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 told 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
Cover
page
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- I
Title page
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Approval page
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Dedication
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Acknowledgment
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Abstract
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List of
tables
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Table of
contents
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CHAPTER ONE - INTRODUCTION
1.1 Background of
the study
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1.2 Statement of
the study
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1.3 Purpose of the
study -
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1.4 Scope of the
study
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1.5 Significance
of the study
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1.6 Limitations of
the study
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1.7 Research
question
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1.8 Research
hypothesis -
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1.9 Definition of
terms -
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Reference
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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
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2.3 Different
approach to corporate image management -
2.4 Corporate
image management at Phinomar Nigeria ltd -
References
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CHAPTER THREE – RESEARCH DESIGN AND
METHODOLOGY
3.1 Research
design -
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3.2 Area of the
study
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3.3 Population of
the study
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3.4 Sample and
sampling procedures / techniques
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3.5 Instrument for
data collection
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3.6 Validation of
the instrument
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3.7 Reliability of
the instrument -
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3.8 Methods of data
collection -
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3.9 Methods of
data analysis
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Reference
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CHAPTER FOUR – DATA PRESENTATINO AND
ANALYSIS
4.1 Presentation
and analysis of data -
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4.2 Testing of
hypothesis -
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4.3 Summary of
results -
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CHAPTER FIVE – DISCUSSION, RECOMMENDATIONS
AND CONCLUSIONS
5.1 Discussion of
result findings -
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5.2 Conclusions
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5.3 Implication of
the research findings
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5.4
Recommendations
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5.5 Suggestions
for further research -
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BIBLIOGRAPHY
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APPENDIX I
APPENDIX II
LIST OF TABLES
4.1 Whether
importance is attached to corporate image
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4.2 Contribution
of image to the organisational profitability
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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
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4.6 Observed
frequency -
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4.7 Observed and
expected frequency
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4.8 Observed
frequency -
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4.9 Observed and
expected frequency
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4.10 Observed
frequency -
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4.11 Observed and expected
frequency
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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
STUDY
Owing to the fact that every aspect
of business is undergoing accelerating change, and no function of management is
changing more rapidly than public attitude and reactions, the corporate image
itself should be constantly and efficiently promoted.
Most times, the consumers cannot
differentiate between similar products manufactured by different
companies. But the quality of one’s company’s image may suppress other
brand in the market to make it distinctively different and much more desirable.
For company to stay 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 their public customers.
The purpose of this study is to
evaluate the problems of building and efficiently projecting favourable image
of all organizations, but with particular reference to Phinomar Nigeria Limited
Ngwo sequel to the above, the following objectives have been carefully
deliveated by the researcher for achievement.
i.
To find out if Phinomar Nigeria Limited attaches importance to corporate image
promotion.
ii.
To identify the strategies they adopt to promote corporate image.
iii.
To ascertain if the company has department responsible for creating image for
the company.
iv. To
determine to what extent has the image of the company contributed to the
profitability of the firm.
v.
To find out the method used in maintaining good corporate image.
The survey would sample the views
and opinions of both management and employees of company on the above – mentioned
problems and with information gathered. Suggest solutions to the
problems, which would lead to efficient corporate image promotion in Phinomar.
1.4 SCOPE OF THE
STUDY
In this case, the study focuses on
efficient corporate image management as a strategy for enhancing profitability
in Phinomar Nigeria Limited Ngwo, tends look at an organization and its
environment, its position in the mind of the public, consumers and the industry
at large. The success or failure of an organization depends how its products
and service are patronized, and any organization whose image have been soiled
or smeared with mould can hardly make it in the business world which is dynamic
in nature. Change have posed a great danger to organization that are
statioc its changing environment, instead of readjusting itself to conform with
the trend or events in the minds of the people.
Furthermore, this is not only the
task of the public relations department, but it pervades all sections of the
organization, comprising the management and the staff of the organization,
whose assistance in the research work will make it a huge success.
1.5 SIGNIFICANCE
OF THE STUDY
This study will enable managers to
realize that corporate image promotions is one of the management
responsibilities and is necessary to command the support of the public and to
increase performance at the market. Places the bane of organization is
the inefficient and ineffective application of management principles leading to
poor management. Principles leading to poor management. The issue
here is that the managerial function are not being properly performed.
Planning, for instance, which contains the image programme is taken for granted
in many Nigeria business enterprises.
This has been responsible for the
poor performance in the Nigeria public and private sectors. In profit
oriented organization, emphasis is placed more on profit objectives.
Ignoring modern philosophies in management.
1.6 LIMITATIONS OF
THE STUDY
Conducting a research of this nature
is not without some constraints. Among the constraints is the fact that
scanty work has been done on the subject under study. As a result, it
affects the volume of information obtained from the secondary data. Other
constraints include, time, finance, bias, and un-corporative attitude of some
staff members. These factors largely limited the amount of information at
the disposal of the research. Time and finance constraints, for instance
made it difficult for the research to reach other audience intended such as the
company’s shareholders, and customers.
1.7 RESEARCH
QUESTION
The following research questions
would be necessary to make this research a success.
1. Do
Phinomar Nigeria Limited attach importance to corporate image promotion?
2. Has
the image of Phinomar Nigeria Limited contributed to the organization
profitability?
3. Do
they have department responsible for creating image for the organization?
4.
Does corporate image of Phinomar Nigeria Limited Ngwo more than a product of
public relations?
5.
Does their corporate image show them their management is progressive?
1.8 RESEARCH
HYPOTHESIS
The hypothesis for this research
work is formulated after thorough and careful review of works that are directly
or indirectly related to the subject matter. The hypothesis for this
research work are therefore as follows:
Ho: Customers
response to Phinomar products is not high.
HI:
Customers response to Phinomar products is high.
Ho: Corporate
image of Phinomar Nigeria Limited Ngwo is not
more than a product of public
relation.
Ho: Corporate
image of Phinomar Nigeria Limited Ngwo is more than a product of public
relation.
1.9 DEFINITION OF
TERMS
Corporate Image: This is the sum
total of all impression of the firm in the public.
Profitability: This is the ability
of a business enterprise to make profit, revenue or surpluses at the end of the
financial year.
Efficient: This is doing something
well and thorough with no wast of time, money or energy.
Stereotype: A fixed idea or image
that many people have of a particular type of person or thing but which is not
true in reality.
Strategy: The process of planning something
or carrying out a plan in a skillful way that is intended to achieve a
particular purpose.
Management: this is the act of
running and controlling a business or similar organization. It is also
the skill of dealing with people or situation in a successful way.
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