EFFECTIVE PROFIT PLANNING IN NIGERIAN ORGANISATIONS
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- NGN 3000
STATEMENT OF THE PROBLEM
Hilton (1991:201) observed that both the market forces of demand and supply and the cost of production have a Significant bearing on determining prices. Equally he explained that there are other variables that influence pricing decisions according to him, this includes: Manufacturer’s pricing objective, economic situation, level of competition, and availability of close substitute. a. For pricing to be effective, firms must incorporate all these factors in selecting the most advantageous price for its product. At times, firms are not in the habit of considering these factors and this has led to the shutting down of many factories, downsizing of workforce and in most cases, winding up of firm’s (Hilton, 1991:201). b. Profit plan are made in form of budget and they help firms to forecast the level of profit, cost and revenue, they intend to generate in order to gain competitive advantage. Unfortunately many firms still do not prepare these plans, thus, this has led firms undertaking unplanned ventures resulting in escalation and inability of firms to foresee shortage in resources or finance or personnel needed in the future operation of the firm. Where no 5 plans exist, there will be no basis for firm to compare or evaluate their performance. c. Based on the foregoing, the problem of this study is in three (3) folds. 1 The failure of some firms to incorporate factors such as economic situation, level of competition, availability of close substitute, among others in their pricing decisions, may have resulted to the minding up of several small scale manufacturing firm (SSMF) in Nigeria. 2. It has been shown in accounting literatures that profit planning is a potential tool for achieving profit objectives and efficiency. Which small scale manufacturing firms seems to ignore the use of profit planning (or budget) in their operations. This has led to far reaching problem such as huge unforeseen operating cost as well as shortages in good financial and human resources. 3. Most importantly, the problem that stringated this study is the knowledge gap, that is, it looks as if small scale manufacturing firms are not aware that pricing policy and profit planning impact positively on profit performance.
OBJECTIVES OF THE STUDY:
This research is aimed at achieving the following objectives.
(i) To determine if pricing decision (s) can make an impact on a firm’s profit and efficiency. (ii) To investigate if profit planning (or budgeting) can result in cost reduction and increased profit performance.
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