An assessment of ethical pricing strategies on consumer perception of value: A case study of a pharmaceutical product in Abuja
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Background of the study
Ethical pricing strategies are crucial in industries where consumer trust and product efficacy are paramount, such as the pharmaceutical sector. In Abuja, pharmaceutical companies face increasing scrutiny over pricing practices, particularly during times of economic stress. Ethical pricing involves setting prices that reflect fair value without exploiting consumers, while also ensuring that product quality and safety are maintained (Ogunleye, 2023). This study assesses how ethical pricing strategies impact consumer perception of value for a pharmaceutical product. It examines the role of transparency in pricing, the alignment between price and product quality, and the influence of regulatory compliance on consumer trust (Ibrahim, 2023). The research explores whether ethical pricing can enhance consumer perception of value and foster long‑term loyalty, even when product prices are higher than average. Data will be collected through consumer surveys, price comparison analyses, and regulatory reviews to determine the effectiveness of these strategies and offer recommendations for optimizing ethical pricing practices (Afolabi, 2024).
Statement of the problem
Pharmaceutical companies in Abuja encounter challenges in implementing ethical pricing strategies that enhance consumer perception of value. Despite the need for fair pricing, consumers may perceive high prices as exploitative if not accompanied by transparent communication regarding product quality and safety (Ogunleye, 2023). This disconnect can lead to reduced trust and lower purchase intention, adversely affecting brand reputation. The absence of clear ethical guidelines in pricing further complicates consumer perceptions and can result in skepticism regarding product value. This study addresses these challenges by examining the impact of ethical pricing on consumer value perception and proposing strategies to improve transparency and fairness in pricing practices (Ibrahim, 2023).
Objectives of the Study
To evaluate ethical pricing strategies used for a pharmaceutical product.
To assess their impact on consumer perception of value.
To recommend improvements for transparent and ethical pricing practices.
Research Questions
How do ethical pricing strategies affect consumer perception of value?
What challenges exist in implementing ethical pricing in the pharmaceutical sector?
What measures can enhance transparency and fairness in pricing?
Significance of the study
This study is significant as it examines the influence of ethical pricing strategies on consumer perception of value for a pharmaceutical product in Abuja. The insights will help pharmaceutical companies develop transparent pricing models that foster consumer trust and loyalty. The research contributes to academic literature on ethical pricing and offers practical recommendations for enhancing value perception in the pharmaceutical industry (Ogunleye, 2023; Ibrahim, 2023).
Scope and limitations of the study
The study is limited to assessing ethical pricing strategies and their effect on consumer perception of value for a pharmaceutical product in Abuja, Nigeria, excluding other industries.
Definitions of terms
Ethical Pricing Strategies: Pricing approaches that reflect fairness, transparency, and regulatory compliance.
Consumer Perception of Value: The evaluation by consumers of the benefits received relative to the price paid.
Pharmaceutical Product: A medicinal product developed for health-related purposes.
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