CORPORATE IMAGE MANAGEMENT STRATEGY AND PERFORMANCE OF FIRST BANK NIGERIA LIMITED

Abstract

The study was undertaken to examine the relationship between corporate image management strategy and organizational performance of First Bank Nigeria Limited. The specific objectives of the study were to determine the relationship between corporate identity, corporate communication and corporate reputation management (CIM strategies) and organizational performance using customer retention rate as a measure of performance. In the study, we employed survey research design. Primary and secondary data were collected for the study with questionnaire as research instrument. Data were analyzed using frequency distribution, simple percentages and chi-square statistical method. The results of the study indicated that First Bank Nigeria Limited adopts corporate image management strategies as a means of achieving competitive advantage over their competitors. The findings also showed that corporate identity communicated the company’s promise to both internal and external audiences. It helped in the interaction of the customers and the company.  Corporate communication ensured internal discussions and information flow without any issues. Corporate reputation determined the social standing of an organization. It influenced and determined the levels of credibility, trustworthiness, responsibility and reliability that a stakeholder has with the organization. The relationship between corporate identity, corporate communication and corporate reputation (CIM strategies) and customer retention was significantly strong (χ>0.05). The study concluded that corporate image management strategy had significant relationship with overall organizational performance of First Bank Nigeria Limited. It was recommended that all corporate organizations particularly banks like First Bank Limited should carry out communication audit periodically to ascertain the position of its image and reputation in the minds of its publics, particularly the community of operation and their employees.