THE EFFECTS OF CORPORATE REPUTATION ON MARKETING PERFORMANCE OF NIGERIA BUSINESS ORGANIZATION(CASE STUDY OF CADBURY NIGERIA PLC, IKEJA)
This study examine The effects of corporate reputation on marketing performance of Nigeria business organization( case study of Cadbury Nigeria PLC, Ikeja). An extensive literature were reviewed in the cause of this research. 287 copies of questionnaire were designed and administered to respondents, 117 were retrieved from the respondents. Data gotten through the use of questionnaires were analyzed with the simple percentage method of analysis while the hypotheses were tested with the analysis of variance (ANOVA) through the help of statistical packaged for social sciences (SPSS). The researcher concluded that there is a positive and significant relationship between the dimensions and measures. The researcher recommended that the management of organization should endeavour to always prioritize corporate reputation management in the day to day operations and also the management of manufacturing companies should be socially responsive to their environment and communities of operations. They should always set performance standard through supervisors, in which employees who meet or exceed the set standard should be rewarded.
1.1 Background to the study
Reputation is a set of collectively held beliefs about a company’s ability to satisfy the interest of its various stakeholders. Corporate reputation can be a key contributor to an organization’s success and it can just as easily be a contributing factor to an organization’s failure. Studies on corporate reputation can help organizations achieve strong competitive advantage, enhance stock market performance as well as performance values on other measures (Ekpo, 2008). It reveals that cultivating a strong reputation is a necessary foundation for today’s firms that intend to beat the competition, enhance their market outlook and financial performance as well as sustained existence.
In the wake of the competitive nature of business organizations to gain a foothold over its competitors, management of organizations tend to look beyond the traditional system of management and production of goods and services and drive towards building an image that can enable them achieve their goals and objectives through corporate reputation management. The concept of corporate reputation management has being in existence and evolving overtime. According to Ladipo and Rahim (2013), the term corporate reputation has “developed with the passage of time to become a strategic and intangible corporate asset and it has been used in daily life, business, and politics, etc for a very long time”.
Nowadays, reputation is considered more and more a precious and decisive factor for the competitive advantage of organizations (Cramer and Ruefli, 2014). Corporate reputation has become a “hot” topic in the past few years given the evidence linking a favorable corporate reputation and various intangible and tangible benefits. Reputational challenges often create opportunities for reputation building. If a challenge is handled poorly, reputation can be damaged but if handled well, reputation can be enhanced (Goldstein,2010), in otherwords , corporate reputation may also be a critical factor in responding to crisis (Schnietz and Epstein, 2005).
Corporate reputations as a concept emphasizes helping companies achieve strong competitive advantage, enhance stockholders market performance as well as performance value on other measures. Companies achieve competitive advantage, enhance stock market performance as well as performance values on other measures. Cultivating a strong reputation is a necessary foundation for today’s firms that intend to beat the competition, enhance their market outlook and financial performance as well as sustained existence. The aim of corporate reputation management is to enhance an organization’s (positive) image and thus the performance of the organization.
Aaker and Myers (1975:138) states that
“It is not exaggeration to say that a good image is fundamental to the existence of any business enterprises. 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 program but for marketing program and an organization as a whole.
Finally, in order to gain support from the public, the corporate image must show that management is progressive, mobile, open to innovation, fair to all and free of dogma and convention. Creating and promoting a corporate image effectively is mainly a matter of communicating bank’s
objectives, beliefs, reputation and achievement to its several publics in order to gain their goodwill.
2.1 Statement of the Problem
It has been understood that corporate reputations is a set of collectively held beliefs about a company’s ability to satisfy the interests of its various stakeholders, and that corporate reputation management on the other hand is a set of strategies that a company develops to cope with the expectations of its audience, manage the interpretation that those audiences make, and to build favorable regard, value and perception on stakeholders about them.
The problem is that management of most organizations do not consider the reputation of their organizations in their day to day operations. Again available literature on corporate reputation management is based on foreign case studies much has not been based on organizations in our local environment, thus creating a knowledge gap to be filled. This study is therefore carried out to find out the impact of corporate reputation management on organizational performance, with a view to ascertaining its contribution towards the on-time realization of predetermined organizational goals and objectives
1.3 Purpose of the Study
The purpose of this study is to ascertain The effects of corporate reputation on marketing performance of Nigeria business organization (case study of Cadbury Nigeria PLC, Ikeja). Leaning on the study purpose the objectives of this study will be:
- To ascertain the extent to which integrity building impact on Organizational Performance.
- To ascertain the extent to which corporate social responsibility impact on Organizational performance.
1.4 Research Questions
Based on the above objectives, the following questions were raised.
- To what extent does integrity building enhance Organizational Performance?
- To what extent does corporate social responsibility enhance Organizational performance?
1.5 SIGNIFICANCE OF THE STUDY
Image/reputation has to do with the impression in the public consciousness. it is the desire of every organization to have a good image. For corporate entity especially, the image of banks and bankers appear to be at its lowest ebb at present.
It is imperative that a way to turn around the declining image of banks be found very urgently. It is from this standpoint that this study becomes very important in the crusade to restore the lost glory of firms in Nigeria.
The study is also of immense importance to bring to the awareness of the public and management of cadbury the role image management play in bank performance using Cadbury Nigeria PLC, Ikeja.
It will also help to understand the strategies the firm adopt in building, managing and promoting a favourable corporate image.
The management of this firm will benefit from this study as it will review and explain the circumstances and factors which contribute to the image management problems. The recommendation of the end of the study will enable the management to take adequate measures that will forestall the reoccurrence of these problems.
Finally, the study will be of great significance to both the industrial sector, customers, the general public and the students for academic purposes who wish to carry out studies on the subject matter in the future.
1.6 SCOPE OF THE STUDY
In carrying out the research, attention was focused on Cadbury Nigeria PLC, Ikeja.
Even though the study will be made from limited staff of the company, it is expected that findings will not differ from opinions of staff of other firms since they have related experience, education and training.
1.7 LIMITATION OF THE STUDY
Conducting a research of this nature is not without some constraints. The major constraints encountered in this research work are:
- The obvious attempts by banks to classify most of their information that is necessary for the completion of this work due to certain management policies.
- The financial impediments or constraints which made the cost of carrying out the research to be expensive.
- Biased and uncooperative attitude of some staff members. This limited the amount of information at the disposal of the researcher.
1.8 DEFINITION OF TERMS
! Corporate Image
This comprises all the visual, verbal and behavioural element that makes up an organization and that is been
! Corporate Identity
The symbol or features that identifies or separate on entity against the other.
General impression or perception about the corporate standing of an organization.
! Corporate Communication
It is the process that transfers or communicate a company’s identity to the public in order for the public to view the company based on its sent messages.