EFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY.
(A CASE STUDY OF PHINOMAR NIG. LTD. NGWO)
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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:
- Phinomar Nigeria Limited has a lay down corporate image policy though not effectively managed.
- Strategies employed to promote corporate image are limited.
- Response to Phinomar products is fairly high, hence it can be said to be profitable.
- Employee welfare and work environment need improvement.
- Phinomar needs to increase the scope of its social responsibility.
- Phinomar need a well managed corporate image which should be reviewed periodically for improvement.
- Customers’ response to Phinomar product is high.
- Communication among workers in Phinomar Nigeria Limited is not adequate.
- 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 – – – – – – – –
- 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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