Empirical investigation of the functional relationship between pricing strategies and sales performance: A study of POLAR PETROCHEMICAL LIMITED ILORIN, KWARA State, Nigeria

Abstract

The study examine the relationship between pricing strategies and sales performance of Polar Petrochemical Limited. The aim of the study is to examine the relationship between pricing strategies and sales performance of Polar Petrochemical Limited. The study employs descriptive survey research design. Data was obtained from 109 staff of Polar Petrochemical. The primary obtained with the aid of questionnaire was analysed with ordinary linear regression aided with Statistical Package for Social Sciences (SPSS). The results of the study show that the three pricing strategies investigated in the study: skimming pricing strategy, penetration pricing strategy and psychological pricing strategy have no significant effects on sales performance of Polar Petrochemical Limited. The study recommends that the management of the company should carry out a detail study of the sales performance of the firm overtime with a view to overhauling it's pricing strategies and adopt a pricing strategy that matches the nature of its product as well as it's position in the industry in order to achieve a significant positive impact if such strategies on the performance of the firm.