ASTRACT

Generally, price is the amount of money charged for a product or service. Price is one of the controllable variables which refers to the sum of all the values that customers give up in order to gain benefit. The main objective of the study is to evaluate the pricing strategy for effective marketing of pharmaceutical products, which emphasizes on Juhel Pharmaceutical Limited. The study adopted primary data method of data collection and the variables examined are Penetration Pricing, Effective Marketing. The researcher administered a research questionnaire to each member of the target population since it was the most appropriate tool to gather the information. Descriptive statistics such as percentages and tables were used in the analysis of data and the researcher employed Chi-Square to estimate the relationship of the variables. Data presentation was done by the use of tables for easy understanding and interpretation. The study found that Penetration Pricing Strategy is significant to Pharmaceutical Products at 5% level of significance. In view of the above, the public is recommended by the study to accommodate Penetration Pricing Strategy as tool for effective marketing of Pharmaceutical Products.

TABLE OF CONTENTS

Title page                     I

Declaration           II

Certification          III

Dedication          IV

Acknowledgement           V

Abstract          XII

CHAPTER ONE: INTRODUTION

1.1 Background to the Study 1

1.2 Statement of the Problem 3

1.3 Objectives of the Study 4

1.4 Research Questions    4

1.5 Research Hypotheses 5

1.6 Significance of the Study 6

1.7 Scope of the Study 6

1.8 Limitations of the Study                                                               6

1.9 Definition of Terms 7

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Overview of Marketing 9

2.2 Pricing 11

2.2.1 Objectives of Pricing 12

2.2.2 Technologies in Pricing 13

2.2.3 Nine Laws of Pricing Sensitivity and Consumer 

Psychology                                                       17

2.2.4 Approaches 18

2.2.5 Pricing Tactics 19

2.2.6 Pricing Mistakes 19

2.3 Pricing Strategies 20

2.3.1 Models of Pricing  21

2.3.2 Variable Pricing Strategies 35

2.3.3 Yield Management Strategies 36

2.4 Role of Pricing Marketing 37

2.5 Penetration Pricing 39

2.5.1 Research 42

2.6 Pharmaceutical Marketing 43

2.6.1 New PHRMA Code 45

2.6.2 Free Sample 46

2.6.3 Continuing Medical Education 47

2.6.4 Pharmaceutical Representatives 47

2.6.5 Key Opinion Leaders 50

2.6.6 Colleagues 52

2.6.7 Private and Public Insurers 52

2.6.8 Drug Coupons 54

2.6.9 Economics 55

CHAPTER THREE: RESEARCH METHODOLOGY

3.0 Research Design 57

3.1 Area of the Study 57

3.2 Sources of Data 57

3.3 Population of the Study 58

3.4 Sample and Sampling Technique 58

3.5 Sample Determination            59

3.6 Instrument for Data Analysis            59

3.7 Validity of Research Instruments 60

3.8 Reliability of Research Instruments 60

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1 Data Presentation and Analysis 61

4.2 Test of Hypotheses 75

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of Findings 86

5.2 Conclusion 86

5.3 Recommendations 87

References

Appendixes