Pricing Strategies and Customer Patronage in the Midst of Covid-19 Pandemic: A Study of Fast Moving Goods' Consumers in Lagos and Ogun States, Nigeria
DOI:
https://doi.org/10.47963/jobed.v11i.1222Keywords:
Keywords: Pricing Strategies, Price Penetration, Price Skimming, Price Discrimination, Customer PatronageAbstract
The main objective of the study is to examine the effect of pricing strategies on customer patronage among customers of fast moving consumer goods in the midst of Covid-19 pandemic in Lagos and Ogun States, Nigeria. Survey research design was used for the study. Data was collected through the use of questionnaire. Convenience sampling technique was used for the study. Descriptive statistics was used to analyze the respondents’ biodata while multiple regression analysis was used to test the hypotheses formulated. Findings of the study revealed that pricing strategies (price penetration, price skimming, and price discrimination) had combined significant effect on customer patronage among customers of fast moving consumer goods in the midst of Covid-19 pandemic in Lagos State (Adj. R2 = 0.10, F = 6.172, p<0.05). In addition, price penetration, price skimming, and price discrimination had combined significant effect on customer patronage among customers of fast moving consumer goods in the midst of Covid-19 pandemic in Ogun State, Nigeria (Adj. R2 = 0.37, F = 24.900, p<0.05). The study concluded that customers will purchase more fasting moving consumer goods when manufacturers set low prices to attract more customers, charge higher prices in order to recover their cost of production, and charge different prices to different buyers in the midst of Covid-19 pandemic in Lagos and Ogun States.
Keywords: Pricing Strategies, Price Penetration, Price Skimming, Price Discrimination, Customer Patronage
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