THE EFFECT OF PRICING POLICY ON SALES IN THE BEVERAGE INDUSTRY
A case study of the Coca cola Bottling Company

 

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ABSTRACT
The rationale behind this project is to know the effect of pricing policy on sales in the beverage industry’ with reference to Coca-Cola Bottling Company Nigeria. The researcher during the course of investigation has received a lot of related literature so as to acquire more knowledge in order to be in a better position to advice firms. The research population composed of 500 people which out of the entire population the researcher made use of 50 sample size to be a representative of the entire population. It revealed that price fixed by organization on its product have an impact on its sales and it equally revealed that price is not indicator of higher quality product it is concluded that price has a strong impact on sales and profitability in the beverage industry. It is thus recommended that, Coca-Cola should reduce their prices by little percentage in order to induce customers to buy more of their products as this will increase sales and maximize profit of Coca-Cola Bottling Company.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1 Background of the study 1
1.2 Statement of the problem 5
1.3 Objectives of the study 6
1.4 Significance of the study 7
1.5 Research Questions 8
1.6 Scope of the study 8
1.7 Limitation of the study 9
CHAPTER TWO
Literature Review
2.1 Introduction 11
2.2 Marketing and Pricing concept 12
2.3 Pricing and Marketing Objective 15
2.4 Price Determination in a Competitive Market 21
2.5 Internal Factor Affecting Pricing 30
2.6 External Factors Affecting Formation of Pricing 33
2.7 Economic Factors Affecting Pricing 35

CHAPTER THREE
Research Methodology
3.1 Introduction 39
3.2 Research Design 39
3.3 Area of study 40
3.4 Population of the study 41
3.5 Sample 41
3.6 Instruments for Data Collection 42
3.7 Validation of the Instrument 42
3.8 Reliability of the Instrument 43
3.9 Method of Data Collection 44
3.10 Methods of Data Analysis 44

CHAPTER FOUR
Presentation and Analysis of Data
4.1 Introduction 46
4.2 Respondent Characteristics 48
4.3 Presentation of Data Analysis in Tables 50
4.4 Discussion of finding 59

CHAPTER FIVE
Summary, Conclusion and Recommendations
5.1 Summary 61
5.2 Conclusion 62
5.3 Recommendations 65
Bibliography 68
Appendix 70
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The subject under study is the effect of pricing policy on sales in beverage industry, the principle, of pricing entails that companies be cautious and efficient in setting up price for their product. Price as one of the four Ps of marketing, demand good attention, because it plays a major role in the successful marketing of a company’s product, customers or consumers decide either to buy or not to buy a particular product judging the nature and characteristics of the product and their purchasing power through its price.

Therefore, price of product is the major determinant, of the market demand for such product, price is one of the most powerful weapons that are available for or to a market to beat down competitors. Customers are likely to patronize company’s product whose prices is satisfying and psychologically fair to them. Effective strategy and policy must be adopted in order for the company’s to succeed in its marketing programme so that it will result to an effective implementation of pricing.

Pricing is an area of primary importance in marketing and it is central to the profitable operation of a business, its marketing activities without critically monitoring and controlling it’s pricing system profit can only be made if consumer buy what the company produce, on the other hand consumer will only buy at the price that satisfies them. In the past many firms did not under stand the theory and concept of pricing. This is very peculiar to developing economy especially Nigerian. They merely set prices that suit their purpose and interest without viewing it from customer point to view.

This is because there were no or not enough competitive firms. Many firm have to realize the importance of pricing as one of the most important element that helps to determine the success of any business enterprise.

In managing the pricing of product which is part of company’s marketing mix, management must first of all decide on its pricing goal, policy and strategy about a given product to satisfy consumers, efficient pricing of goods and services which is often a critical factor in successful operation of any business enterprise. Pricing has many definitions as there are many definitions given by some price authors;
– price, is defined by Stanton (1985) as the “”amount of money charged for a product or services.
– Brown and Jalques (1995) sees it as the amount of money which will be accepted in return for legal transfer of a product and services.
– A.D Umar, M. Tanko Y.A. Hashim (2005) described price as the “Values of a product (good and services) expressed in a monetary term”. The above definitions do not consider price or pricing in relation to the physical product alone, this is due to the fact a seller usually price or is pricing the constituent of the physical product severed services as well as it satisfying benefits for instance one model of an automobile may at a stated price included ratio power steering, tinted glass, are condition, metallic door are services of same for another model of the same make these six listed items may be priced separately.

To this end Kotler (2000) defined price as “the amount of money needed to acquire some or a combination of a product and its accompanying or separate services.

Pricing is there fore the parallel of the total product offered to a buyer for a price and receives not only the product of offering but may include installation. Maintenance services and repair of a brand / new which may be helpful in future for promotion. This question here is how are price arrived at: historically in a competition environment (market) through bargaining with each other sellers would offer more than they expect to set from buyer who will in turn offer less than they expect to pay.
They would arrive at a mutually acceptable price through bargaining.

1.2 STATEMENT OF THE PROBLEM
Many companies do not handle pricing as it should be. The most common mistake is that pricing is too cost oriented, it is not revised often enough to capitalize on market changes, it is also set independent of the rest of the marketing mix other then as an interior element of market positioning strategy and price is not varied enough to different product item. Therefore, many companies find it difficult to break even due to largely the