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.
The in luence o in e nal and ex e nal ac o s on p icing decision-making in Nige ian
SMEs
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), 1275-1280
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 .2025.27.2.2921
Abs ac
This s udy in es iga es how in e nal and ex e nal ac o s shape p icing decisions among Small and Medium-sized
En e p ises (SMEs) in Nige ia, aiming o enhance s a egic compe i i eness. Conduc ed in Lagos, he esea ch employed
a mixed-me hods app oach, su eying 175 SMEs ac oss manu ac u ing, e ail, se ices, echnology, and heal hca e
sec o s, and in e iewing 15 SME owne s. The scope co e ed ex e nal ac o s (ma ke condi ions, compe i ion,
consume demand, egula o y changes) and in e nal ac o s (inno a ion capabili ies, b and epu a ion, cos s uc u e,
employee expe ise), alongside s a egies o balancing hese in luences. Resul s show consume demand (mean a ing
4.3) and ma ke condi ions (4.2) as dominan ex e nal ac o s, in luencing 75% and 70% o SMEs, espec i ely, while
compe i ion (4.0) a ec ed 65%. In e nally, inno a ion capabili ies (4.1, 45% o SMEs) and b and epu a ion (3.9, 30%)
we e key d i e s. A balanced app oach, in eg a ing bo h ac o s, was adop ed by 60% o SMEs, co ela ing s ongly wi h
adap i e p icing s a egies (p<0.01). In e iews highligh ed ha inno a ion-d i en SMEs use p emium p icing, while
ma ke - esponsi e SMEs adjus p ices equen ly. The s udy concludes ha balancing in e nal s eng hs, like
inno a ion, wi h ex e nal dynamics, such as consume demand, os e s adap i e p icing, enhancing SME
compe i i eness in Nige ia’s ola ile ma ke . These indings guide SME owne s o le e age ma ke da a and in e nal
capabili ies o e ec i e p icing and u ge policymake s o suppo aining p og ams, con ibu ing o SME sus ainabili y
and economic g ow h in Nige ia.
Keywo ds: P icing decisions; In e nal ac o s; Ex e nal ac o s; Small and Medium En e p ises; Adap i e p icing;
Nige ia
1. In oduc ion
Small and Medium-sized En e p ises (SMEs) a e i al o Nige ia’s economy, con ibu ing app oxima ely 48% o he
g oss domes ic p oduc and 84% o employmen [1]. Howe e , hei abili y o h i e in a compe i i e and ola ile ma ke
hinges on e ec i e s a egic decisions, pa icula ly in p icing [2]. P icing decisions a e complex, in luenced by a my iad
o in e nal and ex e nal ac o s ha shape how SMEs se p ices o balance p o i abili y, compe i i eness, and cus ome
sa is ac ion [3]. In Nige ia’s dynamic economic en i onmen , cha ac e ized by in la ion a es o 15–20% annually and
luc ua ing consume demand, unde s anding hese ac o s is c ucial o SME sus ainabili y [4]. This s udy in es iga es
he in luence o in e nal ac o s, such as inno a ion capabili ies and b and epu a ion, and ex e nal ac o s, like ma ke
condi ions and compe i ion, on p icing decision-making among Nige ian SMEs, aiming o p o ide insigh s in o how
hese en e p ises can de elop adap i e p icing s a egies.
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The objec i es o his s udy a e: (1) o analyze he impac o ex e nal ac o s, such as ma ke condi ions and compe i ion,
on he p icing s a egies o SMEs in Nige ia; (2) o in es iga e he ole o in e nal ac o s, including inno a ion
capabili ies and b and epu a ion, in shaping e ec i e p icing decisions; and (3) o assess how SMEs balance in e nal
and ex e nal in luences o de elop adap i e p icing s a egies ha enhance compe i i eness. The hypo hesis posi s ha
bo h in e nal and ex e nal ac o s signi ican ly in luence SME p icing decisions, wi h a balanced app oach leading o
mo e e ec i e s a egies. This hypo hesis was de eloped based on heo e ical amewo ks and p ac ical obse a ions
o Nige ia’s SME landscape, whe e p icing decisions di ec ly impac inancial pe o mance and ma ke posi ioning [5].
Ex e nal ac o s, such as ma ke condi ions and compe i ion, play a pi o al ole in p icing decisions. Ma ke condi ions,
including economic ola ili y and consume pu chasing powe , dic a e he easibili y o ce ain p icing s a egies [6]. In
Nige ia, equen supply chain dis up ions and cu ency luc ua ions necessi a e lexible p icing app oaches o main ain
p o i abili y [7]. Compe i ion is ano he c i ical ex e nal ac o , as SMEs o en ope a e in c owded ma ke s whe e p ice
wa s can e ode ma gins [8]. G ewal e al. emphasize ha compe i i e in ensi y o ces i ms o align p ices wi h ma ke
s anda ds while di e en ia ing h ough alue [9]. The hesis da a indica e ha ma ke condi ions and consume
demand a e highly in luen ial (mean a ings o 4.2 and 4.3 on a 5-poin scale, espec i ely), unde sco ing hei
signi icance in p icing decisions [10].
In e nal ac o s, such as inno a ion capabili ies and b and epu a ion, a e equally c i ical. Inno a ion enables SMEs o
de elop unique p oduc s o se ices, jus i ying p emium p icing [11]. Fo ins ance, echnology-d i en SMEs in Nige ia
le e age digi al ools o implemen dynamic p icing, enhancing hei ma ke esponsi eness [12]. B and epu a ion,
buil h ough consis en quali y and cus ome us , allows SMEs o command highe p ices, pa icula ly in se ice-
o ien ed sec o s [13]. The hesis indings show ha 45% o SMEs a ibu e p icing decisions o inno a ion capabili ies
and 30% o b and epu a ion, highligh ing hei p ominence [10]. The Resou ce-Based View (RBV) amewo k suppo s
his, sugges ing ha in e nal capabili ies p o ide a compe i i e edge in s a egic decision-making [14].
The de elopmen o he hypo hesis s ems om bo h heo e ical and con ex ual insigh s. The Con ingency Theo y
sugges s ha e ec i e p icing s a egies depend on aligning in e nal capabili ies wi h ex e nal ma ke condi ions [15].
In Nige ia, SMEs ace unique challenges, such as limi ed access o ma ke da a and high ope a ional cos s, which
complica e p icing decisions [16]. P elimina y discussions wi h SME owne s in Lagos e ealed ha many s uggle o
balance compe i i e p essu es wi h in e nal esou ce cons ain s, p omp ing his s udy o explo e how hese ac o s
in e ac . The impo ance o his esea ch lies in i s po en ial o guide SMEs owa d p icing s a egies ha enhance
compe i i eness wi hou equi ing signi ican capi al in es men [17].
The s udy’s signi icance is ampli ied by Nige ia’s economic con ex , whe e SMEs ope a e unde in ense p essu e om
in la ion, egula o y changes, and shi ing consume p e e ences [18]. E ec i e p icing can di e en ia e SMEs in
compe i i e ma ke s, such as e ail and echnology, whe e cus ome pe cep ions o alue a e c i ical [19]. Mo eo e ,
he ise o digi al pla o ms in Nige ia has in oduced new p icing dynamics, such as eal- ime adjus men s, which
equi e SMEs o in eg a e in e nal capabili ies wi h ma ke insigh s [20]. By analyzing how SMEs na iga e hese ac o s,
his s udy add esses a gap in he li e a u e, as mos p icing esea ch ocuses on de eloped economies [21]. The indings
will o e p ac ical implica ions o SME owne s and policymake s, such as he Small and Medium En e p ises
De elopmen Agency o Nige ia (SMEDAN), o suppo aining and esou ce alloca ion o s a egic p icing [22].
This esea ch is mo i a ed by he need o empowe Nige ian SMEs o make in o med p icing decisions ha enhance
hei ma ke posi ion. Many SMEs ail wi hin hei i s i e yea s due o poo s a egic choices, including p icing
miss eps [23]. Unde s anding how in e nal and ex e nal ac o s shape p icing can p o ide a oadmap o SMEs o
achie e sus ainable g ow h. Fo ins ance, le e aging inno a ion o jus i y p emium p icing o using ma ke da a o
adjus p ices dynamically can imp o e p o i abili y [24]. The s udy’s ocus on balancing hese ac o s ensu es ele ance
o Nige ia’s di e se SME sec o s, om manu ac u ing o se ices, making i a aluable con ibu ion o bo h academic
and p ac ical domains.
2. Ma e ials and Me hods
This s udy adop ed a mixed-me hods esea ch design o explo e he in luence o in e nal and ex e nal ac o s on p icing
decision-making among Small and Medium-sized En e p ises (SMEs) in Nige ia. Combining quan i a i e su ey da a
wi h quali a i e in e iew insigh s ensu ed a comp ehensi e analysis o ac o s shaping p icing s a egies.
The s udy a ge ed SMEs in Lagos, Nige ia, de ined by he Small and Medium En e p ises De elopmen Agency o Nige ia
(SMEDAN) as 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
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sampling echnique was applied, selec ing 175 SMEs ac oss i e sec o s: manu ac u ing, e ail, se ices, echnology, and
heal hca e, wi h app oxima ely 35 SMEs pe sec o o ensu e indus y ep esen a ion and minimize sampling bias.
Da a collec ion u ilized a s uc u ed ques ionnai e designed o assess in e nal ac o s (e.g., inno a ion capabili ies,
b and epu a ion) and ex e nal ac o s (e.g., ma ke condi ions, compe i ion) in luencing p icing decisions. The
ques ionnai e employed a 5-poin Like scale o ac o in luence a ings and mul iple-choice op ions o s a egy ypes.
Validi y was es ablished h ough e iew by wo business managemen expe s, and eliabili y was con i med ia a pilo
s udy wi h 10 SMEs, achie ing a C onbach’s alpha o 0.85. Addi ionally, semi-s uc u ed in e iews we e conduc ed
wi h 15 SME owne s o manage s o explo e decision-making p ocesses. In e iews, las ing 20–30 minu es, we e audio-
eco ded wi h consen and conduc ed in pe son o i ually.
Da a analysis in ol ed desc ip i e s a is ics (means, pe cen ages) o summa ize ac o in luences using SPSS e sion
25. Thema ic analysis o in e iew ansc ip s iden i ied ecu ing hemes, such as ma ke esponsi eness and esou ce
cons ain s. T iangula ion o quan i a i e and quali a i e da a enhanced esul alidi y. Ques ionnai es we e dis ibu ed
in pe son and online, wi h da a s o ed secu ely. 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 da a con iden iali y o esea ch and publica ion pu poses.
3. Resul s
This s udy examined he in luence o in e nal and ex e nal ac o s on p icing decision-making among Small and
Medium-sized En e p ises (SMEs) in Nige ia, add essing h ee objec i es: analyzing he impac o ex e nal ac o s
(ma ke condi ions, compe i ion), in es iga ing he ole o in e nal ac o s (inno a ion capabili ies, b and epu a ion),
and assessing how SMEs balance hese ac o s o de elop adap i e p icing s a egies. Da a we e collec ed om 175
SMEs in Lagos and in e iews wi h 15 SME owne s, wi h indings p esen ed below and discussed in ela ion o exis ing
li e a u e.
3.1. Objec i e 1 Impac o Ex e nal Fac o s on P icing S a egies
Table 1 summa izes he in luence o ex e nal ac o s on p icing decisions, based on a 5-poin Like scale (1 = no
in luence, 5 = ex eme in luence). Ma ke condi ions (mean = 4.2, SD = 0.7) and consume demand (mean = 4.3, SD =
0.6) we e he mos in luen ial, epo ed by 70% and 75% o SMEs, espec i ely, as ha ing “high” o “ex eme” in luence.
Compe i ion was also signi ican (mean = 4.0, SD = 0.8), wi h 65% o SMEs ci ing i as a key ac o . Regula o y changes
(mean = 3.6, SD = 0.9) had a mode a e in luence, a ec ing 40% o SMEs.
Table 1 In luence o Ex e nal Fac o s on P icing Decisions
Ex e nal Fac o
Mean Ra ing
S anda d De ia ion (SD)
% o SMEs Repo ing High/Ex eme In luence
Ma ke condi ions
4.2
0.7
70%
Consume demand
4.3
0.6
75%
Compe i ion
4.0
0.8
65%
Regula o y changes
3.6
0.9
40%
3.2. Objec i e 2: Role o In e nal Fac o s in P icing Decisions
Table 2 p esen s he in luence o in e nal ac o s. Inno a ion capabili ies we e he mos signi ican (mean = 4.1, SD =
0.7), wi h 45% o SMEs (79 SMEs) ci ing hem as a p ima y d i e o p icing decisions. B and epu a ion ollowed (mean
= 3.9, SD = 0.8), in luencing 30% o SMEs (52 SMEs). Cos s uc u e (mean = 3.7, SD = 0.9) and employee expe ise (mean
= 3.5, SD = 1.0) had mode a e impac s, a ec ing 25% and 20% o SMEs, espec i ely.
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Table 2 In luence o In e nal Fac o s on P icing Decisions
In e nal Fac o
Mean
Ra ing
S anda d De ia ion
(SD)
% o SMEs Repo ing High/Ex eme
In luence
Inno a ion
capabili ies
4.1
0.7
45%
B and epu a ion
3.9
0.8
30%
Cos s uc u e
3.7
0.9
25%
Employee expe ise
3.5
1.0
20%
3.3. Objec i e 3: Balancing In e nal and Ex e nal Fac o s
Table 3 shows how SMEs balance in e nal and ex e nal ac o s in p icing decisions. O he 175 SMEs, 60% (105 SMEs)
epo ed using a balanced app oach, in eg a ing ma ke da a wi h in e nal capabili ies. Speci ically, 40% p io i ized
ma ke condi ions alongside inno a ion, and 35% combined consume demand wi h b and epu a ion. Only 25% elied
p ima ily on ex e nal ac o s, and 15% ocused on in e nal ac o s. Reg ession analysis indica ed ha a balanced
app oach was signi ican ly associa ed wi h adap i e p icing s a egies (β = 0.42, p<0.01), such as dynamic o alue-
based p icing, enhancing compe i i eness.
Table 3 Balancing In e nal and Ex e nal Fac o s in P icing Decisions
App oach
Numbe o SMEs
Pe cen age (%)
Adap i e P icing Adop ion (Mean Ra ing)
Balanced (In e nal + Ex e nal)
105
60%
4.2
P ima ily Ex e nal
44
25%
3.8
P ima ily In e nal
26
15%
3.6
3.4. Quali a i e Insigh s
In e iews e ealed ha SMEs p io i izing ma ke condi ions adjus p ices equen ly o e lec demand shi s, wi h one
owne s a ing, “We moni o consume ends weekly o s ay compe i i e.” Inno a ion-d i en SMEs, pa icula ly in
echnology, used p oduc di e en ia ion o jus i y p emium p icing. B and- ocused SMEs emphasized cus ome us ,
no ing, “Ou epu a ion allows highe p ices wi hou losing cus ome s.” SMEs balancing bo h ac o s epo ed g ea e
lexibili y in p icing adjus men s.
4. Discussion
The esul s suppo he hypo hesis ha in e nal and ex e nal ac o s signi ican ly in luence SME p icing decisions, wi h
a balanced app oach enhancing s a egic e ec i eness. The high in luence o ma ke condi ions (mean = 4.2) and
consume demand (mean = 4.3) aligns wi h Nige ia’s ola ile economic en i onmen , whe e in la ion and supply chain
dis up ions necessi a e esponsi e p icing [4, 6]. G ewal e al. no e ha ma ke condi ions d i e p icing in compe i i e
e ail se ings, a end e iden in 70% o SMEs [9]. Compe i ion’s impac (mean = 4.0) e lec s he c owded Nige ian
ma ke , whe e SMEs mus align p ices wi h compe i o s o main ain ma ke sha e [8]. Regula o y changes, hough less
in luen ial (mean = 3.6), s ill a ec sec o s like heal hca e, whe e compliance cos s in luence p icing [7].
In e nal ac o s, pa icula ly inno a ion capabili ies (mean = 4.1, 45% o SMEs), enable SMEs o adop alue-based
p icing, aligning wi h Hin e hube ’s amewo k ha inno a ion suppo s p emium p icing [11]. Technology SMEs, o
ins ance, le e age digi al ools o dynamic p icing, as suppo ed by A olabi and Ojo [12]. B and epu a ion (mean = 3.9,
30%) enhances p icing powe , especially in se ice sec o s, whe e cus ome us jus i ies highe p ices [13]. The
Resou ce-Based View (RBV) explains his, as in e nal capabili ies p o ide compe i i e ad an ages [14]. Cos s uc u e
and employee expe ise, wi h lowe in luence (means = 3.7 and 3.5), a e less c i ical bu s ill shape cos -based p icing
decisions [17].
The balanced app oach (60% o SMEs) is key o adap i e p icing, wi h a signi ican co ela ion (β = 0.42, p<0.01) o
s a egies like dynamic p icing, which espond o ma ke luc ua ions [20]. Con ingency Theo y suppo s his,
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sugges ing ha aligning in e nal and ex e nal ac o s op imizes s a egic ou comes [15]. SMEs elying solely on ex e nal
ac o s (25%) o in e nal ac o s (15%) showed lowe adop ion o adap i e s a egies (means = 3.8 and 3.6), indica ing
limi ed lexibili y [21]. Quali a i e insigh s con i m ha balanced SMEs in eg a e ma ke da a wi h inno a ion, enabling
esponsi eness o Nige ia’s economic challenges, such as 15–20% annual in la ion [4].
These indings ha e p ac ical implica ions. SME owne s should in es in ma ke esea ch o moni o consume demand
and compe i ion, while le e aging inno a ion o di e en ia e o e ings [3]. Policymake s, such as SMEDAN, can suppo
aining on da a-d i en p icing o enhance SME compe i i eness [22]. The s udy add esses a gap in eme ging ma ke
li e a u e, whe e p icing dynamics a e unde explo ed [21]. Limi a ions include he ocus on Lagos, sugges ing u u e
esea ch in o he egions o alida e indings [16]. O e all, balancing in e nal and ex e nal ac o s os e s adap i e
p icing, enhancing SME sus ainabili y in Nige ia’s dynamic ma ke .
5. Conclusion
This s udy demons a es ha in e nal and ex e nal ac o s signi ican ly shape p icing decisions among Nige ian SMEs,
in luencing hei compe i i eness and sus ainabili y. Consume demand and ma ke condi ions s ongly d i e p icing
s a egies, enabling SMEs o adap o economic ola ili y, such as in la ion and supply chain dis up ions. Inno a ion
capabili ies and b and epu a ion a e c i ical in e nal ac o s, allowing SMEs o di e en ia e o e ings and jus i y
p emium p icing, pa icula ly in echnology and se ice sec o s. A balanced app oach, in eg a ing ma ke insigh s wi h
in e nal s eng hs, is adop ed by mos SMEs, os e ing adap i e p icing s a egies like dynamic and alue-based models
ha enhance ma ke esponsi eness. This balance is c ucial o na iga ing Nige ia’s compe i i e and unp edic able
business en i onmen , whe e lexibili y is essen ial o su i al.
The indings a e highly ele an o SME owne s seeking o op imize p icing wi hou signi ican esou ce in es men .
By le e aging inno a ion and b and epu a ion alongside ma ke da a, SMEs can de elop p icing s a egies ha imp o e
p o i abili y and cus ome loyal y. Regula moni o ing o ex e nal ac o s, such as consume ends and compe i ion,
ensu es imely p ice adjus men s, enhancing compe i i eness. Fo policymake s and suppo agencies, he s udy
unde sco es he need o aining p og ams o equip SMEs wi h ma ke analysis and inno a ion ools, add essing
esou ce cons ain s ha hinde s a egic p icing.
This esea ch con ibu es o SME sus ainabili y by highligh ing how in e nal and ex e nal ac o s can be ha nessed o
e ec i e p icing decisions. I p o ides a p ac ical amewo k o Nige ian SMEs o s eng hen hei ma ke posi ion,
pa icula ly in dynamic sec o s like e ail and echnology. By adop ing balanced and adap i e p icing app oaches, SMEs
can bols e hei economic con ibu ions, os e ing esilience and g ow h in Nige ia’s challenging ma ke landscape.
Compliance wi h e hical s anda ds
Acknowledgmen s
The au ho since ely hanks P o esso Joshua Okpanachi o his expe guidance and men o ship h oughou he
esea ch p ocess. The Small and Medium En e p ises De elopmen Agency o Nige ia (SMEDAN) is acknowledged o
acili a ing da a access and connec ions wi h SME owne s in Lagos. The au ho app ecia es he 175 SME owne s and
manage s who pa icipa ed in he su ey and he 15 in e iewees who sha ed insigh ul pe spec i es on p icing
decisions. No ex e nal g an s suppo ed his s udy, 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 ela ed o he publica ion o his
manusc ip . The e a e no a ilia ions wi h ins i u ions o p oduc s men ioned in he s udy, no wi h compe ing p oduc s,
ha could in luence he esea ch ou comes.
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