An examination of pricing strategies in product marketing on consumer behavior: A study of a fashion brand in Lagos
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Background of the study
Pricing strategies are a crucial element of product marketing that significantly influence consumer behavior. In Lagos, a popular fashion brand employs dynamic pricing strategies—including premium pricing, discounts, and seasonal promotions—to capture consumer interest and drive sales (Adeyemi, 2023). The fashion industry, characterized by rapidly changing trends and consumer preferences, requires brands to be agile in their pricing approaches to remain competitive. Effective pricing can signal product quality, create perceived value, and influence purchasing decisions (Ogunleye, 2024). Research suggests that pricing strategies directly affect consumer behavior by altering perceptions of affordability and exclusivity (Chin, 2025). Despite the clear importance of pricing in product marketing, there is limited empirical evidence on how different pricing approaches impact consumer behavior in the Lagos fashion market. This study investigates the relationship between pricing strategies and consumer purchasing decisions, examining factors such as price sensitivity, perceived value, and the overall influence on sales performance.
Statement of the problem
Although pricing strategies are widely used in the fashion industry, their effect on consumer behavior in Lagos is not clearly understood. Inconsistent pricing or misaligned price points can lead to consumer confusion and potentially reduce sales (Adeyemi, 2023). Additionally, external factors such as economic fluctuations and competitive pressures may further complicate the impact of pricing on consumer decisions (Ogunleye, 2024). There is a need to identify which pricing strategies most effectively drive consumer purchases and foster brand loyalty. This study addresses these issues by evaluating the influence of various pricing strategies on consumer behavior, providing recommendations for fashion brands to optimize their pricing approaches (Chin, 2025).
Objectives of the study:
To assess the impact of pricing strategies on consumer behavior in the fashion industry.
To identify effective pricing approaches that influence consumer purchase decisions.
To recommend strategies for optimizing pricing to enhance consumer engagement and sales.
Research questions:
How do different pricing strategies affect consumer behavior in Lagos’ fashion market?
Which pricing approaches most effectively drive purchase decisions?
How can fashion brands optimize pricing strategies to improve sales performance?
Significance of the study
This study is significant as it provides insights into the effect of pricing strategies on consumer behavior in the fashion industry. Its findings will help fashion brands in Lagos develop more effective pricing models that resonate with consumer expectations and drive sales. The research contributes to academic literature on pricing and offers practical recommendations for enhancing consumer engagement and market competitiveness (Ogunleye, 2024).
Scope and limitations of the study:
The study is limited to evaluating pricing strategies and their impact on consumer behavior for a specific fashion brand in Lagos, Nigeria. Results may not be applicable to other industries or regions.
Definitions of terms:
Pricing Strategies: Methods employed by companies to set and adjust the prices of their products.
Consumer Behavior: The actions and decision-making processes of consumers when purchasing products.
Fashion Brand: A company that designs, manufactures, and markets clothing and accessories.
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