THE INFLUENCE OF COST REDUCTION ON PRODUCT PRICING STRATEGIES
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- NGN 3000
ABSTRACT
THE INFLUENCE OF COST REDUCTION ON PRODUCT PRICING STRATEGIES
This study examines the influence of cost reduction on product pricing strategies with the following objectives: (1) to evaluate how cost reduction impacts pricing decisions; (2) to identify effective cost reduction techniques that support competitive pricing; (3) to understand the challenges in aligning cost reduction with pricing strategies. A survey design is used to collect quantitative data. Taro Yamane's formula is applied to derive a sample size of 310 respondents from Uyo, representing a mix of manufacturing and service industries. A retail company is chosen as the case study due to the direct correlation between cost reduction and pricing in retail operations. The reliability coefficient score for the survey instrument is 0.87. Findings indicate that cost reduction significantly influences pricing strategies, allowing businesses to offer competitive prices while maintaining profitability. Techniques such as process optimization, bulk purchasing, and technology adoption are highlighted. It is recommended that businesses integrate cost reduction initiatives with their pricing strategies, invest in continuous improvement processes, and regularly review cost structures to ensure they remain competitive in the market.
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