine the effect of Central of Bank of Nigeria in performance monetary policy of bank. The essay work provides a background to the origin and development of monetary policy in fighting inflation and highlighted the major functions and activities performed by the Central Bank of Nigeria in order to achieve their main objectives. It also discusses the objectives, instrument and problems of monetary policy.

CHAPTER ONE

1.1     Background of the study         –        –        –        –        –        –        –        1

1.2     Statement of Problems   –        –        –        –        –        –        –        3

1.3     Objectives of the study  –        –        –        –        –        –        –        4

1.4     Research Question-        –        –        –        –        –        –        –        4

1.5     Significance of the study         –        –        –        –        –        –        –        5

1.6     Scope and limitation of the study     –        –        –        –        –        6

1.7     Definition of terms         –        –        –        –        –        –        –        –        6

 

CHAPTER TWO

2.0     Literature Review          –        –        –        –        –        –        –        –        9

2.1     Introduction         –        –        –        –        –        –        –        –        9

2.2     Definition of Concepts   –        –        –        –        –        –        –        10

2.3     Definition of Monetary Policy           –        –        –        –        –        13

2.4     Instruments of Monetary Policy       –        –        –        –        –        –        15

2.5     Types of Monetary Policy       –        –        –        –        –        –        19

2.6     Objectives of Monetary Policy          –        –        –        –        –        –        22

2.7     Monetary Functions of the Central Bank of Nigeria      –        –        23

2.8     Weakness of Monetary Policy in Combating Inflation –        –        26

 

CHAPTER THREE

3.0     Introduction         –        –        –        –        –        –        –        –        29

3.1     Area of Study       –        –        –        –        –        –        –        –        29

3.2     Research Design   –        –        –        –        –        –        –        –        29

3.3     Population of Study      –        –        –        –        –        –        –        30

3.4     Sampling Technique      –        –        –        –        –        –        –        30

3.5     Data Collection and Instrument        –        –        –        –        –        –        30

3.6     Administration of the Instrument     –        –        –        –        –        31

3.7     Method of Data Analysis        –        –        –        –        –        –        –        31

 

CHAPTER FOUR

4.0     Data Presentation, Analysis and Interpretation   –        –        –        32

4.1     Introduction         –        –        –        –        –        –        –        –        –        32

4.2     Data Presentation          –        –        –        –        –        –        –        –        32

4.3     Summary of Findings    –        –        –        –        –        –        –        36

CHAPTER FIVE

5.0     Introduction         –        –        –        –        –        –        –        –        –        38

5.1     Summary of the study   –        –        –        –        –        –        –        38

5.2     Conclusion –        –        –        –        –        –        –        –        –        39

5.3     Recommendation –        –        –        –        –        –        –        –        39

Bibliography        –        –        –        –        –        –        –        –        41

Appendices

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Monetary policy entails the government policies aimed at changing the quantity of money or credit condition. In every economy, after fiscal policy, the next most powerful macro-economic stabilization is monetary policy.

 

In fact Monetary and fiscal policies are expected to work together as complements to achieve one goals of a sound macro economic management that include amongst other domestic price stability external sector viability as well as enhance efficiency in resource allocation, distribution and utilization.

 

Monetary policy is therefore measure designed to regulate and control the volume, cost, availability and direction of  money and credit in an economy to achieve some specifically micro-economic objectives. It is one policy that seeks to influence economic activities using the tools available to the central bank i.e. money supply (MS) interest rates and exchange rates. It can also mean the deliberate attempt by the authorities to either control the supply of money or to control interest rates or to ration the amount of credit granted by banks.

The history of economic growth shows that, economic transformation started in England in the Late eighteen century and gradually spread to other parts of Europe and North America. Economic transformations did not get to other parts of thee world until in the 1950s when Japan transformed to become one of world’s major industrial giants. This economic transformation has spread far and wide in the recent times but its spread is highly limited in Africa. It is only South Africa that has experienced it so far. This is clearly demonstrated by the World Bank report of (2001) which states that out of the 46 poorest countries in the World, 35 of them are in Africa.

 

Nigeria with it’s vast resources of both human and material nature is not left out of the club of poverty stricken countries. This poverty is illustrated by the recent World bank report (2005), which says that more than 70% of Nigerians are living below poverty line.

 

It is against this background that this study is being undertaken. This poverty can be tackled using both fiscal and monetary policies to help solve this problem and growing poverty. So far, removing the country from poverty trap that seems almost impossible to be solved using variety of macro-economic policy measures.

 

1.2            STATEMENT OF THE PROBLEM

The problem of inflation in Nigeria has been confronted in variety of ways by the government of the country using different macro-economic policies. The government introduced several measures e.g. National Development Structural adjustment Programmes (SAPs). Guided Deregulation etc. to combat this problem. Despite all these measures, we still experience inflation in the country.

 

The question now is, why we still experience inflationary conditions after all these variety of measures adopted by the government to control it or reduce it intensity?

 

Moreover, the issue of monetary policy has its objectives one of which is tackling the problem of inflation.  The Central Bank applied all measures to control it still every effort seem to be fruitless.

 

The nest question is why have all these measures failed in combating the problem of inflation?

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 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

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.

AN EVALUATION OF DISTRIBUTION CHANNEL IN THE LOGISTICS MANAGEMENT OF PETROLEUM PRODUCTS

(A CASE STUDY OF OANDO PLC)

 

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ABSTRACT
This research was motivated to appraise the evaluation of distribution channel in the logistics management of petroleum product using Oando plc as the case study. There was a problem of the tendency of distribution of those petroleum products to the Northern & Southern which effect to a scarcity of the product in other areas of the country. On the contrary to the problems of this research work, an objective came to be as to ascertain whether there is an effective and efficient distribution of petroleum products, all round the country. In the process of solving and pursuance on the problems and the objectives, both primary and secondary data were sourced. The targeted respondents were mainly the managers, staffs and customers were statistically determined for the purpose of both questionnaires administration and personal interview. In organizing and presentation of data collected, tables and percentages were used and various hypothesis were tested using chi-square. The tests of the hypothesis made the researcher to concluded that Oando plc cannot improve on the distribution channel in the logistics management of petroleum product in our country, as the critical value was greater than the expected value on both tests.
5-99 > 1.2481 & 1.8838 < 5.99 The study reviews some finds which made the researcher to recommended that government should set some security agencies that can militate against perpetrator that vandalize the pipeline and other unscrupulous person (s) that engaged in similar act he believes if carefully implemented will go a long way to shortening the various problems CHAPTER ONE INTRODUCTION 1.1 Background of the study 1.2 Statements of the problem 1.3 Objectives of the study 1.4 Significance of the study 1.5 Research questions 1.6 Formulation of hypothesis 1.7 Scope and limitation of the study 1.8 Definition of basic terms CHAPTER TWO LITERATURE REVIEW 2.1 Definition of channel system 2.2 Management of logistics/channel system 2.3 Conflict in channel management 2.4 Co-operation by channel participants 2.5 Channels of distribution in petroleum products 2.6 Factors affecting petroleum products 2.7 Managing marketing channels of petroleum products 2.8 The benefits of using efficient channel System as a Means of Distributing Petroleum Products References CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 3.1 Research design 3.2 Area of study 3.3 Population of the study and sample size 3.4 Instrument used 3.5 Validity of the instrument 3.6 Reliability of the instrument 3.7 Method of data collection 3.8 Method of data analysis CHAPTER FOUR PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA. 4.1 Summary of the results and findings 4.2 Testing of hypothesis CHAPTER FIVE DISCUSSION, CONCLUSION AND RECOMMENDATION 5.1 Discussion of the result 5.2 Conclusion 5.3 Recommendation, suggestion for further research bibliography Appendices CHAPTER ONE INTRODUCTION: This chapter consists of details of the topic under research. Here the background of the study statement of the problem, objectives and significance of the study will be revealed along with research question so as to enable the researcher know what the research work is all about. 1.1 BACKGROUND OF THE STUDY As a result of petroleum products being the major exporting product among others, of our country. Our country solely depends on it as the highest percentage revenue on the overall percentage of the total exportation products or items. In the 1979s after the civil war, Nigerians have Agricultural products as the dependent product in both domestic and international uses. But today due to greater lucrative of this product all over the world, abandoned the former for the latter. As the uses is universal, the extractive regions which are at South east and South west encountered a difficult impact to be supplied or distribute to various areas of other regions of the country, due to mainly mismanagement and other opposing factors. The transportation of this extracting products from the originated area to the refinery was a great problem in the country, because of its form bulky and channel of distribution. The government then employed foreign bodies to refine this product in order to reach to the hook and of the country. The refinery built and managed by government admitted a foreign firm to have a part in the refinery for the bases of their services as regards to importation. Still not adequate as the dealers divert this product to their own perspective regions where they expect to dispose it in a high value. At times, this petroleum products i.e. fuel, kerosene, diesel, bitumen to mention but few do change totally the generic colour used to it to another unpredicted colour thereby caused a harm to human body. These dealers were formerly the staffs of one firm and another for years, left their various perspective offices for the marketing of these products thereby formed one organization and another to impose the prices on this products. The region that is basically not interested in the use of this product by their majority because of their belief or customs has low cost and optimal quantities than other regions. From the facts, it becomes clear that if the left cream of the nation is to be feasible accordingly, a great percentage or rate of the standard of living would have been a something if smile to the populace. HISTORY AND BUSINESS OF THE COMPANY (OANDO) The company commenced business operations as a petroleum marketing company in Nigeria in 1956 under the name of “ESSO West Africa Incorporated” a subsidiary of Exxon Corporation of the United States of America. In 1969, the company was incorporated as ESSO Standard Nigeria Limited, and in 1976, the Nigerian Government acquired all of ESSO’ s shareholding interest, thereby fully indigemising the company whose name was subsequently changed to Unipetrol Nigeria Limited. It became a public limited liability company in 1991, when the federal government divested 60% of its shareholding to the general public, and was quoted on the Nigerian Stock Exchange in February 1992. In 2000, the Federal Government divested its remaining 40% shareholding in the company, 30% of which was acquired by ocean and oil investment limited whilst the balance of 10% was taking by the Nigerian Public. In 2002, the company acquired Agip Petroli International BV’s 60% shareholding in Agip Nigeria Plc (Agip) and subsequently merged with Agip to become the second largest player in the downstream petroleum marketing industry. In December 2003, the company announced the launch of “Oando PLC” its new corporate identity to signify the creation of a proudly West Africa brand. The new corporate identify and branding exercise portrays the values and brand essence of the company service excellence, performance – driven, dynamic and progressive, consistent quality experience and proudly West African. 1.2 STATEMENT OF THE PROBLEM Petroleum products have a numerous problems on logistics management on its distribution, it is the only and major exporting product of our country, which is disposed in a high rate to another country thereby expect the citizening to do the same the tendency of distribution channel to the Northern and Southern regions of the country is much more sufficient than other regions, which causes scarcity of the product in these areas. Some quantities of these products are being diversified to other different stations for a tremendous income, impact on hoarding which reveals the control is not effective. Many of the distribution channels are being vandalized by unscrupulous individuals in the area which stagnantly affects its distribution and transportation. Moreover, there is weights and measures on the quantities of this petroleum products making the dealers to have different prices of disposing this product in their various areas. Finally, the Boards that deals on the marketing of this petroleum products (NUPENG, PENGASIN, etc) do impose some requisitions from the federal government which may not come forth, affect its distributions. 1.3 OBJECTIVES OF THE STUDY The objectives of this study are; 1. To ascertain whether there is an effective and efficient distribution of petroleum products, all round the country. 2. To determine if sufficient production of petroleum products are sold at a cheaper rate and curls the trend of scarcity on the country as the sixth oil producing ration of the world, and the first in Africa. 3. To find out whether the various refineries of the country are put in shape thereby limiting the services of other countries in refining our own petroleum products in terms of trade. 4. To ascertain whether what we produce is satisfying the citizen 5. To identify a post – mortem to the present situation, and that of the future, and many years to come.. 6. To determine how the supervision of distribution of petroleum product is done to curls fore outbreak, and the cost of resuscitating the damages. 7. Moreover, to identify the availability of petroleum product to minimize traffic hold – ups, queuing for a long time, unavailable means of transportation, wastage of hire in transporting one self, and its high cost. 1.3 SIGNIFICANCE OF THE STUDYAN EVALUATION OF DISTRIBUTION CHANNEL IN THE LOGISTICS MANAGEMENT OF PETROLEUM PRODUCTS

EFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY.

(A CASE STUDY OF PHINOMAR NIG. LTD)

 

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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:
a. Phinomar Nigeria Limited has a lay down corporate image policy though not effectively managed.
b. Strategies employed to promote corporate image are limited.
c. Response to Phinomar products is fairly high, hence it can be said to be profitable.
d. Employee welfare and work environment need improvement.
e. Phinomar needs to increase the scope of its social responsibility.
f. Phinomar need a well managed corporate image which should be reviewed periodically for improvement.
g. Customers’ response to Phinomar product is high.
h. Communication among workers in Phinomar Nigeria Limited is not adequate.
i. Phinomar Nigeria Limited lays emphasis on public relations.

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 PRESENTATION 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

LIST OF TABLES

4.1 Whether importance is attached to corporate image – –
4.2 Contribution of image to the organisational profitability –
4.3 Method used in maintaining goods corporate image –
4.4 Whether there are departments responsible for creation of image
4.5 Measures used in customers satisfaction – – –
4.6 Observed frequency – – – – – –
4.7 Observed and expected frequency – – – –
4.8 Observed frequency – – – – – –
4.9 Observed and expected frequency – – – –
4.10 Observed frequency – – – – – –
4.11 Observed and expected frequency – – – –

CHAPTER ONE

INTRODUCTION
1.1 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, mobile, open to innovation, fair to all and free of dogma and convention. Creating and promoting corporate personality efficiently is mainly communicating company’s objectives, beliefs, reputation and achievements to its public 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 business 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 comprises economic, social, political cultural, government, technological, while internal forces comprises the top management employee, task forces and public environment which is made up of the firms several public.
For an organization to remain in business, it has to help to shape its environment because of the rapid change that the organisation’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 un-impressible and there by 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 organization goals.

1.3 PURPOSE OF THE STUDYEFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY.