ABSTRACT
The purpose of this study is to determine and effective corporate image
management as a strategy for enhancing profitability. In Phinomar Ltd Ngwo, and
FBN PLC Enugu.
In
carrying out the study, care was therefore taken to ensure that relevant and
adequate data were collected and analyzed. Thus, the research obtained such
data from primary and secondary sources.
The
research method in which the sample was selected through statistical formular
and random sampling. The data collection instrument included questionnaire
interview and observation as well as library after analyzing the data the
following findings were made, the existing corporate image management at
phinomar and FBN Enugu is not effective, thus derive from expectation.
Communication
is glossily inadequate this does not favour the companies, it therefore
hindered profitability, it was also discovered that link between management and
workers is very poor. After this series of findings some recommendation were
made.
-
Public
relation effort should be improved upon.
-
Corporate
image management is very essential for enhancing company profitability.
-
Communication
should be made adequate so as to suit the general public, for profitability.
-
I
accept every omission and mistakes therein.
TABLE OF CONTENTS
Title Page ii
Approval Page iii
Dedication iv
Acknowledgement v
Abstract vi
Table of Contents vii
CHAPTER ONE
1.0
Introduction 1
1.1 Background of
the Study 1
1.2
Statement
of the Problem 5
1.3
Purpose
of the Study 7
1.4
Significance
of the Study 9
1.5
Definitions
of important terms 9
1.6
References 15
CHAPTER TWO
2.0
Literature
Review 16
2.1.
Meaning
and History of Corporate
Image Management 16
2.2
Different
Views and Opinions about Corporate
Image Management and Organizational
Profitability 23
2.3
Different
Approach to Corporate
Image Management 26
2.4
Method
of studying the Problem 27
2.5
Corporate
Image Management at
First Bank Plc. Enugu 28
2.6
The Management Structure Of FBN Plc 30
References 32
CHAPTER THREE
3.0 Data
Presentation 33
3.1 Analysis of Data 34
3.2
Recommendation 35
3.3
Conclusion 37
3.4
References 39
Bibliography 40
CHAPTER ONE
1.0
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
A company’s product which is the chief media that project 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 pollution as it
does with profit (Harold. I margins).
Every
aspect of business and industry is undergoing rapid changes in terms of
philosophy and technology and there is no more rapidly changing function of
corporate management, then public attitudes and recreations. In the same vein,
the corporate image of any organization has to be steered to change
corresponding. In response to the demands of its over-changing business publics
and environment. Making good products, marketing them aggressively, paying
taxes. It not just enough to maintain a competitive edge. There are even now
economic and social responsibilities that face every business. Perhaps, it
would be necessary to ask, it there any need to engage in corporate image
promotion? Does promotion of same, have effect other 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
responsibilities etc. in the wide gaunt of image promotion programme? And so
on.
Margin
H. Harold (1979.7) stated, “Mass merchandising now method of advertising,
increased completion, and government regulators have brought corporate
reputations into public view and cause executives to seek more favourable
reactions”. However, many hard headed business men to have an uneasy feeling
that promoting the corporate image is little more than a vague gesture of
public goodwill. The idea of corporate image however, is not now companies have
done institutional advertising for many years and sophisticated public
relations peoples have long stressed the significance of many kinds of
intelligent efforts in building up a general reservoir or goodwill for a firm.
But, the concept of a corporate image has given much greater meaning to the
effort. The critical importance of v 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 v image must be more than a
product of public relations. Therefore corporate image promotion should not
left in the hands of the public relation 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 from impressive a firms achievement are, they must be properly presented
in the public to acknowledge them. Thus corporate image planning is an integral
part of policy decisions. For some companies, however, an image programme is
part of board planning for greater sales and profits. This is his fundamental
objective of management and all its activities will be programme to that end.
Aaker,
A.A. Myers J.G (1975:138) stated that: it is not 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
benefit 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 in the kind of new product
the company can market successfully. Infact, scholes, K and Klem, M (1987:85)
see the image of a company as a resource. They identified four types of
resources available to companies. They are physical resources, human resources,
system 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. Indeed 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 shows that
management is progressing, mobile, open to innovation, fair to al and free of
dogma and convention. Creating and promoting a corporate personality
effectively is mainly communicating company’s objectives, beliefs, reputation
and achievements to its publics in order to gain their goodwill.
1.2
STATEMENT OF THE PROBLEM
Most organizations, government owned or private owned, small or large,
need effective corporate image to survive in the business environment for the
fact that organizations operate with a corporate objectives, it helds on
organization to take into cognizance the effective corporate image management
as a strategy for enhancing profitability.
This
study entitled effective corporate image management as a strategy for enhancing
profitability attempts to determine the way by which the organizations especially
the Phinomar Nigeria Ltd Ngwo, and First Bank of Nigeria (FBN) Plc, Enugu
manage the corporate image of their organization so as to encourage
profitability.
The
problem will be discussed under the following heading in the course of the
study.
a.
Inadequate
communication between the management and customers.
b.
Lackadaisical
attitude of the management towards effective corporate image.
c.
Corporate
image strategy is not effective
d.
Inadequate
care for customers and public needs
e.
The
level of inducement of the customers.
1.3
PURPOSE OF THE STUDY
Owing to the fact that every aspect of business is undergoing
accelerating change and no functions of management is changing more rapidly
than public attitudes and reactions, the corporate image itself should be
constantly and effectively promoted.
The
image programme pervades the whole management functions more especially,
planning the corporate image is a kind of public stereotype of impression, i.e.
what every body knows about the company. Although, the consumer or the
potential buyer may have sharp and detailed mental pictures, he does have
access to the broad, general stereotype which permits him to make first
decisions. Whether to buy or not, it is these broad stereotype that make him
patronize a particular company. The critical is most likely, the corporate
image if the company, for instance, most times, the consumers cannot
differentiate between similar products manufactures by different companies but
the quality of one on the market to make it distinctively different and much
more desirable. For a company to say in business and command respect and
regard, its corporate image must be more than a product of public relations. It
must be an accurate practice and an accurate picture of what the company is and
what it does. The corporate image of an organization must show that the
management is progressive, innovative and fair to all its public customers.
The
purpose of this study is to evaluate the problems of building and effectively
projecting a favourable image in all organizations, but with particular
reference to Phinomar Nig. Ltd Ngwo and First Bank Nig. Plc Enugu, focusing on,
i.
Whether
they lay enough emphasis on corporate image promotion.
ii.
What
strategies, if they do, they adopt to promote same.
iii.
Whether
such strategies are effective survey would sample the views and opinions of
both management and employees of the company on the above mentioned problems
and with information gathered. Suggest solutions to the problems. Which would
lead to effective corporate image promotion in Phinomar and First Bank Plc
various public customers, suppliers, stockholders, bankers, potential
investors, competitors, government officials and the general public?
1.4
SIGNIFICANCE OF THE STUDY
This study is to significance to effective corporate
image management for enhancing profitability in Phinomar Ltd Ngwo and FBN Nig
Plc, Enugu. And
to prospective investors, customers and management in Nigeria. This
research seeks the relevance of applying corporate image in the enhancement of
profitability.
1.5
DEFINITION OF TERMS
1.
Corporate image: corporate image according to margins (1970:2) is the
sum total of all impression of the firm in the public consciousness. It is the
intangible impression that is different from each observer. The opinions of the
employees, customers, suppliers, bankers, competitors, government offices and
the general public, all combine to form a corporate image.
2.
Management: According to “Branch” management can be defined as a process
entailing responsibility for the effective and economical planning and
regulation of the operations of an enterprise, in fulfillment of a given
purpose or task, such responsibility involving.
a. Judgment and decision in determining plans, and the development
of data procedures to assist control of performance and progress against plans.
b. The guidance, integration, motivation and supervision of the
personnel composing the enterprise and carrying out its operation.
3.
Strategy: Peter Drucker (1977:95) defined strategy as “a company’s
basic approach to achieving its over all objectives. It differs from tactics
which is a basic approach to be used in carrying out a pre-determined strategy.
A strategy according to Tungen (1975:31) May be in the nature of either
aggressive strategy (The first on the market with an advance product) or
defensive strategy following the leading firm in the particular branch or
absorption strategy (acquisition of advanced technology for further
development).
4.
Profitability: Peter Drucker (1977:89) defined profitability
as a measurement of how well the business discharges its function in serving
market and customers.
5.
Customer: This is a person or organization that patronize a shop or
store, or business, it is hardly to know who the customers is, this is because
buyer may turn to call his under customers but precisely the customers is he
who buy from a shop.
6.
Corporate Planning: This is term denoting a line of approach or a style
of management, an attitude of mind, while uses a systematize and integrated
approach to all aspects of a firms activities, this idea is to treat the
company in Phinomar Nig. Ltd Ngwo and FBN Nig. PLc. Enugu.
Good corporate image planning is the secret formular for those
organization that are successful in the world today especially in Nigeria, by
applying corporate planning it will go a long way to Coker the hoop holes,
while problem are identified before they occur.
SIGNIFICANCE
1.
ORGANISATION: Effective
corporate image planning help the organization in restructuring the
organization through innovation, job restructuring.
2.
Management: It goes a long way to moulding the management and directing
them on the way forward especially in environment of change corporate planning
is the only way out by management by viewing planning as a unified wholes.
3.
Customer: This will enable these organizations to satisfy the customers
with profit.
4.
Social Responsibilities: The management of the two organizations for their
shareholders, the immediate environment, the government the staffs, the
suppliers and customers. Good corporate image is out, if properly managed to
help in expediting the above responsibilities profitably.
5.
Decision Making: An organization without decision making is as good as
no organization was formed, so effective corporate image is responsible for
beautifying the decision making of Phinomar Ltd Ngwo and First Bank Nig. Plc Enugu.
6.
Management by objective: Effective corporate image will enhance profitability
of workers are allowed to make personal plans, and because of the time allowed
for planning whole effective corporate image provides thereby enhancing
profitability.
7.
Analysis of risk and sensitivity: corporate planning is to
total forecast of future, present and past events which allow for minimization
of risk and sensitivity of uncertainty in the organizations performance.
It is on this note the researcher comments that the significance of
effective corporate image is a good strategy for enhancing profitability in
Phinomar Ltd and FBN respectively. As a corporate whole, rather than a
collection of departments and on a long-term basis rather than a short term
one, the company is study within its environment, past, present, and further.
8. Satisfaction: This is the ability of acceptance of
products or services by
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