EFFICIENT CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY
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.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO 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: 2010). 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 (2015) 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.
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