Persuasive Effect of Price on the Purchase of Plastic Building Products in Bayelsa State

Abstract

The study was conducted to investigate the persuasive effect of price on the purchase of plastic building products in Bayelsa state, Nigeria. Two research questions were developed and answered by the study while two null hypotheses were formulated and tested at P≤0.05 level of significance. The study adopted descriptive survey research design. The population for the study consisted of 2,039 respondents. Random sampling technique was utilized to sample 247 respondents which represented the sample frame the study. The instrument for data collection for the study was a structured 25-item questionnaire titled: “Persuasive Effects of Price Questionnaire (PEPQ). The instrument was validated by three experts.For the purpose of obtaining the internal consistency of the instrument, Cronbach Alpha reliability method was used in which a Cronbach alpha coefficient of 0.83 was obtained indicating high reliability of the instrument. Data were collected by the research with the help of four research assistants. Out of the 247 copies of the questionnaire administered, 238 copies were retrieved indicating 96.3% rate of return. Data collected were analysed using mean for answering the research questions while the two null hypotheses were tested using analysis of variance (ANOVA) at 0.05 level of significance. Based on the data analyzed, the study found out that pricing strategies such as premium pricing, price bundling, complementary pricing, penetration pricing and market-oriented pricing strategies among others are to a Great Extent being utilized to persuade buyers of plastic building products in Bayelsa State and that price as a marketing variable is persuasive in attracting patronage of plastic building products in Bayelsa State. Based on these findings, the study recommended that major actors in the manufacturing sub-sector of the Nigerian economy should adopt and utilize pricing strategies and price as an important marketing variable in order to always enjoy competitive advantage against close substitutes in the market.

Keywords: persuasive, price, pricing strategies, plastic building product, Bayelsa State.