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NIGERIAN SCHOLAR DEVELOPS MOST ACCURATE PRICING MODEL FOR NEW PRODUCTS
Nigerian Scholar Develops Most Accurate Pricing Model For New Products...
A Nigerian Scholar, Develops Worlds Most Accurate Pricing Model and Equation for New Products.
127 years after Alfred Marshall, in his book, Principles of Economics, established and popularised price elasticity of demand which indicates that when price increases, demand falls and when price falls, demand increases, a Nigerian scholar, Prince Dennis Kadiri has found a solution to the problem of inappropriateness in pricing decision making. In his new book New Marketing for Developing Nations, he developed the n-curve of pricing model and a PPF equation which helps to stabilise the price elasticity of demand, when applied.
This pricing model with its equation, has been adjudged, the most accurate pricing model of all times. When applied, it gives you the true and exact price which a product should be valued at the marketplace. This fresh marketing model is mainly designed to solve defined marketing and economic problems. The innovation has been tested and confirmed as appropriate for use by both private and government organisations.
A highly respected Professor of Marketing in the University of Nigeria, Nsukka, Prof. Justie Ody Nnabuko, described this innovation as iconic. She therefore, recommended that marketing academics, scholars, practitioners and state cum national economic planners should give the work serious attention in such a way that it can be applied in businesses all over the world.
One of the common problems that most manufacturers come across when introducing products to their markets is that of determining suitable and appropriate prices at which the products can best be sold in order to make desired profits and as well as sustain established level of demand for the products. Such problem of inappropriate pricing policies is one of the problems which n-Curve of Pricing model is developed to address. It helps organisations to obtain Optimum Profit Value (OPV) for the sale of their products and as well as ensure that consumer patronage (demand) is encouraged, using price as the determining variable.
The n-Curve of Pricing model, hence, holds that the price of a product should be placed where price and level of demand will meet at the best point; where the Optimum Profit Value (OPV) for the product can be attained; where the best result can be obtained from the sale of the product at such price; and, where competition can best be challenged.
The PPF Equation is given below as:
P =Price per Unit
D =Level of Demand
X =Market Output
Cp =Cost of Production by Volume
PV =Profit Value
When applied at the macromarketing and macroeconomics levels, the n-curve of pricing model and other related innovations that are developed in the book, can help to positively reposition any cascading economy. It is therefore, suggested that Nigerian government and other African countries, sought for these innovations in order to enhance the growth of their economies. The eleven-chapter book, has provided reliable solutions to most of the problems facing the economies of developing nations. Some of his new postulations, featured in the book, include: Marketheology, Pupillage Workforce economic model, Civil-Switch economic model, Industrial Market-Network model, Out of the Hook Marketing Thoughts and Proposals (for the industrialists of developing nations), Economics Marketing, among others.
Prince Dennis Kadiri is from Enwan, Akoko-Edo LGA of Edo State, Nigeria. He is an author of more than twenty good books including Marketing Simplified for Senior Secondary Schools (Government approved textbook for senior secondary schools in Nigeria). He can be reached on email@example.com.
P x D = X-Cp = PV