PRICING OF STAPLE FOOD PRODUCT IN ENUGU STATE PROBLEMS AND PROSPECTS
ABSTRACT
This studying is an investigation of the pricing of staple food products in Abakpa – Nike Market in Enugu State.
Price as a matter of fact is as important as product itself. It is as important as product itself. It is a factor that provides revenue for further production to take place and also provides profits to meet other cost. Therefore, price is an element worth standing in very market on the other hand originated as a cheap retail outlet with mass appeal but the cost structure of the firms, the level of inflation having impact on the firms and this leads to a negation of the original posture. Hence, the current pricing practice of stale food product was researched and the alternative hypothesis are accepted as against our original assumptions.
A cross – sectional survey method of research was employed in collection of data through the administration of questionnaire to the sample units at Abakpa – Nike market Enugu.
The data generated were used to answer the research questionnaire and revealed that small market in Enugu state adopts one price policy.
TABLE OF CONTENTS
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
1.0 Introduction
1.1 Background of the study
1.2 The objective of the study
1.3 Statement of problem
1.4 Scope of the study
1.5 Research questions
1.6 Significance of the study
1.7 Definition of the terms
2.0 Literature review
2.1 Introduction
2.2 Need for pricing policies
2.3 Factors influencing the pricing policies
2.4 External factors affecting
2.5 Role of prices in the economy
2.6 Pricing objective
2.7 Type of pricing strategies
2.8 Procedure for price determination
2.9 Method of setting prices
2.10 Computing prices at retailing levels
3.0 Problems and prospects of pricing staple food products in Enugu State
3.1 History of Enugu State
3.2 Source of data collection
3.3 Market survey
3.4 Research design
4.0 Summary of findings recommendation and conclusion
4.1 Introduction
4.2 Summary findings
4.3 Recommendation
4.4 Conclusion
4.5 Bibliography
CHAPTER ONE
1.0 INTRODUCTION
In the past development planners often advocated that pricing of staple food products are difficult. Some of the staple food products perish quickly and some last but not so long. Also, demand for these various types of staple food products vary. It was later recognized that agricultural products have vital roles to play the course of economic development of Nigeria particularly Enugu state.
The problem of choosing between agricultural products and industrialization because of demand for them. As its is always said that offer cheap price, we will be conscious that they institutions with lower overheads. The opinions of the researcher that Enugu state must carry out researcher on price of staple food product:
1. Ability and willingness of customer to buy
2. The price
3. Higher turnover rate of the agriculture product are carrying etc
Before pricing for any of their commodities in the market. It is types research that will determine their pricing objective which variable will lead strategic decisions and policy. And the concern now is rather with interrelationship between industry agriculture, producer and the contribution that each can make to other.
1.1 BACKGROUND OF THE STUDY
Agriculture ranks second highest source of income in Enugu state. While more than 75% of the population practice/engage in agriculture, more than 80% are involved in one way or the other in Agro-business. This portrays to some extent the importance of agriculture in Enugu state.
The state is made up of (17) seventeen local government areas plus few other development centers. They are divided into four geo-political zones namely Nsukka, Enugu South, Enugu North and Awgu all of which are potential area of agriculture products.
But since ages to date, little or no specific investigation has been carried out to find production and marketing pattern vis-à-vis pricing agricultural product in Enugu state. Some of products are preservable, storable, transportable, some others not. According to Kotler, “All business organization faces the task of setting a price on their products or services. Price is the only element in marketing mix that creates sales – revenue. Hence other elements are cost-oriented.
According to Buskirk, “price is a measure marketing programme. No business decision is as critical from both a economical and social stand pint as prices and yet less is known about how Enugu state is pricing of staple food and set their price to know about any other aspect of business.
Buskirk 1979 : 06 further argued that effect promotion quality customer service and even improvement in the quality of product ingredients. This will happen if buyers are indifferent about price pricing decision thus not be make independent of promotional strategies.
This points out of the Enugu state must organize its marketing activities with the view of attracting and holding customers with its offering, embodied in the agricultural product. The agro-product here defines attributes seen from the maid of the buyers which including cassava, rice, bread, potatoes and beans etc. That favour price and services.
It is these attributes that the customers have in mind while buying the agricultural product. Pricing has a far-reaching effect or consumer satisfaction and long-term patronage.
Yet less is known about how Enugu state and in particular Abakpa – Nike marketer handle problems arising from pricing staple food products.
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