An appraisal of pricing challenges during economic hardship on product purchase behavior: A study of a consumer goods company in Abuja
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the study
Economic hardship often forces consumers to re-evaluate their purchasing decisions, making pricing strategies a critical factor for companies in the consumer goods sector. In Abuja, consumer goods companies face significant challenges in setting prices that remain attractive during economic downturns while maintaining profitability. This study appraises various pricing strategies employed during periods of economic hardship and their impact on product purchase behavior. Pricing strategies such as discounts, promotional offers, and dynamic pricing are examined to understand how they influence consumer decisions and perceptions of value (Oluwole, 2023). The research investigates whether consumers are more sensitive to price changes during economic stress and how pricing adjustments can either bolster or erode brand loyalty. Additionally, the study considers external factors such as inflation, consumer income levels, and market competition, which compound pricing challenges. By analyzing sales data, customer surveys, and case studies from a leading consumer goods company in Abuja, the research aims to identify best practices for pricing strategies during economic downturns and propose recommendations that balance affordability with quality perception (Adeniyi, 2024).
Statement of the problem
Consumer goods companies in Abuja face significant difficulties in developing pricing strategies during economic hardships that both attract consumers and maintain profitability. Despite offering discounts and promotional deals, companies often struggle to find a balance between lowering prices and sustaining brand value, which may lead to reduced consumer trust and loyalty (Oluwole, 2023). Moreover, inconsistent pricing practices and rapid market fluctuations exacerbate the challenge, making it difficult to predict consumer behavior accurately. This study addresses these challenges by examining the impact of various pricing strategies on product purchase behavior, aiming to provide insights that can help companies optimize pricing approaches during economic downturns (Adeniyi, 2024).
Objectives of the Study
To appraise the pricing strategies used during economic hardship.
To evaluate their impact on consumer purchase behavior.
To recommend sustainable pricing practices for consumer goods companies.
Research Questions
How do pricing strategies during economic downturns affect product purchase behavior?
What factors influence consumer sensitivity to pricing changes?
What pricing practices can optimize consumer purchase behavior during economic hardship?
Significance of the study
This study is significant as it evaluates the impact of pricing challenges during economic hardship on consumer purchase behavior for a consumer goods company in Abuja. The findings will provide valuable insights for companies to design pricing strategies that balance affordability with brand value, thus sustaining consumer trust and loyalty. The research contributes to academic literature on pricing strategy during economic crises and offers practical recommendations for marketers (Oluwole, 2023; Adeniyi, 2024).
Scope and limitations of the study
The study is limited to analyzing pricing strategies and their impact on product purchase behavior for a consumer goods company in Abuja, Nigeria, and does not extend to other industries.
Definitions of terms
Pricing Challenges: Difficulties in setting product prices that appeal to consumers while ensuring profitability.
Product Purchase Behavior: The decision-making process of consumers regarding product purchases.
Consumer Goods Company: A business that produces or sells products intended for daily consumer use.
Related Project Materials
THE ROLE OF EARLY CHILDHOOD EDUCATION IN FOSTERING DIPLOMACY
ABSTRACT: This study investigates the role of early childhood education in fostering diplomacy among young children. The objectives are to eva...
An investigation of discourse politeness in Hausa language among formal event speakers in Kano
Background of the Study
Discourse politeness is a critical element in formal communication, ensuring that messages are con...
A critical analysis of public relations campaigns on stakeholder engagement: A case study of a government agency in Kaduna, Nigeria
Background of the study
Public relations (PR) campaigns are essential for government agencies aiming to engage stakeholders effectively....
An appraisal of the role of traditional proverbs in documenting historical semantic shifts in Igbo
Background of the Study
Traditional proverbs in Igbo are more than mere expressions of wisdom; they are r...
FOOD SECURITY: A STRATEGY FOR POVERTY ALLEVIATION IN NIGERIA
ABSTRACT
Poverty has the consequences of breeding social disillusionment with respect to what the objec...
An Examination of the Effects of Displacement on Traditional Leadership Structures: A Case Study of Monguno Local Government Area, Borno State
Background of the Study
Displacement caused by conflict has long-lasting effects on both individuals an...
An Examination of the Role of Study Groups in Improving Nursing Students' Academic Performance in Federal Teaching Hospital, Gombe
Background of the Study
Study groups are commonly used as a collaborative learning strategy, particularly in challenging academic fields...
THE IMPACT OF LIBRARY CATALOGUE IN ENHANCING ACCESSIBILITY IN THE LIBRARY
ABSTRACT
This study was carried out to examine the impact of library catalogue in enhancing accessibili...
A CRITICAL EVALUATION OF THE IMPACT OF DIGITALIZATION ON BROADCASTING MEDIA
Abstract
This research examined the Impact of Digitalization on Broadcast...
The Role of Advertising in Influencing Political Debates in Pankshin LGA, Plateau State
Background of the Study
Political debates are a cornerstone of democratic engagement, providing candidates with a platform...
