ABSTRACT
Business organizations
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 the necessary tools for promoting them.
Corporate image, in fact
goes beyond attractive products or rending quality service, advertising paying
good salary and so on. It pervades every aspect of a business concern from the
least worker’s personality to the dealing within the organization and with the
larger society.
In the face 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 of 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 Diamond Bank Plc Enugu was therefore
undertaken.
The findings revealed
that:
a.
Diamond Bank Plc Enugu has a laid down corporate image policy though not
effectively managed.
b.
Strategies employed to promote corporate image are limited.
c.
Response to Diamond Bank products is fairly high, hence it can be said to be
profitable.
d.
Employee welfare and work environment need improvement.
e.
Diamond Bank needs to increase the scope of its social responsibility.
f.
Diamond Bank needs a well-managed corporate image, which should be reviewed
periodically for improvement.
g.
Customers’ response to Diamond Bank product is high.
h.
Communication among workers in Diamond Bank Plc Enugu is not adequate.
i.
Diamond Bank Plc Enugu lays emphasis on public relations.
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
Research question
1.6
Research Hypothesis
1.7
Significance of the study
1.8
Limitations of the study
1.9
Definition of terms
References
CHAPTER TWO
REVIEW OF RELATED
LITERATURE
2.1
Meaning and history of corporate image management
2.2
Different views and opinions about corporate image management and
organizational profitability
2.3
Different approach to corporate image management:
2.4
Corporate image management at Diamond Bank Nig. 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 procedure/ technique
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
Method of data analyses
References
CHAPTER FOUR
DATA PRESENTATION AND
ANALYSIS
4.1
Presentation and analysis of data
4.2
Testing of Hypothesis
4.3
Summary of Results
CHAPTER FIVE
DISCUSSION,
RECOMMENDATION AND
CONCLUSIONS
5.1 Discussion
of result findings
5.2
Conclusions
5.3
Implications of the research finding
5.4
Recommendations
5.5
Suggestions for further research:
BIBLIOGRAPHY
APPENDIX 1
APPENDIX I
LIST OF TABLES
4.1
Whether importance is attached to corporate image
4.2
Contribution of image to the organizational profitability
4.3
Method used in maintaining good corporate image
4.4
Whether there are departments responsible for creation of image
4.5
Measures used in customers satisfaction
4.6
Observed frequency
4.7
Observed and expected frequency
4.8
Observed frequency
4.9
Observed and expected frequency
4.10
Observed frequency
4.11
Observed and expected frequency.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
“A company’s product as
such is no longer the chief media projecting 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 protection as it does with profit” (Harold. H.
Margins).
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 reactions. In the same vein, the corporate
image of any organization has to be steered to change to correspond in response
to the demands of its ever –changing business publics and environment. Making
good product, marketing them aggressively, paying fair wages to the employees,
and even paying taxes etc. is not just enough to maintain a competitive edge.
There are 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 organization? 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 regulations have brought
corporate reputations into public view and cause executives 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 goodwill.
The critical importance
of corporate 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 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 the
fundamental objectives of management and all its activities will be programmed
to that end.
Aaker, A.A. Myers, J.G
(1975. 138) Stated 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 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 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.
Scholes, K and Klem, M.
(1987. 85) see the image of a company as resources. They identified four types
of resources available to companies, which are: physical resources, human
resources, system resources 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. Infact 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 must show that management
is progressing, mobile, open to innovation, fair to all and free of dogma and
convention. Creating and promoting a corporate personality efficiently is
mainly communicating company’s objectives, beliefs, reputation and achievements
to its publics 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
businesses 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 external and internal. External environment Comprises economic, social,
political cultural, government, technological, while internal forces comprises
the top mnagement employees, task forces; and the public environment which is
made up of the firms several publics.
For an organization to
remain in business it has to help to shape its environment because of the rapid
change that the organization’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 thereby 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 organizational
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 attitudes and reactions, the
corporate image itself should be constantly and efficiently promoted.
The image programme
pervades the whole management function more especially, planning. The corporate
image is a kind of public stereotype or impression. That is, what everybody
knows about the company. Although the consumer or the potential buyer may not
have a sharp and detailed mental picture, he does have access to the broad
general stereotype, which permits him to make first decisions whether to buy or
not. It is this broad stereotype that makes him to patronize a particular
company. 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 brands in the market to make it
distinctively different and much more desirable.
For a 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 a
favourable image in all organizations, but with particular reference to Diamond
Bank Plc Enugu , focusing on:
i.
To find out if Diamond Bank Plc Enugu attaches importance to corporate image
promotion
ii.
To find out the strategies they adopt to promote corporate image.
iii.
To find out if the company has department responsible for creating image for
the company.
iv.
To find out 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.
vi.
To find out the methods used by Diamond Bank to satisfy their customers.
vii.
To make recommendations
base
on
the findings.
The 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 efficient corporate image promotion in Diamond Bank.
1.4
SCOPE OF THE STUDY
In this case, the study
focuses on efficient corporate image management as a strategy for enhancing
profitability in Diamond Bank Plc Enugu , tends to 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 on how its
products and services are patronized, and any organization whose image have
been soiled or smeared with mould can hardly make it in the business would
which is dynamic in nature. change have posed a great danger to organizations
that are static to its changing environment, instead of re-adjusting
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 this research work will make it a huge
success.
1.5
RESEARCH QUESTIONS
The following research questions
would be necessary to make this research a success
1) Do Diamond Bank
Plc Enugu attach importance to corporate image promotion?
2) Has the image
of Diamond Bank Plc Enugu contributed to the organizational
profitability?
3) What is the
method used in maintaining good corporate image?
4) Do they have
department responsible for creating image for the
organization?
5) What are the
measures taken by Diamond Bank to satisfy their customers?
1.6 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 Diamond Bank products is not high
Hi:
Customers response to Diamond Bank products is high
Ho: communication
among workers in Diamond Bank is not adequate
Hi:
communication among workers in Diamond Bank is adequate
Ho: Business
organizations in Nigeria do not lay adequate emphasis on public relations.
Hi: Business
organizations in Nigeria lay adequate emphasis on public relations.
1.7 SIGNIFICANCE
OF THE STUDY
Much emphasis have not
been laid on the efficiency and effectiveness of management in both public and
private organizations to attain considerable economic growth. This implies
efficient management of man, material, money, machinery, market as well as the
management ethics.
The promotion of a
favourable image is a function of efficient and effective management. The
status – quo is improved if the associated problems are identified and
solutions proffered.
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 place.
The bane of
organizations is the inefficient and ineffective application of management
principles leading to poor management.
The issue here is that
the managerial functions are not being properly performed. Planning, for
instance, which contains the image programme is taken for granted in many
Nigerian business enterprises. This has been responsible for the poor performance
in the Nigerian public and private sectors.
In profit oriented
organization, emphasis is placed more on profit objectives ignoring modern
philosophies in management, such as the social responsibility of the firm which
is crucial to the projection of desired corporate image.
There are however, a
number of factors that may destroy the image of a company, and they include the
following;
1.
Bad performance and inefficient management
2.
Poor communication and advertising methods
3. Bad public relations
4. Poor customer relations
5. Poor packaging of products
6. Neglect of social
responsibilities
7. Poor quality of products
All these enumerated
factors, which constitute problem in building and projecting a favourable
corporate image, will be treated fully in subsequent chapters.
1.8 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 waste 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 or a plan 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 situations in a successful way.
Department | Business Administration and Management |
Project ID Code | BAM0360 |
Chapters | 5 Chapters |
No of Pages | 59 pages |
Methodology | Chi Square |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |