AN ANALYSIS ON THE IMPACT OF PRICING STRATEGIES FOR EFFECTIVE MARKETING OF CONSUMER PRODUCT (A CASE STUDY OF COCA-COLA NIGERIA LIMITED)

ABSTRACT The study seeks to examined the impact of pricing strategies for effective marketing of consumer product in coca-cola Nigerian limited. The research design used for this study is the descriptive survey method where 460 employees‟ of Coca-Cola Nigeria limited made the population. The sampling techniques used for the study was probability sampling techniques where systematic sampling was used in selection sample size. The tool used to collect the data was a structured questionnaire. A sample of 210 questionnaires was used as a sample size where 201 out of those returned the questionnaires. Data was analyzed using simple percentage are employed that is based on the proportion of the respondent to the responses and also table is use to present the finding. The study also used a correlation analysis to establish the relationship between the dependent variable and the independent variables and data presented in tables and figures. The study reveal that skimming pricing strategy is positively related to effective marketing of consumer product. It was also found that there is a positive relationship between penetration pricing strategy and effective marketing of consumer product. Penetration pricing strategy is seen to have an influence on effective marketing of consumer product. Penetration pricing strategy is a strong competitive advantage that helps firms achieve profitability and competitive edge. It is also revealed that premium pricing have an influence on effective marketing of consumer product. The study also showed that consumers are more educated and informed in this era; this has made it easier for consumers to the cost of producing and making products available. For this reason, when a price is relatively low consumers might term the product an inferior one. In the same vein, when the price is too high, dissatisfaction sets in. in other words, when premium pricing strategy is properly applied, customers tend to view the firm a transparent one, and subsequently get satisfied. This in turn betters the effective marketing of consumer product. The study recommends that Coca-Cola Nigeria limited need to improve their marketing performance should treat their pricing strategy as one of the most important strategies in their marketing plan. The study also recommend that to have a positive and improved marketing consumer product should adopt a skimming pricing strategy. In order to improve effective marketing performance, firms should include a premium pricing strategy in their plan. The study also recommend that Coca-Cola Nigeria limited should include a penetration pricing strategy in their plan in order to improve effective marketing of consumer product.