The impact of corporate reputation on a Nigerian business organization’s marketing performance
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ABSTRACT
This study examines the influence of corporate reputation on Nigerian business marketing performance ( case study of Cadbury Nigeria PLC, Ikeja). For the purpose of this study, a vast body of literature was evaluated. 287 questionnaires were created and distributed to respondents; 117 were retrieved from respondents. Using statistical software for the social sciences, the simple percentage technique was used to examine questionnaire data, whereas the analysis of variance (ANOVA) was used to test hypotheses (SPSS). The researcher found a favorable and statistically significant association between the dimensions and metrics. The study suggested that the management of organizations should always emphasize corporate reputation management in their day-to-day operations, and that the management of manufacturing businesses should be socially responsive to their operating environment and communities. They should always establish performance standards via managers, and reward individuals who meet or exceed those standards.
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FIRST PART
INTRODUCTION
1.1 Background of the study
Reputation is a collection of perceptions about a company’s capacity to meet the diverse interests of its stakeholders. Corporate reputation can be a significant influence in an organization’s success, and it can also be a factor in its collapse. Corporate reputation research can assist firms in gaining a significant competitive edge, boosting stock market performance and other performance values (Ekpo, 2008). It demonstrates that developing a solid reputation is a prerequisite for modern businesses that want to outcompete the competition, improve their market outlook and financial performance, and ensure their continued existence.
In response to the competitive nature of business organizations to gain a foothold over their rivals, the management of organizations tend to look beyond the traditional system of management and production of goods and services and instead focus on constructing an image that will enable them to attain their goals and objectives through corporate reputation management. Over time, the concept of corporate reputation management has existed and evolved. According to Ladipo and Rahim (2013), the word corporate reputation has “evolved over time to become a strategic and intangible corporate asset and has been used in everyday life, business, and politics for a very long time.”
Today, reputation is regarded as an increasingly valuable and crucial component for firms’ competitive advantage (Cramer and Ruefli, 2014). Given the evidence tying a positive corporate reputation to several intangible and physical benefits, corporate reputation has become a “hot” topic during the past few years. Frequently, reputational obstacles present possibilities for reputation enhancement. In other words, company reputation may be a crucial role in responding to a crisis if it is managed improperly (Schnietz and Epstein, 2005).
As a concept, corporate reputations emphasize assisting businesses in achieving a strong competitive advantage, enhancing stockholders’ market performance, and increasing the performance value of other metrics. Companies gain a competitive advantage, improve their stock market performance, and increase other performance values. Modern businesses that wish to outperform the competition, improve their market position and financial performance, and ensure their continued existence must cultivate a solid reputation. The objective of corporate reputation management is to improve an organization’s (positive) image and, consequently, its performance.
According to Aaker and Myers (1975:138),
“It is not an exaggeration to state that a positive image is essential to the survival of any organization. Image is frequently regarded as a crucial factor in determining long-term sales and profits. Therefore, it is fair to consider image as a goal not only for an advertising campaign, but also for a marketing program and the entire organization.
To achieve public support, the corporate image must demonstrate that management is progressive, mobile, open to innovation, fair to all, and devoid of dogma and tradition. Creating and promoting an effective corporate image is mostly a question of expressing a bank’s values.
objectives, beliefs, reputation, and accomplishments are communicated to its many publics in order to garner their support.
2.1 Statement of the Problem
It has been established that corporate reputations are a set of collectively held beliefs about a company’s ability to satisfy the interests of its various stakeholders, and that corporate reputation management is a set of strategies that a company develops to deal with the expectations of its audience, manage the interpretation that those audiences make, and build favorable regard, value, and perception among stakeholders regarding them.
The difficulty is that the majority of firms’ management do not regard their reputation in their day-to-day operations. Again, the majority of the available literature on corporate reputation management is focused on foreign case studies, leaving a knowledge gap that must be filled. This study investigates the effect of corporate reputation management on organizational performance in an effort to assess its contribution to the timely accomplishment of planned organizational goals and objectives.
1.3 Objective of the Study
This study aims to determine the impact of corporate reputation on the marketing performance of Nigerian businesses (case study of Cadbury Nigeria PLC, Ikeja). Based on the purpose of the study, the objectives of this study will be:
Determine the extent to which building integrity impacts organizational performance.
Determine the extent to which corporate social responsibility influences the performance of the organization.
1.4 Research Questions
Based on the aims listed above, the following questions were posed.
How much does building integrity improve organizational performance?
In what manner does corporate social responsibility boost the performance of an organization?
1.5 Importance of the Research
Image/reputation relates to the impression in the public’s mind. Every organization desires to have a positive image. Currently, the image of banks and bankers appears to be at its lowest point for business entities.
It is vital that a solution to banks’ deteriorating reputation be found as soon as possible. From this perspective, this study assumes great significance in the struggle to recover the lost grandeur of Nigerian businesses.
Cadbury Nigeria PLC, Ikeja is used in the study to illustrate the impact of image management in bank performance to both the general public and Cadbury’s management.
It will also help to comprehend the company’s tactics for constructing, managing, and marketing a positive corporate image.
The management of this company will profit from this study since it examines and explains the conditions and causes that contribute to image management issues. The recommendation made at the conclusion of the investigation will enable management to take preventative steps against the recurrence of these issues.
In conclusion, the study will be of tremendous value to the industrial sector, customers, the general public, and academic students who seek to conduct future research on the topic.
1.6 SCOPE OF STUDY
Cadbury Nigeria PLC, Ikeja was the focal point of the research.
Even though just a small portion of the company’s employees will participate in the study, it is anticipated that the results will not differ from those of employees from other companies who have similar experience, education, and training.
1.7 LIMITATION OF THE STUDY
This type of research cannot be conducted without limitations. The primary limitations faced in doing this research are:
The clear attempts by banks to classify the majority of their relevant information for the execution of this activity as a result of their management rules.
The financial obstacles or restrictions that made the expense of doing the research high.
Certain staff members’ bias and lack of cooperation. This reduced the quantity of information available to the researcher.
1.8 DEFINITION OF TERMS
! Corporate Representation
This includes all the visual, verbal, and behavioral elements that compose an organization.
depicted.
! Business Identity
The symbol or characteristics that distinguish one thing from another.
!Corporate Reputation
General impression or perception of an organization’s corporate standing.
! Business Communication
It is the process of communicating or transferring a firm’s identity to the public in order for the public to perceive the company based on its sent signals.
The impact of corporate reputation on a Nigerian business organization’s marketing performance
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