Price Strategies and Strategic Management: An Analysis of Successful SMEs in Nigeria

• Author(s): Somefun Akinwunmi Taiwo ; Solomon E. Esomu
• Paper ID: 1704000
• Page: 110-115
• Published Date: 16-01-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 6 Issue 7 January-2023

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.

Citations

IRE Journals:
Somefun Akinwunmi Taiwo , Solomon E. Esomu "Price Strategies and Strategic Management: An Analysis of Successful SMEs in Nigeria" Iconic Research And Engineering Journals Volume 6 Issue 7 2023 Page 110-115

IEEE:
Somefun Akinwunmi Taiwo , Solomon E. Esomu "Price Strategies and Strategic Management: An Analysis of Successful SMEs in Nigeria" Iconic Research And Engineering Journals, 6(7)