THE EFFECT OF PRICE INCREASES OF CONSUMABLE GOODS ON THE PERFORMANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN MAIDUGURI METROPOLIS
Abstract
ABSTRACT
Effective pricing strategy is considered one of the most innovative and cost effective practice-based entrepreneurial marketing approaches, that MSMs can employ to increase performance, the purpose of this study is to examine the effects of price increases of consumable goods on the performance of Small and Medium Enterprises (SMEs) in Maiduguri Metropolis., specifically increase the impact of prices increase on operational cost of SMEs, assess the impact of price increase on financial constraint and examine the impact of price increase on sales turnover of SMEs. The method of data collection of this study were through the use of questionnaire and the sample size of the study are 36. The study used Chi-square to test the hypothesis. The result of this study reveals that price increases of consumable goods do not have a statistically significant impact on the performance of SMEs in Maiduguri Metropolis.
This study recommended that SMEs should prioritize quality improvement to justify price increases. Emphasizing quality can help maintain customer loyalty and encourage consumers to accept higher prices.
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