Effective Corporate Image Management as a Strategy for Enhancing Profitability

MEANING AND HISTORY OF CORPORATE IMAGE MANAGEMENT

In the early history of industry, the origin of corporate image can be traced back with many or different companies. According to the Crown Zellesbach Corporation. Their company was 10years old in 1970. The company since 1953 has been using the familiar “Crown over CZ” and it is based on traditional adoption. According to the Kaiser Aluminum and chemical Corporation, the original Kaiser business started with road building and developing into major construction of such project as boulder dam shared with other of the size companies. This company has grown and diversified extensively over its 25years history.

Kaiser center, the company head quarter in Oak land, California is many ways in image of the corporation.

However, the public image still neglected by management and often becomes distorted as it were; therefore, mass merchandising, new methods of advertising, increased competition and government regulations have brought corporate reputations into public view and caused executives to seek more favourable sections. There is an unfortunate tendency for the value of a good corporate image to the success or failure, as a matter of fact, cannot be over emphasized. Agbonifoh, B.A. and Oshagbemi T.A. (1989:16) Observed that “this all important subject of corporate image management has too often been treated with levity and handled in a entopic fashion by many Nigerian managements to the detriments of their organization” As earlier pointed out, corporate image is tied with the company’s over all performance which is a direct responsibility of management. Managing an organization image demands a more rational approach hence the need for suggestions as to how the organization can enhance its performance and live longer through better management of its corporate image while some organizations have a clear and specific image with which they want to be identified with others may not have a consciously chosen and agreed upon target image.

Corporate image management according to Agbonifor and Oshangbemi, refers to the totality of an organization deliberate efforts directed at moving its image towards its target image. In other words, it is concerned with management’s efforts at consciously fashioning, protecting and promoting for its organization, a desired image or impression in the eyes of its various publics. Corporate image management requires planning, corporate image should be as must a part of long range planning as research, marketing or finance. Since no company exists without an image, if the image is ignored during the planning stage, the true picture of the company may be distorted while production. Research, finance, marketing and other functions of management are the building blocks with which the corporation is constructed. The corporation image is the façade that is seen by everyone.

Therefore, the long range plans for the corporate image should be an integral and important part of total management planning, in considering corporate image plans, management should take into account the changes that can take place in the company its industry and its markets. There is need for flexibility to accommodate the changes induced by the environment.

An ironclad policy and inflexibility. Corporate image an easily become obsolete after the inevitable swift changes take.

Marguis (1970:13) state ‘that corporate management are forced to realize that social changes are becoming a problem that is as important as technology developments or financial arrangement and that may be more difficult to handle”. A firm must therefore adjust to these changes in its policies as well as in its products or services. Management attitudes and actions are most important. If they are progressive. A company will be of little interest to the public, the financial community or the press, without actual accomplishment. Corporate growth, increased income and contribution to the country’s welfare, usually result from new development and the effective use of man, power executive and research ability.

Marguis (1970:4) observed what “the corporate image has been confused with publicity which is too often measure by the number of clippings. A favourable image however as observed comes from careful planning based on research and consistent work towards the established objectives. Further still, the evaluation of the image and any attempt to make it representative and appealing must be effective thus, the decision to revise physical identity can involve many of the people in an organization and represent an important item in budget. It is very important to involve all employees in corporate image management. This is because the opinion of the employees count very much in determining a company’s image. If only because outsiders depend on the insiders for what the organization is root. A change can affect volume and profit, the enlistment of personnel and other vital factors in the success of the business.

On the other and, unless image improvement programme has the support of the top management, there is little chance that it will be successfully planned, executives and the board should know that there is need for a change. However, the need revised image may arise out of important changes in the business itself.

An image can become out dated following now internal or external changes for instance, new product development involve new market, margin such changes can make the over all image obsolete. The firm may be started with an incorrect image or acquired one over the years. At times, Dome boards and executives find it difficult to realize how much their image needs correction. They fail to see that shipping image is apparent to competitors, customers, and eventually to investors.

The practice in many private and public organizations whereby the corporate image is left in the hand of the public editions department or a unit of the personnel department is in satisfactory for a number of season’s firstly, it tends to create an enormous impression that other department cannot or should not play a significant role in shaping the image of the organization. Secondly, it tends to enlist rage or result into negative effects on the organizations of the department changed with the responsibility for corporate image management while the public relations department are working hard to foster a good corporate image for the company, for instance the sales men or the purchasing agent might be busy creating a bad image for the organization through favouritism, bribery and disregard for the company’s sales and purchasing policy.

Unfortunately, there are organizations that do not have any department or unit with specific responsibility of corporate image management. To achieve a good corporate image management strategy must:

Provide for a conditinuous review and controlled corporate image to ensure that deviation from the actual image to the desired image do not go beyond acceptable limit.
Provide for the participation of organizational members is fostering a good image for the company in order to minimize contra dictionary action’s that would put the organization’s image in opposite directors corporate image management should as a matter of fact begin with research and in depth analysis to ascertain and clarity the present relationship between the company’s present image and its desired image as revealed by the views that are found among the company’s various publics where there is variances, the need for vigorous corporate image management is established and steps can be taken or refocus public perception where there are no deviations, efforts must be made to sustain the present image.

DIFFERENT VIEWS AND OPINIONS ABOUT CORPORATE IMAGE MANAGEMENT AND ORGANIZATIONAL PROFITABILITY

Peter Drucker (1974:107) stated as follows “A business that obtains enough profit to satisfy its objectives in the key areas is a business that has falls short of the profitability demands made by its key objectives is a marginal and endangered business” Kenneth Kramer, (1965) in marguis, H. H. (1970:2) captures the concept of corporate image in a broader perspective according to him “the image of the corporation is a kind parent, a great benefactor, a community “a good citizen” a great educator, management of natural resources, a research pioneer, a principal generator of our economy growth is a Fuzzy image indeed”. The question is, does image affect sales and earnings? Investigation carried out go a long way to prove that favourable image does contribute to sales and earnings. Product, concerns with public interest, publics patronage (even a higher product price). Belief in the managements actions etc. affects a company’s profitability to a great extent.

According to James lines (1973:2) “what really makes a company profitability are its fundamental attributes, caliber of management, resources, products and markets, organizational structure and if these are sound, then the use of appropriate techniques will reinforce their effects, on the other hand. If these major attributes are unsound, then there is no amount of thinking with techniques will make a company highly profitable”.

Ralph Horgitz (197:25) pointed out that “management must in the final analysis have as the over – viding objective the maximization of profits. This means that even term aims are contemporaneously set, design leadership, product excellence, organizational survival security, model personnel relationships, status and prestige, social and societal responsibilities turnover volumes, sustained family ownership or board room control in the long term, the only test which the share market will apply its corporative profit performance” Corporate image promotion could be one of such aims pursued to achieve the objective of profit maximization.

Furthermore, specific market information can be used as a guide for making decisions. Such decisions may be quantitative or qualitative. Qualitative information which is relevant to subject under discussion include such aspect as produce image, company reputation sales force effectiveness etc.

In the same vein, the sales and profit position of a firm can be improved by corporate advertising. According to Kenneth A. Longman (1971:127) “When it is important for a company to make people aware or the diversity of its activities either in order to transfer developed consumer liabilities, or perhaps to protect the price of the company’s stock on the stock exchange. Corporate image advertising can be viewed as an attempt to attract new uses and to increase the frequency with which the product is used.

James lines (1973:65) observed that “a company’s relationship to its market is in a state of dynamic balance. The market changes, the company responds “Marguis H. H. (1970:3) stated that “although the corporate image does not appear as such on the balance sheet, the goodwill represented by this image is one of the important assets of any corporation without the goodwill of customers, employees, suppliers, and financial resources, no company can long be successful.

Infact, corporate image as an intangible impression, can be a promoter of the overall company’s performance while is reflected on the balance sheet in form of profit.

DIFFERENT APPROACHES OF CORPORATE IMAGE MANAGEMENT

Marguis H.H. (1970:7) stated the “corporate image managements are forced to realize that social changes are becoming a problem that is as important as technological developments financial arrangements and that may be more difficult to handle”. A firm must therefore be adaptive to these changes in its policies is well as in its products/services.

According to Agboni for Oshagbni Corporate image management refers to the totality of an organization deliberate effort directed at moving its image towards its target image. In other words, it is concerned with managements efforts at consciously multipurpose commercial crop farm, willing and food division – A Soya beans processing plant that produced Soya meal, crude Soya oil, fill fat Soya, Soya pop, and chips machine fools fabrication workshop.

METHOD OF USED IN STUDYING THE PROBLEM

This deals with the description of the method used in carrying out the study.

It contains the following: Population, sampling procedure technique.

CORPORATE IMAGE MANAGEMENT AT FIRST BANK NIGERIA PLC, ENUGU

In 1893, a company known as fiber damper was registered in London and was authorized to operate in Nigeria later in that year, African Bank Corporation took the trading to make it a bank, in 1894 it was fully registered in London with head office in level pool England. In May 1899 it opened branch was opened with stand bank of London and changed its name to standard bank of West Africa. In 1969, the bank of Nigeria with much requirement of all companies operating in Nigeria to incorporate in Nigeria in compliance with the companies decree of 1968 with its headquarters at the marine in Lagos, then in 1979 the name standard Bank of Nigeria was changed to First Bank of Nigeria Plc. And today First Bank of Nigeria Plc is one of the Standard Bank in Nigeria with them shareholder and its management were effectively. Also First Bank of Nigeria Plc the relationship and communication flow are structured by the management function of organizing and given meaning and identity to various part of the organization. The First Bank of Nigeria started its operation with a paid up capital at F200 pound staling, the bank worked under corporation with the colonial government in its early years in performing the traditional roles of Central Bank such as the rates of specific money in the West African sub-region and managing the colonial government account.

The bank expanded rapidly over the year at inception its total asset was 10430 pound staling in respondent of N208000 moreover, its deposit base moral from 88000 pound staling an its staff at inception in 1894, was six made up of three expatriates and three African but this has increased to over 10000 presently, it has today the highest network of members in Nigeria with its 300 branches spread over the federation and in city of London. The bank has constantly responded to dynamic of its corporate entity organization structure management products and operating procedures.

—-This article is not complete———–This article is not complete————

This article was extracted from a Project Research Work Topic

“EFFECTIVE CORPORATE IMAGE MANAGEMENT AS A STRATEGY FOR ENHANCING PROFITABILITY

(A CASE STUDY OF PHINOMAR NIG. LTD NGWO, ENUGU AND FIRST BANK OF NIGERIA PLC, ENUGU.)”

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