THE EFFECT OF PRICING ON THE CONSUMPTION OF PHARMACEUTICAL PRODUCTS IN NIGERIAN HOSPITALS
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Abstract
Price is seen as the amount for which a product, service or idea is offered for sales regardless of its worth or value to potential buyers. Where as pricing in the other hand is the process of determining this value and converting it into monetary terms and then making comparison in the market place. The study investigated the influence of price change on consumption of pharmaceutical products, a survey of Nigerian hospitals A.B.U Zaria, Nigeria. This is because price is one of the most flexible of the four elements of the marketing mix. One frequent problem is that businesses are too quick to reduce prices in order to get a sale rather than convincing buyers that their products are worth a higher price. Another common mistake is applying pricing that is too-cost oriented rather than customer-value oriented. These, among others, form the main concern of this study. The researcher employed a descriptive research design. This study was carried out at the Nigerian hospitals A.B.U Zaria. The sample population consisted of 86 employees and 160 current and past customers’. Data collection techniques included questionnaire, participatory observation and interview schedule. The data was organized, presented, analyzed and interpreted using descriptive methods of data analysis. The study concluded that it is clear that the firm sets prices to break-even on the cost of making and marketing a product or setting prices to make a target profit. The organization determines the prices at which it will break-even or make the target profit it is seeking. Based on the findings, the study recommends that there is need to apply or use more than one pricing strategy to increase sales volume in the company. The study further recommends that the pharmacy should continuously improve the quality of their pharmaceutical products for fair prices as the end result. Suggestions for further research are made on factors determining pricing strategies in organizations are also recommended.
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