THE IMPACT OF BRANDING IN ENHANCING PROFITABILITY OF MANUFACTURING COMPANY
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Study Level: BTech, BSc, BEng, BA, HND, ND or NCE
This study is on the impact of branding in enhancing profitability of manufacturing company. The total population for the study is 200 staff of Dangote group of company in Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made of human resource managers, IT personnel, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Justification of the study
1.6 Significance of the study
1.7 Scope and limitation of the study
1.8 Definition of terms
1.9 Organization of the study
2.0 LITERATURE REVIEW
3.0 Research methodology
3.1 sources of data collection
3.3 Population of the study
3.4 Sampling and sampling distribution
3.5 Validation of research instrument
3.6 Method of data analysis
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.2 Data analysis
- 1 Background of the study
The success of any business or consumer product depends in part on the target markets ability to distinguish one product from another. Branding is the principal instrument used by marketers and companies to distinguish their products from that of competitors. It is regarded perhaps that, the most distinctive skills of professional marketers is their ability to create, maintain, protect and enhance brands. For centuries, business people have been devising ways to identify their wares and to distinguish them from those of competitors. Pictures were used in the early years because many potential customers were illiterate. Meaningless product names such as Kodak as created in 1988 by George Eastman, however, branding goes beyond just choosing a product name. In effect, a brand can encompass a name, a phrase, a design, a symbol or any combination of these so as to distinguish one product from another. A brand name is that portion of the brand which can be spoken, including letters, words or numbers. A brand mark is that portion of the brand that cannot be expressed verbally, such as a graph design or a symbol. Some of the world’s most recognize brands are Mercedes-Benz. A brand mark is often referred to as logo, but it must be noted that a logo can also refer to distinctive type or style such as coca- cola’s elegant script. Many companies offer several brands under one company name. In developing a marketing strategy for individual products, the responsibilities rest on the shoulders of the seller to confront the branding decision. In product strategy, branding is one of the most important issues that must be considered. Hermanson (1989) defines profitability as the organizations’ capacity to create income while its incapability to create income is a loss. The key measures of profitability are the gross profit margin, net profit margin, return on total assets and return on common stockholders’ equity. Profitability growth improvement is paramount for firms, especially manufacturing firms; it assists the firms to ensure their sustainability as going concerns, stakeholder returns are also safeguarded and enhanced, and so on. Gross profit margin is defined as every dollar of sales left over after paying the cost of goods sold. An organization ought to compare its gross margin to that of the industry because a gross margin higher than industry means the organization is financially healthy .Net profit margin is the percentage of sales net of all costs incurred during production and distribution have been deducted. The net profit margin helps gauge the overall success of an organization. A high net profit margin means that an organization takes time to calculate the cost of production before setting the prices and it is also exercising good cost control. An organization should also compare its results with organizations within the same industry, because they are all subject to the same external environment and customer base, and the cost structures may be the same.
- 2 STATEMENT OF THE PROBLEM
Some owners of SMEs in Nigeria struggle financially because of their weak brand recognition (Hong & Diep, 2016; Renton et al., 2016). Fifty-three percent of service SME owners in Nigeria are unaware of branding strategies, and 23% of service SME owners have insufficient knowledge of branding strategies (Gundala & Khawaja, 2014). The general business problem is that some SME owners do not use branding, and this negatively impacts the profitability of their firms. The specific business problem is that some service SME owners in Nigeria lack branding strategies to improve the financial performance of their companies. On this the researcher wants to investigate the impact of branding in enhancing profitability in manufacturing sector.
- 3 OBJECTIVE OF THE STUDY
The objectives of the study are;
- To ascertain the impact of branding in enhancing profitability in manufacturing sector
- To ascertain the relationship between branding and organizational profitability
- To assess the influence of branding on customers service
- To determine the mediating effect of customer service on branding and organizational profitability
- 4 RESEARCH HYPOTHESES
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: there is no impact of branding in enhancing profitability in manufacturing sector
H1: there is impact of branding in enhancing profitability in manufacturing sector
H02: there is no influence of branding on customers service
H2: there is influence of branding on customers service
- 5 SIGNIFICANCE OF THE STUDY
This study will give a clear insight on the impact of branding in enhancing profitability in manufacturing sector. The study will be beneficial to students, manufacturing sectors and the general public. The study will serve as a reference to other researchers that will embark on this study
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers the impact of branding in enhancing profitability in manufacturing sector. The researcher encounters some constrain which limited the scope of the study;
a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities
1.7 DEFINITION OF TERMS
BRANDING: A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising.
ENHANCING: Intensify, increase, or further improve the quality, value, or extent of.
PROFITABILITY: The degree to which a business or activity yields profit or financial gain.
MANUFACTURING SECTOR: Modern manufacturing includes all intermediate processes required in the production and integration of a product’s components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead. The manufacturing sector is closely connected with engineering and industrial design.
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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