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The Impacts Of Pricing In Markting

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THE IMPACTS OF PRICING IN MARKTING

ASBTRACT

This project investigates “The Impacts of Pricing in Marketing of Coke Drinks in Enugu State” Every individual is interested in the prices, so everyone whether a consumer or a producer is affected by rise or fall in price. The purpose of this research work is to lay emphasis on the important of pricing in other to achieve a target return on capital invested by the organization, to develop forecast for sales and gross profit considering all the various internal and external factors that are relevant to the forecast. The literatures were reviewed. The researcher made use of both primary and secondary data, which were collected using questionnaire, personal interview, written materials or work of other journals, textbooks, handouts. And questionnaire were distributed, hypothesis formulated were tested. Finally, the findings of the study, it is recommended that:

a.   The company should put into consideration the company’s products over all corporate objectives profit maximization before their selling prices.|

b.  In deciding pricing strategy, concerned personnel and minimization of production cost so that selling price per product is reduced which many head to increase in turnover and net profit.

 

TABLE OF CONTENT

Title page-----------------------------------------------------------------i

Approval page-----------------------------------------------------------ii

Dedication---------------------------------------------------------------iii

Acknowledgment---------------------------------------------------------iv

Abstract-------------------------------------------------------------------v

Table of content----------------------------------------------------------vi

        CHAPTER ONE

1.0      Introduction----------------------------------------------------------1

1.2   Background of the study-------------------------------------------1

1.2   Statement of the problem-------------------------------------------7

1.3   Objective of the study------------------------------------------------8

1.4   Research Questions-------------------------------------------------8

1.5   Hypothesis-------------------------------------------------------------9

1.6    Significance of the study-------------------------------------------10

1.7    Scope of the study-------------------------------------------------10

1.8    Definition of terms--------------------------------------------------11

  CHAPTER TWO

2.0      Review of the related literature---------------------------------13

2.1    An overview of price-------------------------------------------13

2.2    Objective of pricing--------------------------------------------16

2.3      The role and the benefits of pricing--------------------------18

2.4      Factors Affecting Pricing Decision---------------------------19

2.5      Pricing in Different types of Market-------------------------25

2.6      Determination of pricing-------------------------------------27

2.7      Classification of pricing--------------------------------------29

2.8      Pricing strategy-----------------------------------------------31

CHAPTER THREE

3.0        Research Design and Methodology-----------------------------34

3.1        Sources of Data collection---------------------------------------34

3.2        Population of the Study------------------------------------------35

3.3        Sample Size Determination--------------------------------------35

3.4        Research instrument----------------------------------------------36

3.5        Validation of research or Instrument---------------------------37

3.6        Method of Data analysis and treatment------------------------37

3.7        Limitation of the Study-------------------------------------------38

3.8        Area of the study---------------------------------------------------38

 

CHAPTER FOUR

4.0      Presentation, Analysis and Interpretation of Data------------39

4.1        Data Presentation and Analysis---------------------------------39

4.2      Test of Hypothesis-------------------------------------------------51

CHAPTER FIVE

5.0      Discussion of findings, Recommendation and conclusion--63

5.1      Summary of the findings----------------------------------------63

5.2      Conclusion -------------------------------------------------------64

5.3      Recommendation ------------------------------------------------65

        References----------------------------------------------------------67

        Appendix-----------------------------------------------------------69

        Questionnaire ----------------------------------------------------70

 

 

 

 

                                       

 

 

CHAPTER ONE

0.1      INTRODUCTION

1.1      BACKGROUND OF THE STUDY

            One of the most important operating decisions management must take is establishing the selling price for its product and services, moreover manufacturing companies are always faced with numerous decisions. The management has to decide on what to produce, how to produce at what quality and quantity to produce and at what price, the management also have to consider what policies and method to be adopted. Management must decide on the right price of the product, it is offering to the market and then set up policies and then set up policies on discount allowance, payment period, freight payment, credit terms and many other price related situation which ultimately affects the

 list price.

       

 

IMPACT OF PRICING IN MARKETING OF COCA-COLA

Marketing consist business related activities that see to anticipate demand, help in developing and making the goods and services available to the satisfaction of consumers and users and as a profit to the organization. When a product is produced by an organization, the consumer usually do not collect the product free of charge but for a price.

       This consideration depends on the perceived worth of the product. All profit and nonprofit organization face the task of selling price on their product and services. (Philip Kotler 1987).

         Through history, sellers and buyers in the process of negotiation set prices, it is than he is expected to receive, and the buyer will offer less than he is expected to acceptable price is reached.

        Pricing in marketing is the key activity within the capitalistic system of free market enterprises, in other words it is the most critical element of marketing mix that determines a company’s marketing shares and profitability. Price is the only marketing mix that yield revenue, while the other 3ps generate cost. Most companies do not only find it difficult but also mishandle their pricing strategies.

         Price is one of the major variables that a marketing manager controls. Originally price is considered vital among the factors which influence buyer’s choice and behavior. In 1950’s and 1960’s non-price factors grew relatively more important and it had reached a point where over half of a sample of company managers did not select pricing as one of the five most important policy areas in their firm and marketing success.

        Recently, because of the world wide inflation price has again attracted considerable attention and is now viewed by many marketers as one of the most important element in the marketing mix following the product.

         Bush and Houston (1985,558) defined price as the value assigned to the utility one receives from goods and services, usually price is the amount of money that is given up to acquire a given quantity of goods and services. It is the regulator of the economic system because of its influence on the reward for all factors of production and the allocation of these factors. However in the marketing of a new product price policy should take cognizance of its importance on other element of the marketing mix. In recent time the question is how do you much do you think we can get this item, how much do you think we ought to sell it for, have been asked by managements who are in charge with the responsibility of pricing the products or services. Therefore considers the reaction of its competitors in deciding the pricing strategy to go for. That is, how will the dealers and distributors react to this when they see ours? And will the government intervene and prevent this price? In all, market need to know the laws, and regulations affecting and to comply with it. guided by the company’s objective, the marketing management must develop a set of pricing objective and policies. They must anticipate what the pricing policy of the firm will face and how it is going to overcome it. Some of this pricing policies should be seen as how flexible price will be, at what level i9t will be set, how pricing will be handled during the cost of the product life cycle.

         Pricing is handled in various ways. in small business organization pricing is handled by the top management rather than the marketers. While in large scale organization, pricing is typically handled by divisional and product line managers, then the general pricing is done by the top management as it is with the case study.

        Business these days is becoming competitive and sophisticated. This demand has made companies to adopt various price policy decision and other strategies to attract customer. Price is one of the 4ps under the control of the marketing practitioners. It’s importance within the marketing mix cannot be overlooked. The pricing policy which a firm adopts in setting their product price normally goes to affect the organization and profit. Although it is not out of place to recognize the important place of the other aspect of the marketing mix (product, place or distribution, promotion) in working in harmony with price towards the attainment of marketing objective. The purpose of pricing is not to cover cost, but to capture the value of the product or services in the mind of the customers. Manager have to develop a set of pricing objective and policies decision that will work towards the achievement of the overall marketing objective must be translated into pricing decisions but, who is to accomplish the task? Pricing decision is a major decision area and as such every department or functional areas are committed into it. No single department takes care of pricing. Pricing policy decision is expressed with the guideline set by the organization, which regulates future activity of the firm. There are so many pricing policy decisions which a firm has to adopt order to increase the performance of the firm. It includes the following.

1.        Skimming or penetration pricing policy

2.        Resale agreement policy

3.        Product line pricing policy

4.        Discount pricing policy

5.        Psychological pricing policy etc.

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