CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The aim of marketing is to meet and satisfy target customers’needs and wants better than competitors. Successful marketing requires that companies fully connect with their customers. This calls for adopting a holistic marketing orientation which means understanding customers and gaining a full turn-around view of both their daily lives and the changes that occur during their lifetimes so that the right products are marketed to the right customers in the right way. These consumers have varied influences that affect their buying decisions and among these are the pricing tactics and strategies of the marketing firm (Kotler and Armstrong 2007:5).
Brassington and Pettitt (2003:392) defined price as the value that is placed on something. Usually, the price is measured in money, as a convenient medium of exchange that allows price to be set quite precisely. This is not necessarily always the case.However, goods and services may be bartered, or there may be circumstances where monetary exchanges are not appropriate.
Zeithaml (1998:17) noted that from the buyer’s perspective, price represents the value they attach to whatever is being exchanged. Up to the point of purchase, the marketer has been making promises to the potential buyer about what this product is and what it can do for that customer. The customer is going to weigh up those promises against the price and decide, whether it is worth paying.
There is much competition for consumers’ disposable income. This is reflected in both the range of different product markets available for them to spend in and the variety of products competing in any one market. Consumers also have a great deal of discretion over whether they spend or not. There are very few real necessities and, on many occasions consumers buy because they want to, rather than because they need to (Achumba 2001:17).
Also, as a result of the fact that consumers are largely buying to please themselves, their assessments of competing products in most markets is often informal, non-rational or emotional or even none existent. McCarthy and Perrault (2005:172) stated that psychological factors can play a much greater role than analytical skills. Even where hard product information is provided, the consumer does not necessarily make the effort to digest it properly or retain it. Price too, as has already been pointed out, may be interpreted variously, depending on the individual customer.
| Project details | Contents |
|---|---|
| Number of Pages | 136 pages |
| Chapter one | Introduction |
| Chapter two | Literature review |
| Chapter three | methodology |
| Chapter four | Data analysis |
| Chapter five | Summary,discussion & recommendations |
| Reference | Reference |
| Questionnaire | Questionnaire |
| Appendix | Appendix |
| Chapter summary | 1 to 5 chapters |
| Available document | PDF and MS-word format |
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