AN EVALUATION OF PRICING STRATEGIES AND ITS IMPACT ON MARKETING DECISION: A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA (P.H.C.N.). A RESEARCH PROJECT MATERIAL ON ECONOMICS
In a dynamic and ever growing environment such as the Nigeria economy firms organization must adopt the right strategies in order to survive the current market trend and the Power Holding Company of Nigeria (PHCN). An evaluation of pricing strategies and its impact on marketing decision will seek to critically analyze the relationship between price and its impact on marketing decision which will result to an increased sale volume either in the market or the Power Holding Company of Nigeria (PHCN). A product price is a major determinant of the market demand for the item price affects a firm’s competitive position and its market share. It is only through price that money come in an organization such as (PHCN). Price is the marketing mix-element that produces revenue the other produce cost. Price is also one of most flexible elements price can be changed quickly. At the same time, price competitive is one of most critical problems that can be faced in such an organization like the Power Holding Company of Nigeria (PHCN). In the light of the above, a more effective goal oriented approach to pricing is needed to enhance marketing decision and marketing decision effectiveness. To complement the selected strategy a price structure and price level have to be determined in such organization like the Power Holding Company of Nigeria (PHCN).
BACKGROUND OF THE STUDY
In a dynamic and ever growing environment such as the Nigeria economy firms and marking organization must adopt the right strategies in order to remain competitive in the market. A strategy refers to the skills and decision making process of the management of the company or firms or organization. It is also used to refer to the output of the process. This, a marking strategy can have a broad impact on the business in terms of instilling a marketing orientation among all those in the firms, the way of thinking or philosophy of the whole organization.
However, marketing strategy can alternatively be seen as dealing with the development of competitive advantages directly associated with the marketing function, such as customer loyalty and distribution channel control. Hence an organization like the Power Holding Company of Nigeria (PHCN) have a marketing strategy focus on broad or philosophical approach while other prefer a narrower or functional view. In the case, the domain is sometimes even further restricted by focusing attention on the various elements of marketing mix rather than more general issues of customer and channel relationship (Wensley, 1995).
In an organization like the Power Holding Company (PHCN) its marketing is said to be a reflection of the marketing activities that take place in an organization sometimes it is tagged the 4ps of marketing and it include product, price, place, and promotion. Pricing as a marketing mix variable is an important determinant of one firms’ success and mother’s failure pricing has to be timely and appropriate in order to achieve its desired objectives.