PRICING OF AGRICULTURAL PRODUCTS
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
PRICING OF AGRICULTURAL PRODUCTS
ABSTRACT
This study examined the pricing of agricultural products (a case study of sorghum suppliers in Enugu city).
To conduct the research study. Some of the following objectives were established.
To investigate the difficulties with the sorghum pricing system.
To provide relevant recommendations on how to improve the sorghum pricing system. Based on the detailed literature review on the textbook.
Fournals and material on the subject of the investigation were conducted.
Based on these observations, the researchers arrived at the following conclusions.
The survey reveals that the price mechanism used by sorghum suppliers does not result in customer repeat purchases.
It was also revealed that the product is not widely available in all markets in Enugu metropolis.
To boost performance, the four ps of marketing (price, promotion, place, and product) should be used effectively.
The experts believe that if these recommendations are followed carefully, sorghum suppliers will not only better service their clients but also increase their profit margin.Chapter one
INTRODUCTION
1.1 Background of the Study Pricing.
Pricing is a far more uncontrolled issue for agricultural producers, particularly in the short term. First and foremost, agricultural producers operate in tiny units and create homogeneous products,
making it impossible to affect supply in the face of shifting demand in the near term. In the long run, these producers can affect prices by reducing the acreage under cultivation.
According to Kotler (1996, p. 46), pricing is the quantity of money that a client pays for a product or service as well as the time at which the transaction occurs. Munier (1994: 10) stated in his quality evaluation of marketing that pricing is the exchange value of a good service,
and the worth of an item is what it can be exchanged for in the market; every product and service has a price. Price and payment are how corporations recover their manufacturing costs and actively manage profit.
Price is a monetary statement of value; value is created through utility; utility is an expression of usefulness; and overall usefulness is dependent on the possibility for nod and want. Satisfaction, value, and utility are culturally based,
whereas needs and wants are psychological, sociological, and physiologically based, so price is the ultimate expression of the needs and wants satisfying potential of a product or service, which has cultural, psychological, and economic implications for the market.
According to Edoga and Ani (2000: 319), price is frequently used to represent value when combined with the perceived quality of a product or service. Specifically, value can be defined as the ratio of perceived quality to price.
This link demonstrates that when quality grows for a given perceived price, so does value. Value also diminishes at a given price. When perceived quality for a product falls, price has an impact on consumers’ impression of quality and overall worth. This includes transport services.
Pricing is a major and comprehensive component of the marketing mix, generating the highest amount of external interference.
It is a major factor influencing the volume of goods and services available to consumers in every economy. As a result, forms, particularly those in profit businesses, have both external and internal price policies and techniques accessible to help them achieve their organisational goals.
According to Adirika Ebue and Nnolim (2001:280), while agricultural producers appear to be price takers, middlemen have a significant influence on the price of products sold to consumers.
This is in addition to the essential add-ons for services and profits, and it is made possible by dealing with tiny, dispersed production units.
Monree (1992:210) observed that the consumer impression of product quality is very directly related to how good the quality is regarded to be.
Given the complexities of price and its impact on agricultural product marketing, This study examines the pricing of agricultural products, focusing on ………
1.2 Statement of Problem
Price is a crucial marketing mix aspect that maximises a company, including agricultural marketers, particularly in a deregulated economy like ours.
Because of the problem of price in agricultural marketing, the government frequently intervenes to stabilise prices.
In Nigeria, the government’s efforts to stabilise prices include purchasing an abundance of unnecessary products from farmers at a reasonable price.
Price regulation and sale of government-offered products below the official market price. Sorglunm is an agricultural crop used in the production of beer; the price of the product has continued to rise over time,
which has undoubtedly had an adverse effect on the cost of beer production, so affecting the price of beer. In light of these findings, the researcher attempts to investigate why the prices of agricultural products,
including sorghum, have not stabilised and what problems the supplier of sorghum faces in price fixing. All of these and many more concerns remain to be addressed in this study project.
1.3 PURPOSE OF THE STUDY.
Determine whether the pricing of agricultural produce attracts customers.
To identify an issue with the agricultural produce pricing system.
To examine the impact of a pricing structure on the profitability of manufactured or farmer-produced agricultural products.
To identify an issue with the agricultural produce pricing system.
To find out if our farmer has fixed their charges.
Make relevant recommendations on how to improve the evolving agricultural production system.
1.4 RESEARCH QUESTION.
To ensure the effectiveness of this investigation, the following research questions were mutated.
Does the price scheme implemented by sorlunm suppliers in Enugu metropolis result in increased profits?
Are rates adopted by suppliers of sorghum in Enugu metropolis attributable to rises in profit?
To what extent does the process system used by Sorlunm suppliers in Enugu metropolitan lead to repeat purchases of the items.
Do sorglunm suppliers have problems determining the price of the product?
1.5 SIGNIFICANCE OF THE STUDY.
The study is not an academic activity; however, it will provide significant benefits to the researcher by broadening research knowledge in research writing and pricing practices used by farmers and manufacturers of agricultural produce.
It will be extremely beneficial to researchers that use the study as a basis for literature reviews.
Farmers and marketers will find the write-up very valuable because it will teach them how to set agricultural product prices. The government will also profit from the study because it is often involved in the pricing of agricultural products.
The consumer of agricultural products will gain since the product will be reasonably priced.
1.6 SCOPE OF THE STUDY
The study was conducted to investigate the pricing of agricultural products. However, due to time and other constraints, emphasis was placed on the sorghum supplier in Enugu metropolitan.
1.8 Definition of Term
Agriculture is the process of producing animals, fish, crops, and natural resources for human consumption and benefit.
Price regulates the rate at which products and services are created, traded, and delivered.
The market is where products and services are bought and sold. Or a location where goods and services are together.
Need help with a related project topic or New topic? Send Us Your Topic