Pricing is one element that deserves much consideration in any business organization. Its importance cannot be overemphasized. It plays a silent role in the economy by furnishing the guide posts that indicate how resources shall be utilized. For instance, price tends to determine not only what shall be produced but the amount as well and how this output shall be distributed.
The issue of pricing becomes more interesting and complex too when one realized that there are other competing products and factors in the sense of other elements that are associated with the productions such as quality, type of product etc. Nevertheless, pricing can be used to pursue different objectives by any organization at any point of time.
It therefore behooves on the executives in any organization in any competitive business environments to take the issue of pricing very seriously since it can influence the level of sales or quantity that can be purchased by the consumers.
It is the importance of the pricing element and the role it plays that necessitates the research. The effect is to explore pricing strategy in a competitive business environment so as to give business organization a better insight in their business pursuit.
The work is comprised of three chapters: Introduction occupies chapter one, which contained the background of the subject matter, problem that the study will be concerned with and importance of studying the area.
Chapter two is the Literature Review. It is also the origin of the subject area, the school of thought within the subject area, the school of thought relevant to the problem of study, and the different methods of studying the problem.
The last chapter is the chapter three, the Conclusion. It comprises data presentation, which shows tables containing analysis of data and recommendations.
Finally, there is reference at the end of each chapter. This is done with the intention to keep the ethical rule in researching that is giving credit to whom it belongs.
One element that is very important in any organization is price. Pricing is an important strategic issue because it is related to the product positioning. It also affects other marketing mix elements, such as product feature channel, decision and promotion.
In any organization after a product has been made, the next task for the executive is how to place on price n the products so as to get revenue from the capital invested in product and at the same time stand neck to make with competition. Price does not apply to goods only but also to the different service and commodities differ either because a product quality or the satisfaction enjoyed by the consumer. Specifically price can take any of these forms like rent paid to landlord, wages paid to workers, salary paid to executives, money paid on goods bought, commission on bonus, services etc. In essence, price according to Olukoye 1997 is the amount of money needed to acquire a given quantity of goods or services. Price can also be defined in another way as the market value of a product or services.
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