THE IMPORTANCE OF CORPORATE BRANDING IN NIGERIAN’S ECONOMY
A STUDY OF EMENITE LIMITED, ENUGU)
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.