Home / Current Issue / Paper 1704000
Price Strategies and Strategic Management: An Analysis of Successful SMEs in Nigeria
Subject area: Management and Commerce · Area of research: Management
Abstract
The essence of a pricing strategy is to create a good first impression and influence customers to purchase a brand. Having an ideal price convinces consumers to choose a brand's product over its competitors. This article investigates the current state of pricing strategies existing among SMEs. The study used qualitative data. The study will employ a cross-sectional design. The interview questionnaire was self-constructed. The setting of the research was in Lagos State, at Ikeja and Surulere. We analyze two pricing models (business services and products) from two different industries as well as the nature of the business in order to recommend pricing strategies that are compatible with the pricing models. The study used content analysis to analyze the data. 40 SME owners and managers were interviewed. Future studies can concentrate on the pricing strategies of SMEs in the manufacturing sector.
How to cite this paper
@article{1704000,
author = {Somefun Akinwunmi Taiwo, Solomon E. Esomu},
title = {Price Strategies and Strategic Management: An Analysis of Successful SMEs in Nigeria},
journal = {Iconic Research And Engineering Journals},
year = {2023},
volume = {6},
number = {7},
pages = {110-115},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1704000.pdf},
abstract = {The essence of a pricing strategy is to create a good first impression and influence customers to purchase a brand. Having an ideal price convinces consumers to choose a brand's product over its competitors. This article investigates the current state of pricing strategies existing among SMEs. The study used qualitative data. The study will employ a cross-sectional design. The interview questionnaire was self-constructed. The setting of the research was in Lagos State, at Ikeja and Surulere. We analyze two pricing models (business services and products) from two different industries as well as the nature of the business in order to recommend pricing strategies that are compatible with the pricing models. The study used content analysis to analyze the data. 40 SME owners and managers were interviewed. Future studies can concentrate on the pricing strategies of SMEs in the manufacturing sector.},
month = {January},
}