EFFECT OF PRICE ON CONSUMERS’ PATRONAGE OF MARY KAY PERFUME
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Perfume product is very important to the health of the human being. It is used for preserving the odor. This product has to be appropriately pricing in order to attract customer patronage and increase profitability.
According to (Kotler, 1996: 46) price is the amount of money customers pay for the product or service and the time a place of change.
(Mmamel, 1994: 10) in the quality renew of marketing stated that price is the exchange value of goods/services and the value of an item is what it can be exchange in the market place, every product and service has its price. It is through price and payment that firms recover their cost of production and active their margin of profit.
Pricing is the monetary expression of value is created on utility, utility is an expression of usefulness while usefulness is based on the potential for need and want satisfaction value and utility are culturally based while needs and want-cultural, psychological, sociological and physiological based, therefore price as an ultimate expression of needs and want satisfying potential of an items of product or services which has cultural psychological economic implication on market.
(Edoga Ani, 2000: 319) noted that price as perceived quality increase, value increase. Also for a given price, value decrease when perceived quality decrease. For some product price itself influences the perception of quality and ultimately value to consumers. This includes toilet soaps.
Pricing is an important and compete element of the marketing mix and generate the highest level of external interference.
It is a major determine with volume of goods and services available for the consumer in any economy.
Therefore, forms especially those on profit business has to choose with the contain of the environmental variables both external and internal pricing policies and techniques which are available to achieve its organizational objectives.
The importance of price in the marketing of Mary-Kay perfume cannot be over emphasized. If an organization wants to maximize its net profit, the right price must me selected for its products price in goods may either be too high or too low to be good. When the price and changed are two high the size of the market for that particular product may be unnecessarily restricted and if the right price where used.
The size of net profit is directly related to the effectiveness of price because price usually causes change in market demand for a given product and in turn it revenue and net profit.
(Monroe 1994: 210) Noted that the consumer perception of product quality very directly with the price, the higher the price the better the quality is preferred to be. In the words of (Adirika, Ebue & Nnolim 1993: 25) without price there can be no marketing, product may be marched with market but only when buyers or sellers agree on price, buyer or a seller may propose a price but it is not effective unit price is accepted by the owner.
In the view of the complex nature of price and important to customers patronage decision the researcher in the study critically examine the effect of piecing on consumer patronage of Mary-Kay perfume in Enugu metropolis.
1.2 STATEMENT OF THE PROBLEM
The high mortality ate of manufacturing business especially those firms in the beverages industries in our country Nigeria is a source of concern to the management of business organization and the society in general.
It seems that these forms do not adopt appropriate pricing strategies in the pricing of their products.
Today, one can see small manufacturing firms spring up in the city in the guise of manufacturing perfume. Some of these firms after a few months/years of operation start to experience low sales low profit as a result of poor customer patronage caused partly by failure to adopt appropriate pricing strategies.
A situation where manufacturers of consumers products and services continue to experience low sales volume or an eventual close up of business as a result of low profit margin arising from the adoption of wrong pricing strategies calls for investigation. The study seeks to find out what pricing strategies are used by as well as those manufacturing firms in the Mary-Kay industry and how far they have helped in goal accomplishment.
A delegated economy like one is an a
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