CORPORATE IMAGE AS A STRATEGIC TOOL FOR ENHANCING ORGANIZATIONAL PROFITABILITY

Abstract

Many corporate organizations in Nigeria do not give attention to their corporate image. They forget that the image of an organization can be polished and shined and be used as an instrument for enhancing operations. There is currently a dearth of empirical studies on the role of corporate image on the profitability of corporate entities.  This has necessitated this empirical research on the subject matter. The study sought to establish how corporate image affects customer patronage, how product quality influences revenue earnings and how corporate image influences effectiveness of an organization. The study adopted the mixed method approach by using both quantitative and qualitative methods of data collection and analysis (triangulation technique). For the quantitative research, copies of structured questionnaire were administered to 500 employees of the two selected manufacturing firms used for the study (Nigerian Breweries Plc., Lagos and Nigerian Bottling Company Plc., Lagos). Only 380 copies of the questionnaire were returned properly completed for analysis. For the qualitative research, 30 participants from other stakeholder groups were interviewed. The results of the regression and thematic analyses showed that corporate image had significant effect on customer patronage, product quality had influence on revenue earnings of the firms and corporate image had significant influence on the effectiveness of the two firms. Based on the findings of this study, it was recommended that manufacturing firms operating in Nigeria should pay serious attention to the execution of corporate social responsibility projects and other activities to shine their image in the public in order to enhance the achievement of business bottom-line.