Influence of Pricing in Determining Consumer Buying Behaviour (A case of Selected Business Organisations in the United Kingdom)

Abstract

This study is aimed at ascertaining the impact of pricing and other factors that influence consumers purchase decisions, in doing this, the study considered those factors that can affect the demand and supply for a commodity or service (e.g. consumer goods and service) as well as consumers response to change in price and all other factors put into consideration in choosing brands using some selected business organisation in the United Kingdom. The study being qualitative in nature used content analysis of various organisations of interest website, magazines and other related website for useful tips while SWOT analysis was used in the research for identifying organizations area of strength and where they are lacking. The year under consideration span from 2005-2015 and the choice of which is due to availability of data. The study revealed that pricing strategy is a major factor when trying to gain larger market share, as consumers mostly consider price before any other thing and that can eventually result in brand loyalty. It is therefore recommended that for business organisation to operate profitably and build brand loyal customers, they should be proactive in reducing cost of production through innovation which will invariably lead to reduced price of goods and while doing this, quality should not be compromised.