EFFECTIVE CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY
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.
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
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
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
3.0 Data Presentation 33
3.1 Analysis of Data 34
3.2 Recommendation 35
3.3 Conclusion 37
3.4 References 39
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.