Pricing Strategies and Consumer Purchase Decision of Products in Department of Marketing, Akwa Ibom State University, Obio Akpa Campus, Nigeria
Publication Date: 07/03/2024
Author(s): Okokon B. Attih (Ph.D.).
Volume/Issue: Volume 7 , Issue 1 (2024)
Abstract:
This study was conducted to determine the relationship between pricing strategies and consumer purchase decision of products in the Department of Marketing, Akwa Ibom State University, Nigeria. The survey research design was used in the study. Data for the study were obtained through questionnaires administered to the respondents. The entire 220 respondents of the Department of Marketing were studied using a census sampling technique. Three hypotheses were formulated and tested at the 0.05 level of significance. Data obtained were analyzed using the descriptive and inferential methods. Descriptive statistics including mean, standard deviation, kurtosis and skewness were computed for all research variables while Pearson Product Moment Correlation (PPMC) was used to examine the bivariate relationship between research variables. To test the stated hypotheses, multiple linear regression was used and statistical significance was established at 0.05. The findings of the study revealed a significant negative correlation between skimming pricing and consumer purchase decision (r = -.175, p<.05) while both penetrating pricing (r = .326, p<.05) and discount pricing (r = .781, p<.01) were found to have significant positive relationship with consumer purchase decision. Based on the findings of the study, it was recommended that manufacturers and marketers of products should continuously use a type of pricing strategy that is favorable to consumers to attract repeat purchases and patronage.
Keywords:
Pricing strategies, Penetration pricing, Skimming pricing, Discount pricing, Consumer purchase decision.
