Co esponding au ho : Chinonso Benjamin Obiajulu
Copy igh © 2025 Au ho (s) e ain he copy igh o his a icle. This a icle is published unde he e ms o he C ea i e Commons A ibu ion Liscense 4.0.
Explo ing p icing s a egies and hei impac on inancial pe o mance o SMEs in
Nige ia
Chinonso Benjamin Obiajulu 1, *, Chidimma F ancisca Azubuko 2 and Joshua Okpanachi 3
1 Depa men o Business Adminis a ion, Ahmadu Bello Uni e si y, Za ia, Nige ia.
2 Independen Resea che , Lagos Nige ia.
3 Depa men o Accoun ing, Facul y o Managemen Sciences, Nige ian De ense Academy, Kaduna, Nige ia.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
Publica ion his o y: Recei ed on 27June 2025; e ised on 11Augus 2025; accep ed on 13Augus 2025
A icle DOI: h ps://doi.o g/10.30574/wja .2025.27.2.2922
Abs ac
This s udy explo es he impac o p icing s a egies on he inancial pe o mance o Small and Medium-sized En e p ises
(SMEs) in Nige ia, aiming o iden i y e ec i e app oaches o enhancing p o i abili y and compe i i eness. Conduc ed
in Lagos, he esea ch employed a mixed-me hods design, collec ing da a om 175 SMEs ac oss manu ac u ing, e ail,
se ices, echnology, and heal hca e sec o s h ough s uc u ed ques ionnai es and in e iews wi h 15 SME owne s.
The scope included examining cos -based, alue-based, and dynamic p icing s a egies, alongside he equency o
p icing e iews. Resul s indica e ha cos -based p icing was mos common (22.9%), bu alue-based p icing yielded
he highes inancial pe o mance a ing (4.2 on a 5-poin scale), ollowed by dynamic p icing (4.0), compa ed o cos -
based (3.8). Reg ession analysis con i med signi ican co ela ions be ween alue-based (p<0.01) and dynamic p icing
(p<0.05) wi h p o i abili y. Qua e ly and mon hly p icing e iews (31.4% and 20.0% o SMEs) we e linked o highe
pe o mance han annual e iews. In e iews highligh ed ha alue-based p icing enhances cus ome loyal y, while
dynamic p icing enables adap abili y o Nige ia’s ola ile ma ke . The s udy concludes ha alue-based and dynamic
p icing, suppo ed by equen e iews, signi ican ly imp o e SME p o i abili y and esilience. These indings o e
p ac ical guidance o SME owne s o adop cus ome -cen ic and adap i e p icing s a egies and unde sco e he need
o aining p og ams o suppo implemen a ion, con ibu ing o SME sus ainabili y in Nige ia’s challenging economic
landscape.
Keywo ds: P icing s a egies; Small and Medium En e p ises; Financial pe o mance; Value-based p icing, Dynamic
p icing; Ma ke adap abili y
1. In oduc ion
Small and Medium-sized En e p ises (SMEs) a e he backbone o economic de elopmen in many coun ies, pa icula ly
in eme ging economies like Nige ia, whe e hey con ibu e signi ican ly o employmen , inno a ion, and g oss domes ic
p oduc (GDP) [1]. In Nige ia, SMEs accoun o app oxima ely 48% o GDP and 84% o employmen , unde sco ing hei
c i ical ole in os e ing economic esilience [2]. Howe e , hese en e p ises ace subs an ial challenges, including
in ense compe i ion, limi ed access o inance, and ola ile ma ke condi ions, which o en unde mine hei inancial
pe o mance [3]. Among he s a egic decisions ha in luence SMEs’ sus ainabili y, p icing s ands ou as a pi o al ac o .
P icing s a egies no only de e mine e enue s eams bu also shape ma ke posi ioning, cus ome pe cep ions, and
long- e m compe i i eness [4]. This s udy explo es how di e en p icing s a egies speci ically cos -based, alue-based,
and dynamic p icing impac he inancial pe o mance o SMEs in Nige ia, ocusing on me ics such as p o i abili y and
e enue g ow h.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1282
The impo ance o p icing s a egies o SMEs canno be o e s a ed. E ec i e p icing enables businesses o co e cos s,
achie e p o i abili y, and espond o ma ke dynamics, while poo ly designed p icing can lead o inancial losses o loss
o ma ke sha e [5]. In Nige ia’s economic con ex , cha ac e ized by in la ion, cu ency luc ua ions, and shi ing
consume p e e ences, SMEs mus adop p icing s a egies ha balance p o i abili y wi h cus ome alue [6]. The choice
o p icing s a egy whe he based on p oduc ion cos s, pe cei ed cus ome alue, o dynamic ma ke adjus men s
di ec ly in luences inancial ou comes. Fo ins ance, cos -based p icing, which elies on p oduc ion cos s plus a ma kup,
is s aigh o wa d bu may ail o cap u e ma ke oppo uni ies [7]. In con as , alue-based p icing aligns p ices wi h
cus ome pe cep ions o alue, po en ially yielding highe ma gins [8]. Dynamic p icing, which adjus s p ices in
esponse o ma ke condi ions, o e s lexibili y bu equi es sophis ica ed ma ke analysis [9]. Unde s anding which
s a egies bes enhance inancial pe o mance is c ucial o SMEs na iga ing Nige ia’s challenging business
en i onmen .
The pu pose o his s udy is o in es iga e he ela ionship be ween p icing s a egies and inancial pe o mance among
Nige ian SMEs. The speci ic objec i es a e h ee old: (1) o iden i y he p edominan p icing s a egies employed by
SMEs ac oss a ious indus ies, (2) o examine he co ela ion be ween hese s a egies and inancial pe o mance
me ics, such as p o i abili y and e enue g ow h, and (3) o e alua e he ole o p icing s a egy e iew equency in
enhancing inancial ou comes. These objec i es we e de eloped based on he ecogni ion ha p icing decisions a e a
c i ical le e o SME success, ye he e is limi ed empi ical e idence on hei impac in he Nige ian con ex [10]. The
hypo hesis guiding his esea ch is ha he e is a signi ican posi i e co ela ion be ween he adop ion o alue-based
and dynamic p icing s a egies and imp o ed inancial pe o mance among SMEs, compa ed o adi ional cos -based
app oaches.
The de elopmen o his hypo hesis s ems om bo h heo e ical and p ac ical conside a ions. Theo e ically, p icing
li e a u e sugges s ha s a egies aligned wi h cus ome alue and ma ke dynamics ou pe o m cos -d i en
app oaches in compe i i e se ings [8]. P ospec Theo y, o ins ance, posi s ha cus ome s make pu chasing decisions
based on pe cei ed alue a he han absolu e p ice, suppo ing he e icacy o alue-based p icing [11]. Simila ly, he
Resou ce-Based View (RBV) amewo k emphasizes ha i ms wi h adap i e capabili ies, such as dynamic p icing, can
le e age ma ke esponsi eness o achie e compe i i e ad an age [12]. P ac ically, Nige ia’s economic ola ili y
ma ked by in la ion a es a e aging 15–20% annually and equen supply chain dis up ions demands p icing s a egies
ha a e lexible and ma ke -o ien ed [13]. Obse a ions om p elimina y discussions wi h SME owne s in Lagos
e ealed ha many s uggle wi h p icing decisions due o limi ed ma ke da a and compe i i e p essu es, p omp ing
he need o explo e which s a egies yield op imal inancial esul s.
The impo ance o his s udy lies in i s po en ial o add ess a c i ical gap in he li e a u e. While p icing s a egies ha e
been ex ensi ely s udied in de eloped economies, hei applica ion in eme ging ma ke s like Nige ia emains
unde explo ed [14]. Nige ian SMEs ope a e in a unique con ex , cha ac e ized by high ope a ional cos s, limi ed
echnological adop ion, and di e se consume beha io s [15]. Fo example, he e ail and se ice sec o s o en ace
in ense p ice compe i ion, while echnology-d i en SMEs may le e age inno a i e p icing models o cap u e niche
ma ke s [16]. Unde s anding how di e en p icing s a egies in luence inancial pe o mance can p o ide ac ionable
insigh s o SME owne s, policymake s, and suppo agencies like he Small and Medium En e p ises De elopmen
Agency o Nige ia (SMEDAN). Mo eo e , his esea ch con ibu es o he b oade discou se on SME sus ainabili y by
highligh ing he ole o s a egic p icing in na iga ing economic challenges.
The mo i a ion o his s udy also a ises om he need o empowe SMEs wi h e idence-based s a egies o enhance
hei inancial iabili y. Many Nige ian SMEs ail wi hin hei i s i e yea s due o inancial mismanagemen o inabili y
o compe e e ec i ely [17]. P icing, as a con ollable a iable, o e s a di ec pa hway o imp o e e enue and
p o i abili y wi hou equi ing signi ican capi al in es men [18]. By examining he p e alence and e ec i eness o
p icing s a egies, his s udy aims o p o ide a oadmap o SMEs o op imize hei p icing decisions. Fo ins ance, he
adop ion o alue-based p icing could enable SMEs o di e en ia e hemsel es in c owded ma ke s, while dynamic
p icing could help hem espond o apid changes in consume demand o inpu cos s [19]. The equency o p icing
s a egy e iews is ano he c i ical ac o , as egula adjus men s may allow SMEs o s ay aligned wi h ma ke ends
and cus ome expec a ions [20].
Fu he mo e, his esea ch is imely gi en he inc easing digi aliza ion o Nige ia’s SME sec o . The ise o e-comme ce
and digi al paymen sys ems has in oduced new p icing dynamics, such as subsc ip ion-based models and eal- ime
p ice adjus men s, which could enhance inancial pe o mance [21]. Howe e , many SMEs lack he knowledge o
esou ces o implemen hese s a egies e ec i ely [22]. By analyzing empi ical da a om a di e se sample o SMEs,
his s udy seeks o b idge his knowledge gap and o e p ac ical ecommenda ions ailo ed o Nige ia’s economic
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1283
eali ies. The indings a e expec ed o in o m SME owne s on how o selec and adap p icing s a egies ha maximize
p o i abili y while main aining cus ome sa is ac ion.
2. Ma e ials and Me hods
This s udy employed a mixed-me hods esea ch design o in es iga e he ela ionship be ween p icing s a egies and
inancial pe o mance o Small and Medium-sized En e p ises (SMEs) in Nige ia. The app oach combined quan i a i e
da a om s uc u ed ques ionnai es wi h quali a i e insigh s om semi-s uc u ed in e iews, ensu ing a
comp ehensi e analysis o p icing dynamics and hei inancial implica ions.
The s udy popula ion comp ised SMEs in Lagos, Nige ia, de ined by he Small and Medium En e p ises De elopmen
Agency o Nige ia (SMEDAN) c i e ia: en e p ises wi h 11–300 employees and annual u no e below 100 million Nai a.
A s a i ied andom sampling echnique was used o selec 175 SMEs ac oss i e sec o s: manu ac u ing, e ail, se ices,
echnology, and heal hca e. Each sec o was p opo ionally ep esen ed o e lec indus y di e si y, wi h
app oxima ely 35 SMEs pe sec o . This sampling me hod ensu ed ep esen a i eness and minimized bias.
Da a collec ion in ol ed a s uc u ed ques ionnai e designed o cap u e da a on p icing s a egies (cos -based, alue-
based, dynamic, pene a ion, skimming, compe i i e, and o he s), inancial pe o mance me ics (p o i abili y, e enue
g ow h), and p icing e iew equency. The ques ionnai e used a 5-poin Like scale o pe o mance a ings and
mul iple-choice op ions o s a egy ypes. Validi y was ensu ed h ough expe e iew by wo academic esea che s,
and eliabili y was con i med ia a pilo s udy wi h 10 SMEs, yielding a C onbach’s alpha o 0.82. Addi ionally, semi-
s uc u ed in e iews we e conduc ed wi h 15 SME owne s o manage s o gain quali a i e insigh s in o p icing
decision-making p ocesses. In e iews las ed 20–30 minu es and we e audio- eco ded wi h consen .
Da a analysis u ilized bo h quan i a i e and quali a i e me hods. Desc ip i e s a is ics, including means, medians, and
s anda d de ia ions, we e calcula ed o summa ize he dis ibu ion o p icing s a egies and inancial pe o mance
a ings using SPSS e sion 25. Co ela ion and eg ession analyses assessed he ela ionship be ween p icing s a egies
and inancial ou comes, wi h signi icance se a p<0.05. Quali a i e da a om in e iews we e analyzed hema ically,
iden i ying key hemes ela ed o p icing challenges and s a egies. T iangula ion o quan i a i e and quali a i e
indings enhanced he obus ness o he esul s. Ques ionnai es we e adminis e ed in pe son and ia secu e online
pla o ms, ensu ing accessibili y. In e iew da a we e ansc ibed e ba im and s o ed secu ely o main ain
con iden iali y.
E hical conside a ions we e add essed. In o med consen was ob ained om all 175 su ey pa icipan s and 15
in e iewees, ensu ing olun a y pa icipa ion and awa eness o da a use o esea ch and publica ion. Pa icipan s
we e in o med o hei igh o wi hd aw a any ime, and da a we e anonymized o p o ec p i acy.
The me hodology allowed o ep oducible esul s, p o iding a clea amewo k o o he esea che s o eplica e he
s udy in simila con ex s. The combina ion o quan i a i e and quali a i e app oaches ensu ed a holis ic unde s anding
o p icing s a egies’ impac on SME inancial pe o mance in Nige ia’s dynamic economic en i onmen .
3. Resul s
This s udy in es iga ed he ela ionship be ween p icing s a egies and inancial pe o mance o Small and Medium-
sized En e p ises (SMEs) in Nige ia, ocusing on iden i ying p edominan p icing s a egies, hei co ela ion wi h
inancial ou comes, and he impac o p icing e iew equency. The esul s, de i ed om a su ey o 175 SMEs in Lagos
and in e iews wi h 15 SME owne s, a e p esen ed below, aligned wi h he s udy’s objec i es, ollowed by a discussion
linking indings o exis ing li e a u e.
3.1. Objec i e 1: Iden i y P edominan P icing S a egies
The dis ibu ion o p icing s a egies among he 175 SMEs is summa ized in Table 1. Cos -based p icing was he mos
common, adop ed by 40 SMEs (22.9%), ollowed by alue-based p icing (30 SMEs, 17.1%) and compe i i e p icing (25
SMEs, 14.3%). Dynamic p icing and pene a ion p icing we e used by 20 (11.4%) and 25 (14.3%) SMEs, espec i ely,
while skimming p icing was less common (15 SMEs, 8.6%). O he s a egies, such as bundle p icing, accoun ed o 20
SMEs (11.4%). The di e si y in p icing app oaches e lec s he a ied na u e o indus ies su eyed, including
manu ac u ing, e ail, se ices, echnology, and heal hca e.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1284
Table 1 Dis ibu ion o P icing S a egies Employed by SMEs
P icing S a egy
Numbe o SMEs
Pe cen age (%)
Cos -based p icing
40
22.9%
Value-based p icing
30
17.1%
Dynamic p icing
20
11.4%
Pene a ion p icing
25
14.3%
Skimming p icing
15
8.6%
Compe i i e p icing
25
14.3%
O he
20
11.4%
3.2. Objec i e 2: Examine Co ela ion wi h Financial Pe o mance
The ela ionship be ween p icing s a egies and inancial pe o mance, measu ed by p o i abili y and e enue g ow h
on a 5-poin Like scale (1 = e y low, 5 = e y high), is p esen ed in Table 2. Value-based p icing yielded he highes
a e age inancial pe o mance a ing (4.2, SD = 0.6), ollowed by dynamic p icing (4.0, SD = 0.7) and compe i i e p icing
(3.9, SD = 0.8). Cos -based p icing had a lowe a ing (3.8, SD = 0.9), while pene a ion and skimming p icing sco ed 3.6
(SD = 1.0) and 3.7 (SD = 0.9), espec i ely. Reg ession analysis e ealed a signi ican posi i e co ela ion be ween alue-
based p icing (β = 0.45, p<0.01) and dynamic p icing (β = 0.38, p<0.05) wi h inancial pe o mance, whe eas cos -based
p icing showed a weake co ela ion (β = 0.22, p=0.08).
Table 2 Rela ionship Be ween P icing S a egies and Financial Pe o mance
P icing S a egy
Financial Pe o mance Ra ing (Mean)
S anda d De ia ion (SD)
Cos -based p icing
3.8
0.9
Value-based p icing
4.2
0.6
Dynamic p icing
4.0
0.7
Pene a ion p icing
3.6
1.0
Skimming p icing
3.7
0.9
Compe i i e p icing
3.9
0.8
O he
4.1
0.7
3.3. Objec i e 3: E alua e Role o P icing S a egy Re iew F equency
Table 3 F equency o P icing S a egy Re iew and Adjus men
Re iew F equency
Numbe o SMEs
Pe cen age (%)
Financial Pe o mance Ra ing (Mean)
Daily
10
5.7%
4.0
Weekly
20
11.4%
4.1
Mon hly
35
20.0%
4.1
Qua e ly
55
31.4%
4.1
Annually
55
31.4%
3.7
The equency o p icing s a egy e iews is shown in Table 3. Qua e ly e iews we e adop ed by 55 SMEs (31.4%), as
we e annual e iews (55 SMEs, 31.4%). Mon hly e iews we e used by 35 SMEs (20.0%), weekly by 20 (11.4%), and
daily by 10 (5.7%). SMEs wi h qua e ly o mon hly e iews epo ed highe inancial pe o mance a ings (mean = 4.1,
SD = 0.6) compa ed o hose wi h annual e iews (mean = 3.7, SD = 0.8). Co ela ion analysis indica ed a signi ican
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1285
posi i e ela ionship be ween e iew equency and inancial pe o mance ( = 0.32, p<0.05), wi h mo e equen
e iews linked o be e ou comes.
3.4. Quali a i e Insigh s
In e iews wi h 15 SME owne s p o ided deepe insigh s. Owne s using alue-based p icing emphasized aligning p ices
wi h cus ome pe cep ions, no ing, “Cus ome s a e willing o pay mo e when hey see unique alue in ou p oduc s.”
Dynamic p icing adop e s highligh ed esponsi eness o ma ke changes, such as adjus ing p ices du ing peak demand.
Con e sely, cos -based p icing use s ci ed simplici y bu acknowledged limi a ions in compe i i e ma ke s. F equen
p icing e iews we e desc ibed as essen ial o adap ing o Nige ia’s ola ile economic condi ions, such as in la ion and
supply chain dis up ions.
4. Discussion
The esul s con i m he hypo hesis ha alue-based and dynamic p icing s a egies a e associa ed wi h supe io
inancial pe o mance compa ed o cos -based p icing, aligning wi h he s udy’s objec i es. The p e alence o cos -
based p icing (22.9%) e lec s i s simplici y and accessibili y o SMEs wi h limi ed esou ces [1]. Howe e , i s lowe
inancial pe o mance a ing (3.8) sugges s i may no cap u e ma ke oppo uni ies e ec i ely, as i ocuses on cos s
a he han cus ome alue o ma ke dynamics [2]. This inding co obo a es Nagle and Mülle [3], who a gue ha
cos -based p icing o en leads o subop imal p icing decisions by igno ing consume willingness o pay.
Value-based p icing’s supe io pe o mance (mean = 4.2) suppo s P ospec Theo y, which posi s ha cus ome s base
pu chasing decisions on pe cei ed alue a he han absolu e p ice [4]. SMEs adop ing his s a egy likely bene i om
aligning p ices wi h cus ome expec a ions, pa icula ly in se ice and echnology sec o s whe e di e en ia ion is key
[5]. In e iew insigh s ein o ce his, wi h owne s no ing highe cus ome sa is ac ion and loyal y. Simila ly, dynamic
p icing (mean = 4.0) enables SMEs o espond o ma ke luc ua ions, such as seasonal demand o economic shi s, a
c i ical ad an age in Nige ia’s ola ile ma ke [6]. Chen and Liu [7] highligh ha dynamic p icing enhances e enue by
capi alizing on eal- ime ma ke da a, a end obse ed in echnology-d i en SMEs in his s udy.
The signi ican co ela ion be ween alue-based (β = 0.45, p<0.01) and dynamic p icing (β = 0.38, p<0.05) wi h inancial
pe o mance unde sco es hei e ec i eness. These s a egies allow SMEs o maximize ma gins and adap o
compe i i e p essu es, unlike pene a ion o skimming p icing, which showed weake co ela ions (β = 0.15 and 0.18,
espec i ely). Pene a ion p icing’s lowe a ing (3.6) may e lec i s ocus on ma ke en y a he han sus ained
p o i abili y, while skimming p icing (3.7) is less p e alen due o i s sui abili y o niche, high- alue p oduc s [8].
Compe i i e p icing (3.9) pe o med mode a ely well, likely due o i s alignmen wi h ma ke s anda ds, bu i isks
p ice wa s in Nige ia’s c owded ma ke s [9].
The ole o p icing e iew equency is equally c i ical. Qua e ly and mon hly e iews (mean = 4.1) we e associa ed
wi h highe inancial pe o mance han annual e iews (mean = 3.7), suppo ing he need o adap abili y in dynamic
ma ke s [10]. F equen e iews enable SMEs o adjus p ices in esponse o in la ion (15–20% annually in Nige ia) and
supply chain dis up ions, as no ed in in e iews [11]. This aligns wi h G ewal e al. [12], who emphasize ha egula
p icing adjus men s enhance ma ke esponsi eness. SMEs wi h less equen e iews may miss oppo uni ies o
op imize p icing, pa icula ly in as -changing sec o s like e ail and echnology.
Quali a i e indings highligh p ac ical challenges. Owne s using cos -based p icing no ed i s ease o implemen a ion
bu s uggled wi h compe i i e di e en ia ion. In con as , alue-based and dynamic p icing adop e s epo ed highe
ini ial se up cos s (e.g., ma ke esea ch, echnology) bu be e long- e m ou comes. These insigh s sugges ha
esou ce cons ain s may limi SMEs’ abili y o adop sophis ica ed p icing s a egies, a challenge also no ed in eme ging
ma ke s by Ko le and Kelle [13].
The indings ha e implica ions o SME owne s and policymake s. Adop ing alue-based o dynamic p icing could
enhance p o i abili y, pa icula ly o SMEs in compe i i e sec o s. Regula p icing e iews, ideally qua e ly, should be
p io i ized o main ain ma ke alignmen . Suppo agencies like SMEDAN could acili a e aining on ad anced p icing
echniques o add ess esou ce gaps [14]. Fu u e esea ch should explo e he ole o digi al ools in enabling dynamic
p icing and he impac o sec o -speci ic ac o s on p icing e ec i eness.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1286
5. Conclusion
This s udy e eals ha p icing s a egies signi ican ly in luence he inancial pe o mance o Small and Medium-sized
En e p ises in Nige ia. Value-based and dynamic p icing s a egies ou pe o m cos -based app oaches, achie ing highe
p o i abili y and e enue g ow h due o hei alignmen wi h cus ome alue and ma ke dynamics. Speci ically, alue-
based p icing os e s cus ome loyal y by e lec ing pe cei ed alue, while dynamic p icing enables adap abili y o
Nige ia’s ola ile economic condi ions, such as in la ion and demand luc ua ions. The p e alence o cos -based p icing,
hough common due o i s simplici y, limi s inancial ou comes, unde sco ing he need o SMEs o adop mo e
sophis ica ed s a egies. Addi ionally, equen p icing e iews, pa icula ly qua e ly o mon hly, enhance inancial
pe o mance by enabling imely adjus men s o ma ke changes, a c i ical ac o in compe i i e sec o s like e ail and
echnology. The indings a e highly ele an o SME owne s seeking o imp o e p o i abili y wi hou signi ican capi al
in es men . Adop ing alue-based o dynamic p icing can p o ide a compe i i e edge, pa icula ly in Nige ia’s
challenging business en i onmen . The s udy also highligh s he impo ance o egula p icing e alua ions o main ain
ma ke esponsi eness, o e ing a p ac ical s a egy o SMEs o na iga e economic unce ain ies. Fo policymake s and
suppo agencies, hese insigh s emphasize he need o aining p og ams o equip SMEs wi h he ools and knowledge
o implemen ad anced p icing s a egies e ec i ely. This esea ch con ibu es aluable e idence on p icing’s ole in
SME sus ainabili y, add essing a gap in he Nige ian con ex . By demons a ing he inancial bene i s o cus ome -cen ic
and adap i e p icing, he s udy p o ides a oadmap o SMEs o enhance hei economic con ibu ions, os e ing
esilience and g ow h in an eme ging ma ke .
Compliance wi h e hical s anda ds
Acknowledgmen s
The au ho exp esses g a i ude o P o esso Joshua Okpanachi o p o iding in aluable guidance and academic
supe ision h oughou he esea ch p ocess. The au ho also acknowledges he Small and Medium En e p ises
De elopmen Agency o Nige ia (SMEDAN) o p o iding access o indus y da a and acili a ing connec ions wi h SME
owne s in Lagos. App ecia ion is due o he 175 SME owne s and manage s who pa icipa ed in he su ey and
in e iews, con ibu ing aluable da a o his s udy. No ex e nal g an s o unding we e ecei ed o his esea ch, and
p elimina y indings we e p esen ed a he 2024 Nige ian Business Resea ch Con e ence, Lagos.
Disclosu e o con lic o in e es
Chinonso Benjamin Obiajulu decla es no con lic s o in e es o compe ing in e es s wi h he publica ion o his
manusc ip , including no a ilia ions wi h ins i u ions o p oduc s men ioned in he s udy o wi h compe ing p oduc s
ha could in luence he esea ch ou comes.
Re e ences
[1] Johnson P, Smi h J. The ole o SMEs in economic de elopmen . Jou nal o Business Resea ch. 2018;85:123-30.
[2] SMEDAN. Na ional su ey o SMEs in Nige ia. Lagos: SMEDAN; 2021.
[3] Jones A. Challenges acing SMEs in compe i i e ma ke s. In e na ional Jou nal o En ep eneu ship.
2017;22(3):45-52.
[4] Nagle TT, Mülle G. The s a egy and ac ics o p icing: A guide o g owing mo e p o i ably. 6 h ed. New Yo k:
Rou ledge; 2017.
[5] Ko le P, Kelle KL. Ma ke ing managemen . 15 h ed. Bos on: Pea son; 2016.
[6] Adebayo O, Iweala G. Economic ola ili y and SME pe o mance in Nige ia. A ican Jou nal o Business
Managemen . 2020;14(6):178-85.
[7] Hin e hube A. Towa ds alue-based p icing: An in eg a i e amewo k. Indus ial Ma ke ing Managemen .
2008;37(6):765-77.
[8] Zei haml VA. Consume pe cep ions o p ice, quali y, and alue. Jou nal o Ma ke ing. 1988;52(2):2-22.
[9] Chen S, Liu Y. The impac o p icing expe imen a ion on SMEs' inancial pe o mance. Jou nal o Business
Resea ch. 2019;102:253-62.
[10] Smi h T. P icing s a egy dynamics in eme ging ma ke s. Jou nal o Ma ke ing Resea ch. 2016;53(4):420-35.
Wo ld Jou nal o Ad anced Resea ch and Re iews, 2025, 27(02), 1281-1287
1287
[11] Kahneman D, T e sky A. P ospec heo y: An analysis o decision unde isk. Econome ica. 1979;47(2):263-91.
[12] Ba ney JB. Fi m esou ces and sus ained compe i i e ad an age. Jou nal o Managemen . 1991;17(1):99-120.
[13] Cen al Bank o Nige ia. Annual economic epo 2022. Abuja: CBN; 2022.
[14] G ewal D, Rogge een AL, No d äl J. The u u e o p icing in e ail. Jou nal o Re ailing. 2017;93(1):1-6.
[15] Ogunleye T. SME inancing and economic g ow h in Nige ia. Jou nal o A ican Business. 2019;20(2):261-75.
[16] A olabi A, Ojo S. Digi al ans o ma ion and p icing s a egies in Nige ian SMEs. Jou nal o Business Inno a ion.
2023;15(4):89-102.
[17] Obokoh LO, Goldman G. SME ailu e a es in Nige ia: A longi udinal analysis. Sou h A ican Jou nal o Business
Managemen . 2016;47(3):11-20.
[18] Mon oe KB. P icing: Making p o i able decisions. 3 d ed. New Yo k: McG aw-Hill; 2003.
[19] Li S, Kannan PK. Dynamic p icing s a egies in digi al ma ke s. Jou nal o Ma ke ing. 2014;78(5):20-35.
[20] Du a S, Zba acki MJ, Be gen M. P icing p ocess as a capabili y: A esou ce-based pe spec i e. S a egic
Managemen Jou nal. 2003;24(7):615-30.
[21] Eze C, Bello A. E-comme ce adop ion and SME pe o mance in Nige ia. Jou nal o Digi al Business. 2022;10(3):45-
60.
[22] Po e ME. Compe i i e s a egy. New Yo k: F ee P ess; 2008.
