Effects of Pricing Strategies on Marketing Decisions of Selected Bakeries in Bida, Niger State
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Abstract
The study assessed the effects of pricing strategies on marketing decisions of selected bakeries in Bida, Niger State. A survey research design was adopted for the study. Data for the study were obtained through the administration of questionnaires designed in five point likert scale format. Data collected were analyzed using percentages, mean values and standard deviation. Hypotheses formulated for the study were tested using Spearman Correlation Test. The findings of the study reveal that cost-plus pricing, value-based pricing and price-skimming strategies significantly influence the marketing choices of bakeries in Bida, Niger State. The study however recommends that Bakery businesses in Bida should continue to leverage the power of pricing strategies. They should be diligent in considering both production costs and desired profit margins when setting prices. To enhance their marketing decisions, bakeries should adopt a market-oriented approach. Regularly assessing customer feedback and market demand can ensure that pricing strategies remain aligned with evolving customer preferences. Also, a balanced approach that incorporates multiple pricing strategies may be beneficial. For instance, a combination of cost-plus pricing for regular products and price skimming for new product launches can help optimize profitability and market positioning.
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Copyright (c) 2024 Isah Mohammed Abdullahi, Danjuma Mohammed, Bala Bayami Danjuma, Yakubu Ayuba Woru, Ismaila Batengi Abubakar, Ismaila Ibrahim Ndaman (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Isah Mohammed Abdullahi, Niger State Polytechnic, Zungeru.
Department of Business Administration and Management,
Niger State Polytechnic, Zungeru.
Danjuma Mohammed, Niger State Polytechnic, Zungeru.
Department of Business Administration and Management,
Niger State Polytechnic, Zungeru.
Bala Bayami Danjuma, Niger State Polytechnic, Zungeru.
Department of Banking and Finance,
Niger State Polytechnic, Zungeru.
Yakubu Ayuba Woru, Niger State Polytechnic, Zungeru.
Department of Banking and Finance,
Niger State Polytechnic, Zungeru.
Ismaila Batengi Abubakar, Niger State Polytechnic, Zungeru.
Department of Business Administration and Management,
Niger State Polytechnic, Zungeru.
Ismaila Ibrahim Ndaman, Niger State Polytechnic, Zungeru.
Department of Business Administration and Management,
Niger State Polytechnic, Zungeru.
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