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EFFECTIVE CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY(A STUDY OF INNOSON TECHNICAL AND MANUFACTURING INDUSTRY ENUGU)

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  • Chapters:5
  • Pages:67
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(Public Administration Project Topics & Materials)
EFFECTIVE CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY(A STUDY OF INNOSON TECHNICAL AND MANUFACTURING INDUSTRY ENUGU)
ABSTRACT

As regards to this topic, “Effective of Corporate Image as a Strategy Enhancing Profitability in an Origination: A Study of Innoson Technical, Enugu. Among the objective are identified were’ if Nigeria Bottling Company attaches importance to corporate image promotion as strategy in enhancing profitability, the strategies they adopted by companies to enhance profitability in an organization and the relationship between corporate image and promotion of business organization. For a successful completion of this research work, the researcher made use of both primary and secondary method of data collection for information gathering. Primary data were collected through questionnaire administration, oral interview and personal observation. Secondary data were collected through text books, journals and internet. In other to get a representation of the entire population, the Taro Yamani statistical formular was employed and the sample size of 144 out of the population of 89 respondents. The data collected were presented in tables and analyzed with percentage while hypothesis stated were tested with chi-square. The study found out that shows that though Nigeria Bottling Company has established corporate image, it has not been consciously and effectively managed, the strategies of promoting its corporate image are limited, hence narrow based and that issues such as employee motivation, management worker relationship, effective communication, public relations etc, which are means of corporate image building are not properly managed. And therefore recommended that there is need to improve employee welfare and management workers relations, the public relations efforts should be improved upon and communication and information with Nigeria Bottling Company and between its numerous publics should be properly managed. In most cases, corporate image making starts from the type of information that emanates from that company or firm. If information is credible with substance, then the company has its work, cut out for it.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1    Background of the study    -    -    -    -    -       -    1
1.2    Statement of the problem    -    -    -    -      -       -    5
1.3    Objectives of the study        -    -    -    -       -    9
1.4    Research Questions -    -    -    -    -    -       -    10
1.5    Significance of the study        -    -    -    -       -    11
1.6    Scope of the study     -    -    -    -    -    -      -    12
1.7    Limitation of the study        -    -    -    -      -    12
1.8    Definitions of Terms        -    -    -    -    -     13

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1     Introduction     -    -    -    -    -    -    -    17
2.2     Conceptual Framework     -    -    -    -    -    -    18
2.2.1  Total Quality Management (TQM)     -    -    -    -    18
2.2.2  Principles of Total Quality Management    -    -    -    21
2.2.3  Circumstances of Total Quality Management        -    -    23
2.2.4     Quality Determinants    -    -    -    -    -    -    24
2.3     Theoretical Framework Of The Study     -    -    -    27
2.3.1  European Foundation Quality Model (EFQM)    -    -    27
2.3     Reviews According to the Objectives of the Study   -    -    31
2.3.1  The Need For Total Quality Management  -    --         -    -    31
2.3.2  Application Of Total Quality Management - - - -    -    -    32
2.3.3     How TQM Reduces Cost Of Production -    -    -    -    35
2.3.4     Challenges Of Implementing Total Quality Management    -    
Tools and Techniques for Quality Improvement -        -    -38
2.3    Empirical Review -    -    -    -    -    -    -    41
2.5    Summary Of Literature Review     -    -    -    -    44


CHAPTER THREE
Research Design and Methodology     -    -    -    -    -    47
3.1    Introduction     -    -    -    -    -    -    -    47
3.2    Research Design     -    -    -    -    -    -    -    47
3.3    Source of Data     -    -    -    -    -    -    -    47
3.4    Population of the study     -    -    -    -    -    -    49
3.5    Sample and Sampling Procedure     -    -    -    -    49
3.6    Sampling Techniques -    -    -    -    --    -    -    53
3.7    Methods of Data Collection     -    -    -    -    -    53
3.8    Validity of Research Instrument     -    -    -    -    53
3.9    Reliability of the Instrument    -    -    -    -    -    54
3.10    Method of Data Presentation and Analysis     -    -    -    45


CHAPTER FOUR
Presentation and Analysis
4.1    Data Presentation and Analysis of Data    -    -    -    58
4.2    Test of Hypotheses     -    -    -    -    -    -    67    
4.3    Summary Finding     -    -    -    -    -    -    -    72
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1    Summary of Findings  -    -    -    -    -    -    -    73
5.2    Implications of Research Findings
5.3    Conclusion     -    -    -    -    -    --    -    -    74
5.4    Recommendations    -    -    --    -    -    -    -    75
5.5    Suggestions for Further studies
Bibliography
Appendix

CHAPTER ONE
INTRODUCTION
1.1    Background of the Study
Corporate image" was once advertising jargon but is today a common phrase referring to a company's reputation. The "image" is what the public is supposed to see when the corporation is mentioned. The ordinary man and woman on the street usually have a wry view of public relations, advertising, hype, hoopla, and therefore also of corporate image and this often for good reasons. But a good corporate image is a genuine asset; it translates into dollars at the counter and higher stock valuation. Andreassen, (2007).
According to Andreassen, (2008), the concept is usually associated with large corporations, but small businesses also have a corporate image even if neither their owners nor customers think of it that way. In the absence of active efforts, corporate image "simply happens": it is how a company is perceived. Management, however, may actively attempt to shape the image by communications, brand selection and promotion, use of symbols, and by publicizing its actions. Corporations trying to shape their image are analogous to individuals who will dress appropriately, cultivate courteous manners, and choose their words carefully in order to come across competent, likeable, and reliable. In the personal as in the corporate case, the image should match reality. When it does not, the consequence will be the opposite of the one intended.
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?
              Aydin, and Arasil, (2005), note “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 overall-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 and Myers, (2015) State 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”.
Bearden, and Teel (2013), prone that 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.  
Bitner, and Hubbert, (2014), 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 effective ly 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 emphases 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 management 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         Objectives of the Study
The broad objective of the study is the effective of corporate image as a strategy enhancing profitability in an Origination: A Study of Nigeria Bottling Company, plc, Enugu. The specific objectives are:
1.    To ascertain if Nigeria Bottling Company attaches importance to corporate image promotion as strategy in enhancing profitability.
2.    Determine the strategies they adopted by companies to enhance profitability in an organization.  
3.    To determine the relationship between corporate image and promotion of business organization.
4.    The extent the image of the company contributed to the profitability of the firm.
1.4         Research Questions
Based on the objectives of the study, the following research questions were raised.
1.    How can we find out if Nigeria Bottling Company attaches importance to corporate image promotion?
2.    What are the strategies they adopted by companies to enhance profitability in an organization?
3.    What are the relationship between corporate image and promotion of business organization?
4.    To what extent do the image of the company contributed to the profitability of the firm?

1.5    Scope of the study
In this case, the study focuses on effective corporate image management as a strategy for enhancing profitability in Nigeria Bottling Company, tends to look at an organization and its environment, its position in the mind of the public, consumers and the industry at large.
1.6    Significance of the Study
The study will be benefits to the following category of people:
1.    Symbol of Academic Achievement:    This study has a lot of significance in the sense that it represents a symbol of academic achievement as having contributed to the already record of research in Business Administration.
2.    Management and Staffs: Management and staffs of the Innoson will come to realized the need of the Corporate image.
4.    Colleagues:    The study shall be useful to the colleagues of the researcher and the entire students in the field Business Administration in future.
5.    Certificate:  This research will be very beneficial for the researcher, in the sense that it will award the researcher ND certificate in the department of Business Administration.
1.7     Limitation of the Study:
It can be seen from all indications that a research such as this cannot be carried out in one semester.  There are constraints that limit the work of the researcher.  Among these are:
-    Inadequate Time:  The time available is very limited, as a result of this, the researcher is restricted to some places for interviews and questioning during the collection of data.
-    Insufficient Fund:  The funds available to the researcher is not sufficient to carry out this research work.  As a result of high economic hardship as well as high cost of transportation.
-    The inability of some NBL to disclose certain reliable information which they considered confidential may also limit the study.
-    There is also scarcity of current textbooks on tax because tax laws are constantly changed and so many textbooks are obsolete for this topic.
Finally, the academic workload on the campus is one of the limiting factors on this research work.  Despite all these constraints, the researcher is able to carry out a fair and effective study on this topic.
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.
Effective : 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.

REFERENCES

Andreassen, T. W.; (2007),"The principal's and agents'
contribution to customer loyalty within an integrated service distribution channel: An external perspective", European Journal of Marketing, Vol. 31,


Andreassen, T. W.; and Lindestad B., (2008) Customer loyalty and complex services: The impact of corporate image on quality, customer satisfaction and loyalty for customers with varying degrees of service expertise",International Journal of Service Industry Management, Vol. 9, No.1, pp. 7 – 23.


Banker, R. D., Potter, G., and Srinivasan, D. (2000), "An empirical
Aydin, S., Ozer, G., and Arasil, O. (2005), "Customer loyalty and the

Chircop, S., (2000), “Measuring corporate reputation: A case example”, Corporate Reputation Review, Vol. 3, No. 1, pp.43-57.

 Davies, G., (2006), “The influence of corporate character on customers and employees: exploring similarities and differences”, Journal of Academy of Marketing Science, Vol. 34 No. 2, pp. 138-46.

EFFECTIVE CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY(A STUDY OF INNOSON TECHNICAL AND MANUFACTURING INDUSTRY ENUGU)

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Details

Type Project
Department Public Administration
Project ID PUB0783
Price ₦3,000 ($20)
Chapters 5 Chapters
No of Pages 67 Pages
Methodology Simple Percentage
Reference YES
Format Microsoft Word

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    Details

    Type Project
    Department Public Administration
    Project ID PUB0783
    Price ₦3,000 ($20)
    Chapters 5 Chapters
    No of Pages 67 Pages
    Methodology Simple Percentage
    Reference YES
    Format Microsoft Word

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