Goodwill Management in Nigerian Business Organization (Case Study of Phinomar Feeds Nigeria Limited, Ngwo)
Chapter One
PURPOSE OF STUDY
It is the purpose of the study to examine Goodwill development in modern business organizations to ascertain how they influence Goodwill to perform efficiently for increased performance.
The following are the main objectives of the study;
- To make a critical examination and evaluation of the Goodwill development programme in PHINOMAR FEEDS LTD.
- To evaluate their appropriateness to ascertain. To create a position, corrections between Goodwill management and internalized performance.
- To examine the appropriateness of the management programme for the effective utilization of the available human resources in achieving their set objectives.
- To investigate the Goodwill management scheme in PHINOMAR FEED LTD to find whether problems exist in their programmes and ways of resolving such problems.
CHAPTER TWO
LITERATURE REVIEW
MEANING AND HISTORY GOODWILL MANAGEMENT
Longman Dictionary of contemporary English defines Goodwill as the king of feelings toward or between people and or willing to act o increase the good fortune of the others. And also it defines management as the act of managing (MANAGE) especially a business or money.
This has to come when different scholars in their effort developed various definitions of goodwill, but simple, it means as attitude on the part of customs and other to do business with it. Here we came to understand that in the history of Goodwill management in Nigeria service industry it is a case with all attitudes, goodwill cannot be bought or demanded, it must earned as a bye product of other ultimately determine the success or failure of an enterprise, which has goes down with most Nigeria service industries that they cannot do without and the need when the industry was formed creates goodwill within the service industries as in (PHINOMAR FEEDS LTD).
Besides the history of goodwill cannot be exactly given, but systemically planned and organized. Goodwill management in Nigeria service industry is a co-world historians like Attar Nevins and Alexander Hamilton traced as back before the era of trade by barter but the history of goodwill management in Nigeria service industry is well understood by them when they learnt that the customer or consumer is the ultimate. This is where a farmers (Dr) Obiajulu Alfred expressed the need of holding public favour in the words of Abraham Lincoln written at a time when the ration of goodwill was not so well crystallized assists today with public sentiment nothing can fail without goodwill nothing can succeed.
Furthermore, in the history of goodwill in Nigeria industries (PHINOMAR FEEDS LTD) more especially sales it would be impossible or incomplete without considering the subject goodwill as a conscious instrument available to the progress of the whole enterprise, while in intangible it is just as real as any other element, particularly in these days of pregnant shoddy attention to service and customers satisfaction in service industries.
IMPACTS OF GOODWILL MANAGEMENT IN NIGERIA ECONOMY AND PRODUCTIVE INDUSTRY
In a depressed economy such as in Nigeria the impact of goodwill has to be examine. Goodwill has been classified as one of the intangible long based assets representing the rights privileges and economic advantages that are of important to business. Management and goodwill are too inseparable ideal different audience has different view of management and goodwill.
According to J. C. Denyer in his management is managing business, managing managers, managing workers, and work, some people stated that management is really the during force within each concern, representing the personal element in the life of a business. It has been stated that management means making the most effective use of three MS-MEN, MONEY, AND MATERIAL.
Management also is the bedrock inform which goodwill is built. Whether there is goodwill or ill will depends on how effect we the management is. Goodwill can then be said to be a measurement gauge or a yardstick for assessment of the company by outside quantifiable in monetary terms.
CHAPTER THREE
RESEARCH DESIGN
In research design here, the researcher is interested and can carried it out. Talking about this, obviously important as I will afford any reader the opportunity to know what really transpired during the research and the means of establishment our procedure. Therefore, the descriptive survey researcher design will be used.
AREA OF THE STUDY
This project will cover the area of goodwill management in some selected organization. It will portray that goodwill is all about and how it could be adequately managed to enhance the promotion of organization. This study will cover the necessity of goodwill and its importance to productivity enhancement in various organizations. The study will specifically cover the case of PHINOMAR FEEDS LTD. Enugu Ngwo.
POPULATION OF THE STUDY
The research will planned in such a way that it will cover the population of 150 people comprising of both staff and customers of the organization under study.
HAPTER FOUR
DATA ANALYSIS AND PRESENTATION
This chapter is designed for presentation and analysis of data collected through questionnaire and interviewed for the final testing of hypothesis. The hypothesis as stated are:-
CHAPTER FIVE
SUMMARY OF FINDING, RECOMMENDATIONS AND CONCLUSION
SUMMARY OF FINDINGS
Facts gathered in the questionnaire, interview and other tests and periodicals as regards the management of goodwill of PHINOMAR FEEDS LTD are summarized as follows:
Goodwill is not recognized by accounts in as affect, it is the bedrock of a company’s success. That factor like good customers relation, public unique product or service, superior, employee, and location of the business all help to build goodwill. PHINOMAR FEED NIG LTD is completely owned by a Nigerian. The major customers of the company are mainly the educated and uneducated poultry farmers.
The company has a special training programme designed to orient employees to programme standard(s) and customers need. Industries places a high value on customer patronage just like the service industries. That customer respect these companies not because of low cost but because of quality and good service. In all that good management, uneducated poultry farmers. The company has a special training programme designed to orient employees to production standards and customers needs. Industries places a high value on customers patronage just like the service industries.
That customers respect these companies not because of low cost but because of quality of goods and services. In all that good management promotes goodwill. The value of goodwill varies positively with business success.
RECOMMENDATION
At these state of the study sets out to provide reasonable recommendation society in general on how to handle the issue of the management of goodwill so as to get the best outfit.
Goodwill, in spite of its intangible nature, could make a big difference in a company’s success. It could make a firm earn high than normally profits, but if negative, it could ruin a company’s even if when the company has other advantage like good products or service. Customers enjoying felling that a firm should leave for them. In the height of the above firms should try to impress customer’s 50 meeting even if that would reduce short run profit, it is an established fact that firms should work towards in continued existence within competitive environment. The work difference could be made Y offering some seemingly unprofitable in the short run, it will help improve the reputation of company leading to higher profits in the long run. This ensuring the continuity of the company.
It is deceitful to continue ensuring that Nigerian is a setters market where the buyer/user accepts just anything. We are gradually coming to age and with time, firms must have to stand on their toes in other to survive.
Nigeria deserve good and efficient service at reasonable costs. The duty of our firms therefore, should be to employ a good promotional strategy to create the required awareness to the less supposed class of the society. When more people get to know what they can fain from using the unique product of a company, they are likely to patronize such a company permanently.
CONCLUSION AND SUGGESTION FOR FURTHER RESEARCH
In concluding this research work, one has to note that employees who are well trained in the field of public relation should be employed by firm in order to help build a good customers loyalty when experiences ones cannot be employed, a special training programme for this purpose is necessary, we should realize that the human asset of firm is very important and contribute a lot towards the goodwill of any firm. Little things make the whole difference. For instance, when products of a particular feed go out of their way to supervisor the farm where their products is used, the customers in question is likely to think good of that feed milk. To him, he believes he is not paying for that extra service. This makes him fell that the company takes good care of its customers. Employee of firm especially productive one, should learn to do little things like as they matter a lot as regards building of reputation by the company. That this wind of gain to be derived from employing trained an experienced employees.
Furthermore, when the company can afford it, the reception office should be made to provide an acceptable level of comfort to customers who use the service of the company at this office and likely to be impression when the physical facilities provided are good. When customers are comfortable and are attended to continues employees, good of the company.
It is believe that this study has provided suggestions for further research on the general techniques of managing goodwill. The key to enjoying differential advantages in terms of good reputation is “PASSING A UNIWUE FLAVOUR IN THE SOUP” that means that firms should strive yard to include service, which are not normally obtained in other competing firms. With that, and with a little bit of luck, the company’s success is ensured.
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