The Efficient Of Corporate Image As A Strategy In Enhancing Profitability In An Organization

INTRODUCTION

An examination corporate image management has led to the rise of stakeholder management in a complex market environment in the Nigeria, United States, Europe and Asian regions. Today’s corporations have paid substantial attention to the three key concepts, corporate reputation (CR), corporate image management , and stakeholder relations (SR) (Argenti and Barnes, 2009; Argenti and Druckenmiller, 2004; Riel and Fombrun, 2007). By having a unique identity of the organization, the corporations not only can improve the image and reputation of the organization but also differentiate its strategy development and shape the extraordinarily valuable asset of the organization (Bouchikhi and Kimberly, 2008). 

There are numerous studies (Balmer and Greyser, 2003; Fombrun and Riel,  004; Kitchen and Schultz, 2001; Riel and Fombrun, 2007) and increasing debates concerning image, with the greater emphasis on how the organization managed their communication systems. Some studies also attempt to focus on corporate branding which is substantially associated with corporate image management.

“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.

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. 

         Country Energy (2010)  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.

LITERATURE  REVIEW

Corporate image is the idea people have for a company.  This corporate identity is that part of image which can be seen or heard.  It is a very tangible mark of identity to all means, objects, vehicles of communication on which the corporate identity is displayed. 

The idea of corporate image however, is not how companies have done institutional advertising from many years and sophisticated public relations.  People have for long stressed the significance of many kinds of intelligent efforts in building up a general reservoir of good will for a firm.  However, the concept of a corporate image has given much greater meaning to the efforts.  Corporate image helps to determine the place of employee motivation, communication customer relations, social responsibility etc. 

Management on the other hand is the act of running and controlling a business or similar organization.  For management to be effective, corporate planning is necessary. 

Corporate planning is a continuous process of making entrepreneurial decisions systematically and with the best possible knowledge of their futurity, organizing systematically the effort needed to carryout these decisions and measuring the results against expectations through organized systematic feedback.  Drucker P:  (1964:86)

Corporate image are needed to cope with social and political changes.  This needs equally careful though in setting social objectives, policies and plans to ensure the gain of social and political acceptance of the company’s ideas. 

Management systems and practices in all types of enterprise like Nigeria Bottling Company Nig.  Ltd, organizations, industries need to be revised to give more weight to strategic considerations.  Competitions may not be so much in products or market, but through conflict with government and pressure groups in society, e.g on matters such as pollution, safety and welfare.       

However the early history of industry, to the origin of corporate image can be traced back with different companies. According to the Crown Zellesbach Corporation. Their company was 10 years old in 1970. This company since 1953 has been using the familiar “Crown over CZ” and it is based on traditional adaptation. 

According to the Kaiser Aluminum and chemical corporation, the original Kaiser business started with road building and developed into major construction of such project as building dam shared with other of the six companies. This company has grown and diversified extensively over its 25 years. Kaiser center, the company head quarter in Oak land, California is many ways an image of the corporation.