ABSTRACT
Business organizations in Nigeria have failed to realize the importance of a good corporate branding or image management in business dealings. This is probably because they do not understand the concept of corporate image and the necessary tools for promoting it. Corporate image infact goes beyond attractive products or rending quality services, especially in the face of our dynamic economy, where achieving a unique position and competitive advantage on corporate image becomes more and more difficult, expensive and requires an aggressive strategies to compete with. Corporations in Nigeria are increasingly becoming aware of the enhanced value that corporate image branding strategies can provide for an organization. Branding in the classic sense is all about creating unique image or identities and positions for products and services, hence distinguishing the offerings from competitors. Corporate branding employs the same methodology and toolbox used in product branding, but it also elevates the approach a step further into the board room, where additional issues around stakeholder relations (shareholders, media, competitors, governments and many others) can help the corporation benefit from a strong and well-managed corporate strategy. Not surprisingly, a strong and comprehensive corporate image strategy requires a high level of personal attention and commitment from the chief executive officer (CEO) and the senior management to become fully effective and meet the objectives. A strong corporate branding strategy can add significant value in terms of helping the entire corporation and the management team to implement the long-term vision, create unique positions in the market place of the company and its brands, and not the least to unlock the leadership potential within the organization. Hence a corporate image strategy can enable the corporation to further leverage on its tangible and non-tangible assets leading to branding excellence throughout the corporation. This project study is focused on the importance of corporate branding in Nigeria’s economy that could be employed to build and promote corporate image managements effectively and enhance the profit margin of an organization. A case study of Emenite Limited, Enugu was therefore undertaken. Findings revealed that; they have a laid down corporate image though not effectively managed. Strategies employed to promote corporate image are limited. Responses are fairly high hence it can be said profitable. Employee’s welfare and working environment need improvement. There are needs to increase the scope of its social responsibility. The image management should be periodically reviewed for improvement.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Creating a corporate image or identity is one of the most important undertakings of a company today. The image of any corporation helps determine that corporation’s customers.
Bernstein (1998) points out “even if a company chooses not to communicate, its audience will still form an opinion of it, so the only course of action is a planned and proactive communication strategy” (P. 25).
Creating and maintaining the most appropriate image for a company means undertaking what type of corporate image will serve the company best, and then knowing how to create or reinforce that particular image (Westberg, 1994, P. 280).
A study of the literature finds many different perspectives on corporate image. Bromdey (1993) defines corporate image as corporate reputation (P. 300). This denotes a more personal aspect of corporate image. Roberts (2000) takes a simpler approach when defining image and identity. Roberts states that your identity is who you really are and your image is how much of that reality people understand. Hook (1999) gives a more comprehensive definition of corporate image. Hook defines corporate image as, “The cumulative effect of all visual elements that represent a company, and leaves the very first impression” (P. 281).
The term reputation usually refers to individuals. This brings up another point that is vital to defining a corporate image. The focus audience of any corporate advertising or image campaign is people. The ability to influence individual thinking can determine whether or not an image campaign is successful.
In a roundtable discussion of CEOs, published in Chief Executive Magazine (Donlan, 1998), all the members present agreed that a good reputation can serve as a kind of a capital account of stored trust. According to a survey of upscale customers conducted by Yankalovich Partners of New York (as citied in Donlan, 1998), 58% of those surveyed are likely to buy products from a “winning” company versus 18% who would do so from “non-winners.” Steve Miller (as cited in Donlan, 1998), chairman and CEO of Waste Management, at this writing, believes that on every front, from sales to customers, dealing with suppliers, recruitment, retention of employees, fending off regulators, and pleasing your financial stakeholders, it is infinitely more difficult if you do not have a reputation behind you. In a 1997 study conducted by New York University’s Stern School of Business (as cited in Donlan,
1998), corporations with a good reputation have a rate of profitability in excess of the industry average. These examples show the vital role that corporate reputation plays in a company’s success. A company’s reputation can be established in the public’s eye by the success or failure of their advertising choices.
In today’s marketplace, advertising campaigns are becoming the means by which company’s compete to win customers. This can be accomplished by producing the types of advertising campaigns that are eye-catching to the public
and make them remember the company’s products or services and make them stand out from the competition.
It is important to distinguish between image advertising and product advertising. This study will concentrate on the development of campaigns and the advertising related to a corporate image, not the promotion of a product or products.
Corporate image is a reflection of an organization’s reality, or how an organization is viewed by its constituencies or publics (Argenti, 1998). The promotion of a product includes branding and the launching of that specific product to the public.
A company may produce many products, and the types of products or services provided by an organization are part of what defines that organization’s corporate image. While there are clear differences between the two types of promotion, the two are interconnected. The image of a company can determine whether or not a trust is developed between a company and potential customers, and whether that trust can possibly develop product loyalty. This trust depends upon the development and maintenance of a certain corporate image.
In this study, the researcher will attempt to provide a clear perspective on corporate image and illustrate success through examples of image campaigns initiated by major companies in Nigeria and beyond. The lack of effectiveness in
some campaigns will be described as well in an attempt to explain why certain strategies might fail.
1.2 HISTORY OF EMENITE LIMITED, ENUGU.
The Emenite Limited which is located East of the Rive Niger, in Enugu at No 7, Old Abakaliki Road Emene, about 8 kilometers East from Enugu the capital city of the state.
The foundation stone of the company was laid on 3rd October
1961 by late Dr. The Hon. M.I. Okpara, the Premier of the then
Eastern Nigeria and the company incorporated on 6thOctober
1961 with registration No. RC 2712 and with the name
Turners Asbestos Cement (Nig) Ltd.
The company is owned by Turners & Newal Ltd (a Manchester, U. K. based company) – 80% and the Government of Eastern Nigeria–20%.The reasons for siting the company at its location at Emene-Enugu are due to proximity to: the cement factory at Nkalagu, the airport, railway line and a river (Ekulu rive).
It is the policy of Emenite Limited to provide high quality corporate image which will give room for high products and services that will always meet or exceed their customers’ expectations at the most competitive terms both in the local and international markets.
This has made them the leader in the manufacturing and sale of high quality building products with zero waste management culture and to sustain the business in a profitable manner with the knowledge that Emenite will stand by your while continually improving the creativity motivation and safety of all their employees.
The company has gained a wealth of experience through meeting the requirements of the construction industry in promoting the development of Nigerian’s economythrough the manufacture and marketing it’s fiber cement roofing and ceiling products and is poised to help in the future through the supply of high quality goods and services.
With the assistance of its European partners, the Belgian Etex Group, the Company is well able to meetthe requirements of the demanding market through a continuing program of technical improvements, strict quality controls, and emphasis on customer satisfaction. The company looks forward to being of service to an increasing number of citizens in Nigeria using its distributing outlet all over Nigeria.
1.3 STATEMENT OF PROBLEM
Adequate emphases have not been laid by firms in terms of promoting a favourable corporate image or branding and this attitude has affected their performance in the market. More so in the face of the prevailing stiff competitions among the
environment in which business operate is in constant charge and it constitutes an important factor in that it affects management decision and actions. For many business, Two types of environment exist, the operating environment which may be classified into external force comprising economic, social, political, cultural, governmental, technology, internal forces comprising the top management, the employees and the task forces and the pubic environment which is made up of the firms several publics.
For an organization to remain in business it has to adapt to or help to shape states of these forces for the firm. Forecasting as a business technique is especially important because of the rapid change that the operation environments undergo.
Apart from the influence of the environment the image of firm, is another factors 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 to be developed and adapted creative to achieve organizational objectives.
From the point of view of management, Akpala A. (1986) without a good management 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 in result of decreased sales volume, there will be employee
dissatisfaction, coordination of work will be impossible and the organization will collapse.
The correction of the above management above management problems requires the application of the management function of planning which involves selecting objectives and formulating strategies, policies, programs and procedures to achieve organizational goals. The bare of organization is the inefficient and ineffective application of management principles leading to poor management.
The issue here is that the managerial function which contains the image programme is taken for granted in many Nigerian business enterprises; this has been responsible for the poor performance in the Nigeria’s economy that is both the private and public sectors. In a profit oriented organization, emphasis is placed mere by on profit objective ignoring modern philosophy in management such as the social responsibility of the firm which is crucial to the project of desired corporate image.
They 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. Bad public relations
3. Poor customers’ relations
4. Poor community relations
5. Neglect of social responsibility
6. Poor packing of product etc
7. Poor communication and advertising method.
1.4 OBJECTIVE OF THE STUDY
The need for this study is to attempt to examine the importance of corporate image and identity to organizations. It is important to identify the future of this field and how beneficial corporate image campaigning and the development of a corporate identity can be to corporations in an ever-growing competitive marketplace. Competition in the corporate world has caused a greater emphasis to be put on the development of a strong image. How a company is viewed by the public, or its reputation, can be the difference between success and failure, or profit and loss.
Although the benefits of having a good reputation are many and varied, they come down to one thing: A strong reputation creates a strategic advantage. Since companies are constantly competing for the support of customers, investors, suppliers, employees and local communities, a good reputation creates an intangible obstacle that lesser rivals will have a tough time overcoming (Fombrun, 1996).
The creation of a strong corporate image and favourable reputation has bottom-line effects. A good reputation
enhances profitability because it attracts customers to the company’s products, investors to its securities, and employees to its jobs (Fombrun, 1996).
This study will point out how different circumstances cause corporations to take a step back and examine how they are viewed by their constituents. The steps taken to create and improve an image and the subsequent reputations formed as a result of these steps will be closely examined as a model for future corporate undertaking in this area.
1.5 RESEARCH QUESTION
To explain how a corporate image is defined and what steps are taken to develop and maintain an image, this study will also address the following additional questions:
1. How does a company decide on which image it would like to portray to the public?
2. How is an audience defined by a corporation, and how does a company decide which audience it wants to persuade towards its cause?
3. How corporate advertising is utilized to establish corporate image?
4. What is the relationship between corporate image and corporate identify?
5. What effects do image and identity have on corporations?
6. Can a corporation be affected negatively by its image or identity and how can this happen?
7. How do corporate image and corporate identity affect crisis communication?
8. What is the correlation between corporate image and reputation?
9. How does the reputation of a corporation affect its image?
10. How is corporate advertising utilized to create a corporate image?
11. What are alternative methods used by corporations to create their images?
12. What factors affect the overall reputation of a corporation?
1.6 RESEARCH HYPOTHESIS
The hypothesis for this research work are formulates after through and careful reviews of work that are directly and or indirectly related to the subject matter.The hypothesis for this research work is as follows.
Ho customer’s response to Emeniteproduct is not high
H1 customer’s response to Emeniteproduct is high
Ho communication among workers in Emeniteis not adequate.
H1 communication among workers in Emeniteis adequate.
Ho Business organization in Nigeria does not lay adequate emphasis on public relations.
H1 Business organization in Nigeria lay adequate emphasis on public relations.
1.7 SIGNIFICANT OF THE STUDY
Much emphasis has not been laid on the efficiency and effectiveness of management in the both public and private organization to attain considerable economic growth in Nigeria. This implies effective management of men, material money, machinery market as well as the management ethics.
The promotion of a favorable image is a function of efficient and effective management. The status quo is improved if the associated problems are identified and solutions to the proffered.
This study will enable managers to realize that corporate image promotion is one of the management responsibilities and is necessary to command the support of the pubic and to increase performance at the market place.
1.8 SCOPE OF THE STUDY
Conducting a research of this 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 affected the volume of information obtained from the secondary data.
Other constrained include time, finance bias and un cooperative attitude of some staff members. These factors largely limited the amount of information at the disposal of the researcher. Time and financial constraints for instance made it difficult for the researcher to reach others such as the company share holders or customers. Therefore collection of data was limited to the management staff and the junior staff of the company
1.9 LIMITATIONS
The limitations in this study are caused by the difference in emphasis put on image, identity and reputation by corporations. Through a study of the literature, the work will attempt to illustrate the importance of corporate image and how the reputation of a company is dependent upon its image. Examples of corporate advertising campaigns and crisis management in the 1980s and 1990s are used to illustrate how companies are perceived by their constituents’. In addition, these examples show how successful they handle certain crisis situations.
The perspectives given in this study are mainly those of experts in the subjects of corporate image, identity and reputation.
1.10 DEFINITION OF TERMS
1. CORPORATE IMAGE: A reflection of an organization’s reality. How corporation is viewed by its constituencies (Argenti, 1998).
2. CORPORATE BRANDING:An identification of product with manufacturer: the use of advertising, distinctive
design, and other means to make consumers associate a specific product with a specific manufacture.
3. CORPORATE IDENTITY: The visual manifestation of the image as conveyed through the organization’s logo, products, services, building, stationery, uniforms, and all other tangibles created by an organization to communicate with a variety of constituencies (Argenti,
1998). The set of values and principles employees and managers associate with a company (Fombrun, 1996).
4. CORPORATE ADVERTISING: The paid use of media that seeks to benefit the image of the corporation rather than just its products or services (Argenti, 1998).
5. CORPORATE REPUTATION: The overall estimation in which a company is held by its constituents. The perceptions of acompany held by people inside and outside a company (Fombrun, 1996).
This material content is developed to serve as a GUIDE for students to conduct academic research
THE IMPORTANCE OF CORPORATE BRANDING IN NIGERIAN’S ECONOMY (A STUDY OF EMENITE LIMITED ENUGU) A PROJECT SUBMITTED
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