THE EFFECT OF PRICE AND PRICE CHANGES ON THE SALES OF CONSUMER GOODS
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- NGN 5000
ABSTRACT
Consumers can be reactive. This situation is not abnormal in business, this is because, the purchasing power of consumers are not constant even as their needs are progressive. Price therefore is a potent determining factor for consumer decision. This study is undertaken to examine the effect of price and price changes on the sales of consumer goods. The survey research design was adopted for this study. This involved gathering data from a sample size to make a group inference. Using simple random sampling, 30 respondents, staff members of Mr. Biggs, Kaduma, were enrolled in the survey. The sample size is 30.The findings shows that 60% of the respondents were male while 40% are female. The result revealed that price determines the demand of consumer goods and serves as a strategy to gain competitive advantage. Price equally determines the revenue and sales volumes of consumer goods. The study recommended that management of Mr. Biggs should ensure that the pattern of their pricing aligns to customers’ purchasing power per time. Also, discount should be given to customer from time to time. This will attract more purchase and consequently increase their sale volume as well as profit.
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