EFFECT OF PRICING STRATEGY ON ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF NIGERIA BREWERIES)
Abstract
The study investigated the effect of pricing strategy on organizational performance – A study of Nigerian Brewery Limited, Makurdi local government Benue state. The study adopted descriptive survey research design. The population of the study was 95 staff members of Nigerian Brewery Limited in Makurdi local government. The sample size of the study was 95 staff of Nigerian Brewery Limited in Makurdi local government. The sample size was determined using total enumeration sampling technique. Self-structured questionnaire was used for data collection. The collected data were analyzed using mean and standard deviation, while the research hypotheses were tested using t-test.
The findings of the study revealed that majority of the respondents strongly agreed on the types of pricing strategies that are currently implemented by Nigerian Brewery Limited. The results further indicated that the relationship between pricing strategies implemented by Nigerian Brewery Limited and its financial performance was statistically significant. Again, the results indicated that most respondents strongly agreed on the influence of pricing strategies that affect the financial performance of Nigerian Brewery Limited.
Furthermore, the results of the study showed that most respondents strongly agreed on the effect of Nigerian Brewery Limited’s pricing strategies on customer retention and loyalty. The results further indicated that the influence of pricing strategies on customer retention and loyalty at Nigerian Breweries Limited was statistically significant.
Additionally, the results indicated that most respondents strongly agreed on the influence of the pricing strategies that affect the financial performance of Nigerian Brewery Limited. The study recommended among other things that Nigerian Breweries should consider implementing dynamic pricing strategies based on market conditions, customer segments, and competition. For instance, promotional pricing could be used during festive seasons to boost sales volumes, while value-based pricing could target premium customers.
Also, Nigerian Breweries Limited should collect and analyze consumer behavior data to understand price sensitivity and preferences in different regions. This will allow the company to tailor its pricing strategies for diverse market segments effectively. The implications were also stated and the conclusion was also drawn.
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