Sign up for our newsletter, to get updates regarding the Call for Paper, Papers & Research.
Examining the Correlation Between Product Pricing and Sales Performance of Sari-Sari Stores
- Stephanie Jane S. Garduce
- Kathlene Gene C. Dionio
- Blessie S. Tamayo
- Ramil Jr. M. Budlong
- Chrisha Ellaine M. Vale
- 2900-2918
- Jul 22, 2024
- Economics
Examining the Correlation Between Product Pricing and Sales Performance of Sari-Sari Stores
Stephanie Jane S. Garduce, Kathlene Gene C. Dionio, Blessie S. Tamayo, Ramil Jr. M. Budlong, Chrisha Ellaine M. Vale
Misamis University, Ozamiz City, Philippines
DOI: https://dx.doi.org/10.47772/IJRISS.2024.806222
Received: 30 May 2024; Accepted: 20 June 2024; Published: 22 July 2024
ABSTRACT
Product pricing is an important aspect of operating a business, especially for sari-sari store owners, who must set prices that attract customers, enhance sales performance, and produce profits. This study investigated the relationship between product pricing and the sales performance of sari-sari businesses in three barangays of Ozamiz City, Philippines that have been operating for three or more years each. The study used a quantitative research design and purposive sampling to identify respondents, focusing on sari-sari store owners who met the given criteria. Data were obtained using a researcher-made questionnaire, and analysis has been done using frequency and percentage, mean and standard deviation, and Pearson correlation coefficient. The findings indicate that product pricing is vital for generating profit. Additionally, both cost and customer demand showed a significant relationship with the sales performance of the stores. However, competition did not exhibit a significant relationship with sales performance. Based on these findings, the researchers recommend that sari-sari store owners carefully consider their pricing strategies, taking into account factors such as cost, customer demand, and competition, to maintain profitability. Furthermore, store owners could manage costs and meet customer demand to avoid sales losses. Future researchers are encouraged to explore other factors in the marketing mix not covered in this study or expand the study’s scope to different settings.
Keywords: cost, customer demand, competition, product pricing, sales performance
INTRODUCTION
In today’s rapidly changing and competitive market landscape, retaining customers has become notably challenging for retailers (Mandic, 2023). Retailers play a crucial role in supply chains, acting as intermediaries and facilitating the flow of goods and services from suppliers to consumers (Arvitrida et al., 2019). The increasing competition, driven by globalization and technological advancements, has made it imperative for retailers to adopt innovative strategies to maintain and enhance customer loyalty. As consumer expectations evolve, retailers must offer not only high-quality products but also exceptional shopping experiences, both online and offline. On the other hand, retailers serve as the last step in delivering the product to the customer’s shopping basket (Kurniawan & Arvitrida, 2021).
The sari-sari store is a popular type of retail business in the Philippines, and it can potentially found in many lanes and streets (Villanueva, 2021). These tiny convenience stores serve an important role in local communities by providing residents with essential supplies and their daily needs. Despite their small number, sari-sari stores contribute significantly to the local economy and provide an essential source of revenue for many Filipino households (Pagara, 2022).
This is why these stores are critical to the country’s economic development (Bancoro et al., 2023). Furthermore, they serve a significant role in the smallest population’s consumption patterns (Funahashi, 2023). They supply consumers with reasonable prices, flexible terms for loans, and an extensive range of important consumer products (Gano-an and Gempes, 2020). Their product offers include canned products, instant noodles, coffee, soda, and other daily needs that Filipinos normally utilize (Fronda et al., 2023). Smaller grocery stores are just more accessible for customers than larger ones (Bancoro et al., 2023).
Sales in these businesses are defined as the total amount of items sold (Hyginus et al., 2019). This indicator can be helpful for measuring the effectiveness and profit of sari-sari stores since it incorporates both consumer demand and store efficiency. Specifically, it is the monetary value that a corporation receives after gathering from numerous sales channels (Igwe et al., 2020). Sales performance, on the other hand, is defined as the total quantity of products sold plus the profit earned after deducting expenses and charges (Ngendahayo, 2019).
MATERIAL, METHODOLOGY, AND LITERATURE REVIEW
Material of the Study
This quantitative study employed a correlation research design to obtain its findings. This study was conducted among the three selected barangays within Ozamiz City, Philippines. The three barangays were selected based on their convenience to the researchers in minimizing travel time and cost upon conducting the study. The respondents were chosen through the purposive sampling technique. The researchers considered the following criteria in choosing the respondents: (1) own a sari-sari store; (2) have at least three years of experience in managing the sari-sari store; and (3) the store has a business permit to operate issued by the barangay office. The researcher utilized the researcher-made questionnaire guide to elicit responses from the respondents. Store owners were given questionnaires to complete to acquire quantitative data on the correlation between product price and the sales performance of their sari-sari stores. With the use of Minitab software, the following statistical tools were used in interpreting the data of this study: frequency and percentage, mean and standard deviation, and Pearson product-moment correlation coefficient.
Methodology
The researcher obtained approval from the Basic Education Department and permission from the Barangay Captain of each selected barangay. The researchers verified the validity and reliability of the questionnaire used by ensuring it undertook a validation process. The questionnaires were thoroughly examined by three teachers before it was administered to the respondents. Furthermore, a pilot test was conducted by the researchers to ensure its reliability. The pilot test attained a Cronbach’s Alpha of 0.90 which signifies an excellent level of reliability. A letter of consent was distributed to inform respondents that the survey conducted by the researchers was solely for academic purposes. After permission was granted, the researchers administered the survey questionnaires, ensuring respondents met the criteria.
Literature Review
According to Hyginus et al. (2019), prices are the amount that represents the value of a particular product or service, making it one of the most important considerations in management decisions. Customers frequently choose price over value when making a purchase (Jamaluddin & Esa, 2020). This pattern is particularly apparent in communities with low incomes, where financial limitations substantially impact purchasing decisions. It has the potential to dramatically impact younger demographics’ purchasing behavior (Ali & Anwar, 2021), as well as customer loyalty and satisfaction (Wantara & Tambrin, 2019). Furthermore, it is the organization’s sole source of revenue (Islaini and Nayan, 2020). To enhance the effectiveness of sales, owners must monitor their items and competitors’ prices (Hyginus et al. 2019).
A Nigerian study on small and medium-sized businesses (SMEs) found that price plays a key impact in consumers’ decision-making. Price is the sole ingredient in the marketing mix that generates revenue and hence ensures profitability, so it is clear that a company’s survival and profitability are dependent on its price decisions (Hyginus et al. 2019).
Incorrect pricing tactics can result in lower profit margins, making it difficult for enterprises to survive. Furthermore, failing to align prices with customer expectations can lead to lower customer satisfaction and loyalty, jeopardizing the company’s long-term viability. This is mentioned in Jain’s (2021) study, which states that when a price is not precisely estimated and determined in accordance with the target audience chosen, it has a negative impact on product earnings and business viability.
Studies in Malaysia have revealed that price plays an important influence for both businesses and customers (Islaini & Nayan, 2020; Jamaluddin & Esa, 2020). A large part of the company’s success stems from the marketing department’s efforts to determine the best time and location to set prices in order to keep the business viable and competitive in the industry (Islaini & Nayan, 2020). According to Jamaluddin and Esa (2020), in order to achieve a balance between profitability and sales volume, products must be priced appropriately, without being overvalued or underpriced.
Other studies in Indonesia have found that setting an acceptable pricing is critical to increasing sales volume, particularly when competing with enterprises that make identical items (Suardika and Dewi, 2021). It is a major determinant of market demand since an affordable product appeals to price-sensitive clients (Sholihuddin et al., 2020). It is an important source of information for customers when making purchasing decisions, so setting retail prices should be carefully considered based on the situation and conditions at hand, as an appropriate pricing strategy can increase sales and market share for a retailer (Kurniawan & Arvitrida, 2021). However, the interdependent behavior between retailers and customers makes it difficult to examine the impact of a price strategy on shops (Arvitrida et al., 2019).
Local research in the Philippines has identified the problems that sari-sari store owners confront in order to boost their chances of success (Gano-An & Gempes, 2020). These difficulties include paying monthly and daily expenditures and expenses, intense competition, theft, and dealing with outdated products (Dizon et al., 2023; Francisco et al., 2023). Another potential problem is sari-sari store owners’ moderate degree of financial literacy, which has a significant impact on their financial behavior (Bancoro et al., 2023). This limitation frequently leads to inefficient pricing methods and financial management practices, which can stifle firm growth and profitability. Overcoming these obstacles has become critical because the store is their family’s primary source of revenue for feeding and meeting their daily requirements (Dizon et al., 2023).
RESULTS AND DISCUSSION
Demographic Profile of Respondents
The respondents’ demographic information included their gender, age, years of operation, and projected daily sales. This study’s target respondents are solely sari-sari stores with more than three years of operation and located in the three designated barangays of Ozamiz City, Philippines. The data in Table1 demonstrates a wide range of ages among the respondents, with the majority aged 50 to 59. It suggests that sari-sari business owners are frequently in their mid to late twenties. Furthermore, researchers discovered a substantial difference in the ages of sari-sari business owners, with the youngest respondent being 20 and the oldest being 81.
Furthermore, it was discovered that just 20% of respondents are men, while 80% are women. It can be concluded that there were more female sari-sari store owners than males, making the sari-sari store industry predominantly female. The majority of the responders questioned had ten years or more of experience operating the store, with the smallest year of operation being three years and the longest being almost 50 years. The data show that the majority of sari-sari store owners polled have extensive experience running their businesses, with some having decades of experience, demonstrating their expertise of the subject.
The data in Table 1 also shows that the estimated daily sales of sari-sari stores are as follows: 23.33% had an average daily sales below 500, 53.33% stated that their daily sales ranged from 500 to 1000, 6.67% said that their estimate ranged between 1001 to 3000, 6.67% of respondents also stated that their daily sales are between 3001 and 5000, and finally, 10% stated that their estimated daily sales are above 5000. This concludes from this data that the majority of sari-sari retailers had sales ranging from 500 to 1000.
Table 1. Demographic Information of Sari-Sari Store Owners
(n=30)
Profile | Frequency | Percent |
Age | ||
20-29 | 4 | 13.33 |
30-39 | 5 | 16.67 |
40-49 | 5 | 16.67 |
50-59 | 9 | 30.00 |
60 and above | 7 | 23.33 |
Sex | ||
Male | 6 | 20.00 |
Female | 24 | 80.00 |
Years of Operation | ||
3 years | 8 | 26.67 |
4 years | 5 | 16.67 |
5 – 7 years | 4 | 13.33 |
8 – 9 years | 3 | 10.00 |
10 years and above | 10 | 33.33 |
Estimated Daily Sales | ||
Below 500 | 7 | 23.33 |
500 – 1000 | 16 | 53.33 |
1001 – 3000 | 2 | 6.67 |
3001 – 5000 | 2 | 6.67 |
Above 5000 | 3 | 10.00 |
Impact of Product Pricing in Sari-Sari Stores
Table 2 summarizes the effects of product pricing on sari-sari stores. The data shows that it received a generally high significant remark (M = 4.00; SD = 0.56). It is made up of three factors: cost, client demand, and competition. The first element, cost, had the greatest mean and remark (M = 4.45, SD = 0.48). Customer demand (M = 3.75; SD = 0.45) and competition (M = 3.80; SD = 0.76) had the lowest mean, with a high remark. No factors received moderate, low, or extremely low scores.
According to the findings, product price in sari-sari stores is determined by cost, consumer demand, and competition. Based on the low standard deviation, it is possible to conclude that each of the elements stated played a substantial impact in molding the owners’ price decisions, but their priorities and approaches may differ. Furthermore, the data show that, while cost remains the primary concern for price decisions, variations in customer demand and competition pressures have a significant impact.
The results were consistent with the conclusions of Hussien’s (2022) study, which concluded that pricing strategy is an important tool for businesses to overcome obstacles. Customers’ intentions to purchase a product are heavily influenced by their pricing perception (Ayub & Kusumadewi, 2021). Trebicka et al. (2023) also explored how a company’s pricing strategy affects its marketing. They stated that selecting the proper pricing might help a company accomplish its profit goals and sell more. Sari-sari store owners may need to adjust their pricing methods to account for changes in the aforementioned aspects. To determine the optimal pricing, sari-sari stores may need to examine aspects such as how much it costs to run the business, what the client wants, and, finally, the prices of their competitors. Customers must continue to find the price appealing enough to purchase.
Table 2. Summary on the Impact of Product Pricing in Sari-Sari Stores
Statements | Mean | StDev | Remarks |
Cost | 4.45 | 0.48 | Very High |
Customer Demand | 3.75 | 0.45 | High |
Competition | 3.80 | 0.76 | High |
Overall Impact of Product Pricing in Sari-Sari Stores | 4.00 | 0.56 | High |
Scale: 4.20-5.00 – Very High; 3.40-4.19 – High; 2.60-3.39 – Moderate; 1.80-2.59 – Low; 1.00-1.79 – Very Low
Table 2.1 displays the average cost impact of product pricing in sari-sari stores. The computations produced an overall very high remark (M = 4.63; SD = 0.48). It consists of five statements, four of which receive a very high rating. Statement 5 had the highest mean and a very high remark. It claims that “managing the cost of goods is essential for maximizing profit in my store” (M = 4.63; SD = 0.62). Statement 1 had the lowest mean and was the only statement to receive a high remark. It claims that “my price is influenced by the cost of goods purchased and other expenses (e.g., rent, utilities, transportation)” (M = 4.17; SD = 0.95).
The data indicate that sari-sari store owners believe cost to be a crucial factor in determining their rates. Based on the high degree of agreement, it can be concluded that the owners seek ways to reduce costs in order to make their products more cheap to their customers. Additionally, the proprietors believe that cost-based pricing is the most effective way to price their items. As a result, the significant standard deviation of statement 1 indicates that store owners have different perspectives on how external considerations such as rent, utilities, and transportation expenses influence pricing decisions.
This is consistent with Stahl et al. (2018)’s findings, which claim that cost-based pricing is the simplest and historically most extensively utilized. This is because it conveys a sense of fiscal responsibility (Hussien, 2022). Its main advantage is that it merely involves adding profit margin to expenses, making it easily accessible (Gunaydan, 2023). Dimitrantzou et al. (2020) back up the findings by recognizing that small firms understand that if they manage their costs effectively, they will be able to earn greater profit. Furthermore, according to the findings of research conducted by Agbaeze et al. (2020), it is evident that the appropriate combination of pricing methods is clearly capable of not only cutting product costs but also maximizing profits.
The majority of the respondents agreed on the relevance of cost, emphasizing its importance in sari-sari store pricing methods. They will be able to retain profitability and market competitiveness by carefully managing their costs and setting appropriate prices.
Table 2.1. Product Pricing in Sari-Sari Stores in terms of Cost
Statements | Mean | StDev | Remarks |
A. Cost | |||
1. My price is influenced by the cost of goods purchased and other expenses (e.g., rent, utilities, transportation, etc.). | 4.17 | 0.95 | High |
2. I regularly check my prices to see if they should increase or decrease based on cost. | 4.47 | 0.86 | Very High |
3. I choose suppliers that sell their products cheaper to minimize cost. | 4.53 | 0.78 | Very High |
4. The best method to price my products is to set them based on their actual cost. | 4.43 | 0.77 | Very High |
5. Managing the cost of goods is essential for maximizing profit in my store. | 4.63 | 0.62 | Very High |
Overall Mean | 4.45 | 0.48 | Very High |
Scale: 4.20-5.00 – Very High; 3.40-4.19 – High; 2.60-3.39 – Moderate; 1.80-2.59 – Low; 1.00-1.79 – Very Low
Table 2.2 shows the mean scores for the influence of product pricing in sari-sari stores, with a particular emphasis on customer demand. The computations produced an overall remark of very high (M = 4.63; SD = 0.45). This section has five assertions, each with a different means. Statement 2 had the highest mean score with a very high remark (M = 4.87; SD = 0.35), emphasizing the significance of supplying commodities that sell quickly. The statement “I charge more for popular products” had the lowest mean and a low comment (M = 2.00; SD = 1.08).
According to the data, sari-sari store owners regard client demand as a key element when pricing their products in order to keep them reasonable. Owners prioritize stocking fast-moving commodities and in-demand products because they generate more revenue for their store. They believe that meeting their consumers’ demands is critical to avoiding sales losses. Furthermore, the findings suggest that sari-sari store owners occasionally drop the prices of low-demand products while seldom raising the pricing of popular products. Customers like reasonable options, therefore raising the price would result in them selecting for a different store that would offer the product for a cheaper price.
The results of this study are congruent with those of other investigations. Cordial (2020) describes how sari-sari store operators emphasize stocking profitable products since customers are more likely to make repeat purchases. Muchaendepi et al. (2024) discovered a strong relationship between inventory management and a company’s financial decisions. Hussien (2022) also found that demand and price are inversely connected. This is consistent with the opinions mentioned by one of the respondents, who price items based on product demand. She prices in-demand things lower and unpopular items more, claiming that unpopular items take up more space and sell slower.
When pricing a product, operators of sari-sari stores may need to consider customer demand. Owners could use this knowledge to increase their store’s profit without decreasing sales.
Table 2.2. Impact of Product Pricing in Sari-Sari Stores in terms of Customer Demand
Statements | Mean | StDev | Remarks |
B. Customer Demand | |||
1. In-demand products bring in more money for my store. | 4.47 | 0.82 | Very High |
2. I prioritize stocking items that sell faster. | 4.87 | 0.35 | Very High |
3. I charge more for popular products. | 2.00 | 1.08 | Low |
4. I lower the prices of products that are not in demand. | 3.03 | 1.27 | Moderate |
5. Meeting customer demand is essential for maintaining sales in my store. | 4.40 | 0.86 | Very High |
Overall Mean | 3.75 | 0.45 | High |
Scale: 4.20-5.00 – Very High; 3.40-4.19 – High; 2.60-3.39 – Moderate; 1.80-2.59 – Low; 1.00-1.79 – Very Low
Table 2.3 displays the mean ratings for the competitive impact of product price in sari-sari retailers. The computations yielded a high overall rating (M = 3.80; SD = 0.76). It is made up of five statements, all of which received a high rating. Among all the assertions, statement 3 had the highest mean, stating that “I get fewer sales when my store’s prices are higher than my competitors” (M = 04.13; SD = 0.90). Statement 5 had the lowest mean, stating that “lowering prices to beat my competitors negatively impacts the profit of my sari-sari store” (M = 3.40; SD = 0.97).
According to the research, sari-sari store owners examine the prices of their competitors when setting their own prices for their stores. Based on the findings, we may conclude that sari-sari store owners closely monitor the prices of competing businesses in order to strategically change their prices. When the store’s prices are higher than those of its competitors, sales fall, and when the prices are lower, sales rise. However, giving cheaper pricing to beat competitors can have a negative impact on their profits. Meanwhile, the comparatively high standard deviation of each statement implies significant disparities in the perspectives of sari-sari store owners on this issue.
This is backed by a study conducted by Kundy (2021), which claimed that setting prices that are neither too high nor too cheap to line with competitors is critical in attracting clients and sustaining constant profitability. Gao (2023) found that employing pricing tactics can provide organizations with a long-term competitive edge. However, a study conducted by Gerpott and Berrends (2022), which is consistent with the conclusions of this study, showed actual evidence that engaging in competitive pricing just for the aim of getting sales affects profitability. They discovered that cutting prices in order to compete has a detrimental influence on the store’s profitability.
Sari-sari stores can obtain a competitive advantage in the long run by implementing strategic pricing. However, extremely aggressive price cuts intended just to stimulate sales can harm profitability. As a result, in order to improve their financial health and market position, business owners must carefully examine their pricing strategies. They must strike a balance between competitive price and profitability in order to retain client interest and ensure consistent profits.
Table 2.3. Impact of Product Pricing in Sari-Sari Stores in terms of Competition
Statements | Mean | StDev | Remarks |
C. Competition | |||
1. I observe the prices of other sari-sari stores. | 3.90 | 1.21 | High |
2. I adjust the prices based on what nearby sari-sari stores are charging. | 3.73 | 1.14 | High |
3. I get fewer sales when the prices in my store are higher than my competitors. | 4.13 | 0.90 | High |
4. Offering lower prices than my competitors can increase the number of customers in my store. | 3.83 | 1.12 | High |
5. Lowering prices to beat my competitors negatively impacts the profit of my sari-sari store. | 3.40 | 0.97 | High |
Overall Mean | 3.80 | 0.76 | High |
Scale: 4.20-5.00 – Very High; 3.40-4.19 – High; 2.60-3.39 – Moderate; 1.80-2.59 – Low; 1.00-1.79 – Very Low
Sales Status of Sari-Sari Stores
Table 3 shows the sales statistics for sari-sari stores. The data received an overall positive rating (M = 4.01; SD = 0.70). It consists of three components: daily sales volume, number of things sold, and number of customers. Among the three criteria, the number of products sold had the highest mean and an outstanding rating (M = 4.23; SD = 0.61). It was followed by a number of consumers who left positive feedback (M = 4.19; SD = 0.76). Finally, daily sales volume had the lowest mean score and received an excellent rating (M = 3.62; SD = 0.72). No factors received ordinary, poor, or extremely poor marks.
The statistics show that sari-sari retailers perform well in terms of sales. Based on the three parameters used to assess the sales condition of sari-sari stores, we can conclude that the number of products sold and the number of consumers contribute positively to total sales performance, indicating that they provide reasonable prices. Although the daily sales volume obtained a little lower mean score, it still received an exceptional rating, implying that there may be chances to further improve daily sales volume for increased sales success and profit. However, sari-sari businesses in general are performing well, particularly when it comes to presenting a diverse range of products and attracting customers.
Business losses are inescapable due to human faults and unpredictability of situations (Gano-An & Gempes, 2020). The sales performance of the store can be improved in a variety of ways. In the study of Madinga et al. (2021), when measuring their respondents’ sales performance, it was discovered that the statement with the highest level of agreement was that pricing effects sales performance. This was supported by a study conducted by Ofosu-Boateng (2019), who discovered that various pricing tactics have a favorable impact on sales performance.
Understanding the dynamics of the three components is critical for owners to understand their sari-sari store’s sales state. One aspect that could increase their sales performance is the use of various price methods. Sari-sari store managers might use strategic pricing to improve daily sales, increase the quantity of products sold, and retain loyal customers, all of which could improve the stores’ total sales performance.
Table 3. Summary of the Sales Status of Sari-Sari Stores
Statements | Mean | StDev | Remarks |
Daily Sales Volume | 3.62 | 0.72 | Good |
Number of Products Sold | 4.23 | 0.61 | Excellent |
Number of Customers | 4.19 | 0.76 | Good |
Overall Sales Status of Sari-Sari Stores | 4.01 | 0.70 | Good |
Scale: 4.20-5.00 – Excellent; 3.40-4.19 – Good; 2.60-3.39 – Average; 1.80-2.59 – Poor; 1.00-1.79 – Very Poor
Table 3.1 displays the average sales status of sari-sari retailers in terms of daily sales volume. The computations produced an overall positive result (M = 3.62; SD = 0.72). Among the statements, statements 2 and 3 had the highest mean with a positive comment. Statement 2 claims that my sari-sari store’s profitability is directly driven by its overall sales (M = 3.83; SD = 1.05), but statement 3 states that “changing the prices of my products affects my daily sales” (M = 3.83; SD = 0.87). In contrast, the statement with the lowest mean contained an average remark stating that “my sari-sari store regularly reaches my target amount of daily sales” (M = 3.23; SD = 1.22).
According to the study, most owners feel that the prices of their items can affect daily sales, which in turn affects profitability. Statement 4 has the lowest mean and biggest standard deviation, indicating that many owners struggle to meet their daily sales targets. There are numerous elements that influence day-to-day operations, making it challenging to consistently reach sales targets. Store owners adopt a pricing plan that includes placing a greater value on more in-demand products and a lower value on less in-demand ones, or vice versa. Consumers regularly purchase low-cost items, making it difficult for sari-sari store owners to remain successful. This underlines the necessity of firms maintaining and improving price tactics in order to attract clients, generate sales, and optimize profits.
Olagsan et al. (2019) found results that are consistent with this study’s conclusions. They indicated that sari-sari retailers suffer a variety of obstacles, including severe rivalry and financial challenges. The obstacles that owners confront have an impact on their overall operations, but they have been able to develop solutions (Caragan et al., 2020). One approach to overcome this is to strategically price the products available. Zhao et al. (2021) discovered that product pricing has a statistically significant link with the decision-making process of a buyer. This was reinforced further by the study of McColl et al. (2020), which indicated that lowering prices increases the number of customer purchases while raising prices decreases demand. They emphasized the necessity of owners recognizing the relationship between price decisions and consumer behavior because it might impact overall sales, which in turn affects a store’s profitability.
The survey results demonstrate the importance of pricing in the sales performance of sari-sari retailers. However, the extent to which price influences sales and profitability differ each store due to external circumstances. Sari-sari store owners must constantly review and change their pricing tactics in order to maximize sales and profitability while remaining competitive in the market. This dynamic strategy allows store owners to strike a balance between attracting customers and maintaining a healthy profit margin.
Table 3.1. Sales Status of Sari-Sari Stores in terms of Daily Sales Volume
Statements | Mean | StDev | Remarks |
A. Daily Sales Volume | |||
1. My daily sales volume is affected by the price I set for my products. | 3.57 | 1.10 | Good |
2. My sari-sari store’s profitability is directly impacted by its overall sales. | 3.83 | 1.05 | Good |
3. Changing the prices of my products affects my daily sales. | 3.83 | 0.87 | Good |
4. My sari-sari store regularly reaches my target amount of daily sales | 3.23 | 1.22 | Average |
Overall Mean | 3.62 | 0.72 | Good |
Scale: 4.20-5.00 – Excellent; 3.40-4.19 – Good; 2.60-3.39 – Average; 1.80-2.59 – Poor; 1.00-1.79 – Very Poor
Table 3.2 displays the mean score for sari-sari retailers’ sales status in terms of number of products sold. The computations produced a good remark (M = 4.23; SD = 0.61). Statement 4 had the highest mean with an exceptional remark: “I always ensure that I have items in stock to prevent losing sales” (M = 4.43; SD = 0.86). The statement with the lowest mean and a positive remark is that “cheaper products tend to sell more than those a bit more expensive” (M = 4.07; SD = 0.94).
According to the data, sari-sari store owners constantly ensure that they have a diverse selection of goods to offer clients in order to avoid losing sales. Furthermore, they discovered that clients frequently prefer to buy cheaper products than their rivals. As a result, we can conclude that people choose to buy cheaper alternatives to save money. Customers also examine the product’s popularity, which may indicate that not all low-cost items sell quickly.
This is consistent with the findings of Khalid and Lim (2018), who stated that managing products offered, will improve the organization’s sales performance. Offering a diverse choice of products will attract more clients, increasing the quantity of items sold. Customers are price sensitive when one product costs more than another. Customers would choose the cheaper product (Martinčić et al, 2022). Customers feel that by comparing expenses, they may get the best product for the lowest price and save money. Although having a low price can attract customers in the early stages, it will be extremely difficult for the company to raise pricing for subsequent encounters. (Jamaluddin and Esa, 2020).
Sari-sari store owners may prioritize stocking lower-cost products since they sell better. Offering cheaper prices may increase the amount of things sold, but it will also result in a loss of revenue for the company. Store owners may give reasonable prices in order to retain a good number of consumers and improve total income.
Table 3.2. Sales Status of Sari-Sari Stores in terms of Number of Products Sold
Statements | Mean | StDev | Remarks |
B. Number of Products Sold | |||
1. The variety of goods I offer in my sari-sari store influences the quantity I can sell. | 4.27 | 0.94 | Excellent |
2. Cheaper products tend to sell more than those that are a bit more expensive. | 4.07 | 0.94 | Good |
3. Higher prices can affect the number of products sold in my sari-sari store. | 4.17 | 0.95 | Good |
4. I always ensure that I have items in stock to prevent losing sales. | 4.43 | 0.86 | Excellent |
5. Adjusting the stock of my items based on their sales helps me sell more products. | 4.20 | 0.96 | Excellent |
Overall Mean | 4.23 | 0.61 | Excellent |
Scale: 4.20-5.00 – Excellent; 3.40-4.19 – Good; 2.60-3.39 – Average; 1.80-2.59 – Poor; 1.00-1.79 – Very Poor
Table 3.3 displays the mean score for sari-sari stores’ sales status in terms of customer count. The calculations produced an overall favorable result (M = 4.19; SD = 0.76). Statement 1 had the highest mean with an excellent remark, stating, “I notice that the number of customers in my sari-sari store can affect its sales status” (M = 4.33; SD = 0.96). Finally, the statement with the lowest mean is statement 3, which indicates that the prices “I offer influence customers’ recommendations, which can lead to an increase in customers” (M = 4.00; SD = 0.95) and includes a positive comment.
The findings show that the quantity of clients is extremely important in determining the sari-sari store’s sales position. Owners assume that increasing the prices of their products will increase the number of customers in their store. Based on the data, it can be concluded that prices influence customers’ perceptions of the store, potentially leading to an increase in customer visits. Customers have a significant impact on the company’s sales performance since they enhance sales. Customers’ perceptions of product costs are directly related to their purchasing decisions, which might have an impact on their sales performance.
This is consistent with the results of other investigations. According to Abatayo et al. (2022), customers care about pricing discrepancies for the identical products. They want to buy something that appears more inexpensive. This is consistent with other research that have found that pricing has a major impact on customer satisfaction (Bulan & Larashati, 2022; Indajang et al., 2023). Repeat purchases will boost the organization’s sales (Yu & Yuan, 2019).
This study suggests that sari-sari store managers should carefully consider their pricing methods, as they might have a considerable impact on customer perceptions of product pricing. By setting prices that correspond to clients’ price preferences, store owners can increase the number of customers and customer satisfaction, resulting in improved sales performance for the store.
Table 3.3. Sales Status of Sari-Sari Stores in terms of Number of Customers
Statements | Mean | StDev | Remarks |
C. Number of Customers | |||
1. I notice that the number of customers in my sari-sari store can affect its sales status. | 4.33 | 0.96 | Excellent |
2. I noticed that the price of my products affects how many customers come to my store. | 4.30 | 0.92 | Excellent |
3. The prices I offer influence customers’ recommendations, which can lead to an increase in customers. | 4.00 | 0.95 | Good |
4. My pricing strategy helps me gain and attract loyal customers. | 4.13 | 0.97 | Good |
5. Offering lower prices for my products has led to an increase in customer visits | 4.20 | 0.93 | Excellent |
Overall Mean | 4.19 | 0.76 | Good |
Scale: 4.20-5.00 – Excellent; 3.40-4.19 – Good; 2.60-3.39 – Average; 1.80-2.59 – Poor; 1.00-1.79 – Very Poor
Relationship between Sales Performance and Cost
The Pearson product-moment correlation coefficient was utilized to assess the relationship between product pricing and sari-sari store sales performance. According to the findings, cost has a very substantial link with sales performance (r=0.01, p=0.01). This suggests that pricing products based on costs can lead to improved sales success. Thus, the null hypothesis is rejected.
The majority of businesses base their rates on incurred costs. They simply add the required markup to establish the price of their products. Using a cost-based price guarantees that firms make a profit from the goods, this can improve sales performance.
This study’s conclusions are consistent with those of several other research. According to Owour (2022), cost-based pricing influences merchants’ sales performance. Historically, it has been the most widely used and easy pricing system. According to Kileo et al. (2023), using cost-based pricing has a favorable and statistically significant impact on sales performance. In this procedure, a product’s selling price is determined by adding a price to its production expenses (Trebicka et al., 2023). Customers’ spending must exceed the product’s value; otherwise, the business will lose money.
Table 4. Relationship Between Sales Performance and Cost
Variables | r value | p value | Remark |
Sales Performance and Cost | 0.01 | 0.01 | Highly Significant |
Note: **Correlation is highly significant at p<0.001 level
*Correlation is significant at p<0.05 level
Relationship between Sales Performance and Costumer Demand
The Pearson product-moment correlation coefficient was utilized to assess the relationship between product pricing and sari-sari store sales performance. According to the findings, client demand has a strong link with sales performance (r = -0.12, p = 0.04). This suggests that decreasing the prices of popular products can boost the company’s sales performance. Thus, the null hypothesis is rejected.
Product pricing based on customer demand prioritizes meeting the requirements and desires of customers who purchase from the company. Businesses that capitalize on consumer demand can maximize profit by meeting the requirements and desires of their customers, which can lead to an improvement in sales performance. Another reason for this is because this strategy leverages client demand as a variable to determine pricing in their firm.
According to Owour (2022), demand-based pricing might have an impact on a business’s sales success. Demand is critical for explaining variation in sales volume, and it is consistent with and related to a number of recent publications that provide quasi-experimental evidence that sales volumes are responsive to demand (Anenberg & Ringo, 2024).
Table 5. Relationship Between Sales Performance and Customer Demand
Variables | r value | p value | Remark |
Sales Performance and Customer Demand | -0.12 | 0.04 | Significant |
Note: **Correlation is highly significant at p<0.001 level
*Correlation is significant at p<0.05 level
Relationship between Sales Performance and Competition
The Pearson product-moment correlation coefficient was utilized to assess the relationship between product pricing and sari-sari store sales performance. According to the findings, competition has no meaningful association with sales success (p = 0.30, p = 0.08). This suggests that competition has no influence on the sales performance of sari-sari stores.
Large organizations may consider utilizing a competition-based pricing strategy to establish a suitable price for their products or services in order to achieve a competitive advantage over their competitors. Small businesses, such as sari-sari stores, may only consider cost and customer demand when setting prices and they will be unable to compete with other businesses because major corporations dominate market prices.
This is consistent with the findings of Nafuna’s (2019) study, which indicated that competitive pricing would not boost sales performance in any manner. Gunaydan’s (2023) study shows how huge organizations can use competition-based pricing to win market share and remain competitive. Small businesses, on the other hand, may need to adopt alternate pricing tactics, such as cost-based pricing, in order to stand out from larger competitors. In a competitive industry, a few large enterprises control the price, while many small businesses become price followers, forced to accept market rates. For enterprises that take prices, market prices are used to set prices rather than costs (Thi et al., 2019).
Table 6. Relationship Between Sales Performance and Competition
Variables | r value | p value | Remark |
Sales Performance and Competition | 0.30 | 0.08 | Not Significant |
Note: **Correlation is highly significant at p<0.001 level
*Correlation is significant at p<0.05 level
This chapter provided the outcomes and findings of various pricing strategies based on certain objectives as tested against the dependent variable, which is sales performance. The descriptive and inferential analyses were given in the following order: cost, consumer demand, and competition. The statistics indicate a considerable positive link between cost and sales performance. It also indicated a strong correlation between consumer demand and sales performance. However, no substantial correlation was discovered between competitiveness and sales performance.
Victor et al. (2019) found that implementing a pricing strategy in a firm is critical to preserving long-term revenue control in any business. Ester et al. (2019) found that various studies were undertaken to evaluate the relationship between pricing strategies and organizational financial performance. The studies found that pricing strategies have a positive association with financial performance. According to the findings of this study conducted in Nyeri County, Kenya, the effects of pricing strategy on hotel growth revealed that pricing strategy was one of the primary elements influencing hotel growth in Nyeri County (Wangui et al. 2018). Finally, Devendra and Devrajaurs (2023) found that price strategy has a direct impact on sales volume.
Thus, the findings imply that sari-sari store owners set their prices based on the cost of purchasing goods as well as customer demand. It means that cost and client demand are essential factors in deciding product pricing, which ultimately affects sales performance. However, the data conclude that competition has no substantial association with the business’s sales performance. This study implies that sari-sari retailers should consider cost and client demand when determining a suitable price for a product.
CONCLUSION
The study’s findings have led to several important conclusions. Sari-sari store owners mostly consist of females, which conclude that sari-sari store is mostly female dominant. It is important to strategically price the products to ensure competitiveness and profitability in the market. It is important for the sari-sari store to maintain a high level of sales performance to ensure profitability. It is important to consider the costs incurred in product pricing to ensure profitability and improve sales performance. It is important to consider customer demand in product pricing because it can attract more customers and improve sales performance of the sari-sari store. Competition has shown no influence on the success of the small businesses.
ACKNOWLEDGMENT
The authors would like to extend appreciation to school and barangay authorities for giving their approval for the conduct of the study. Recognition is also extended to Sari-sari store owners who have willingly participated in the study.
REFERENCES
- Abatayo, S. N., Anda, P., Rico, L. D., Tibayan, A. L. (2022). The Perception of Selected Students from De La Salle University – Dasmariñas on the Pricing Strategy in Quick Service Restaurants. Retrieved from DOI: https://doi.org/10.5281/zenodo.6881297 on May 3, 2024.
- Agbaeze, E. K., Chiemeke, M. N., Ogbo, A., & Ukpere, W. I. (2020). Impact of pricing practice management on performance and sustainability of supermarkets in the urban area of Enugu State, Nigeria. Sustainability, 12(15), 6019. Retrieved from https://doi.org/10.3390/su12156019 on April 29, 2024.
- Ali, B. J. & Anwar, G. (2021). Marketing Strategy: Pricing strategies and its influence on consumer purchasing decision. International journal of Rural Development, Environment. Retrieved from https://www.researchgate.net/publication/351245898 on November 20, 2023.
- ALMaghyadi, A. S. & ALMushi, R. M. (2021). The Hidden Cost in Entrepreneurial SMEs and The Extent of Their Impact on Entrepreneurs and Entrepreneurship in Saudi Arabia. Multi-Knowledge Electronic Comprehensive Journal for Education And Science Publications (MECSJ), 2616-9185. Retrieved from https://www.mecsj.com/The_Hidden_Cost_in_entrepreneurial_SMEs_and_the_Extent_of_Their_ Impact_on_Entrepreneurs_and_Entrepreneurship_in_Saudi_Arabia.pdf on May 6, 2024.
- Anenberg, E., & Ringo, D. (2024). Volatility in home sales and prices: supply or demand? Journal of Urban Economics, 139, 103610. Retrieved from https://doi.org/10.1016/j.jue.2023.103610 on May 4, 2024.
- Arthur, W. K. (2023). The Nature and Significance of Consumer Theory in Modern Economics: The Case of Modern China. International Journal of Social Sciences and Management Review, 6 (6). Retrieved from https://ijssmr.org/uploads2023/ijssmr06_97.pdf on April 12, 2024.
- Arvitrida, N. I., Candra, A., Siswanto, N., & Yuwana, L. (2019). The Effect of Pricing Strategies on Retailers: An Agent-Based Modeling Approach. Operations and Supply Chain Management: An International Journal. Retrieved from https://www.journal.oscm-forum.org/journal/proceeding/download_paper/20191207185819_OSCM_2019_paper_67.pdf on November 19, 2023.
- Attih, O. B. (2024). Pricing Strategies and Consumer Purchase Decision of Products in Department of Marketing, Akwa Ibom State University, Obio Akpa Campus Nigeria. British Journal of Management and Marketing Studies, 7(1), 196-208. Retrieved from DOI:10.52589/BJMMS-EDWZS6RK on April 9, 2024.
- Ayub, M. T. T. J., & Kusumadewi, N. M. W. (2021). The Effects of Price Perception, Product Knowledge, Company Image, and Perceived Value on Purchase Intentions for Automotive Products. European Journal of Business and Management Research, 6(5), 47–50. Retrieved from https://doi.org/10.24018/ejbmr.2021.6.5.955 on April 29, 2024.
- Bancoro, J.C., Villagonzalo, B., & Villanueva, T. (2023). Financial Attitude of Sari-Sari Store Owners in Barangay Batinguel Dumaguete City towards Microfinancing. East Asian Journal of Multidisciplinary Research, 2(4), 1749-1758. Retrieved from https://doi.org/10.55927/eajmr.v2i4.3822 on November 20, 2023.
- Bangod, J. M., Cañete, P. A., Lalimos, M. J., Tomatao, H. (January 2023). Perceived Employees’ Behavior among Mabuhay Accommodations in Relation to Guest Satisfaction and Retention. Retrieved on January 22, 2024.
- Beke, G. (2018). Demystifying McCarthy’s 4 P’s of the Marketing Mix: To Be or Not to Be. European Journal of Business and Management Research. 3(4). Retrieved from https://www.ejbmr.org/index.php/ejbmr/article/download/14/18/45 on January 9, 2024.
- Bryman, A. & Bell, E. (March 2007). The Ethics of Management Research: An Exploratory Content Analysis. British Journal of Management, 18(1), 63-77. Retrieved from https://www.researchgate.net/publication/227792535_The_Ethics_of_Management_Research_An_ Exploratory_Content_Analysis on January 19, 2024.
- Bulan, G. K., & Larashati, I. (2022). Effect of Service Quality and Price on Customer Satisfaction. Jurnal Computech & Bisnis/Computech. Retrieved from https://doi.org/10.56447/jcb.v16i2.20 on April 29, 2024.
- Caragan, K. J., Dinglasa, B. M., Mumar, C. G., Mesa, K., Rivera, C., Englaterra, D. R., Auditor, D. G., Ramas, K., Escarda, S. M. (2020). Lived Experiences of Sari-Sari Store Owners in Cebu City. Retrieved from https://www.studocu.com/ph/document/titay-national-high-school/advanced-control-systems-ii/1alivedexperiencesofsarisaristoreownersincebucity/50124803 on April 12, 2024.
- Cordial, J. (2020). Inventory Management Tools for Local Micro Businesses. Retrieved from https://www.academia.edu/51805887/Inventory_Management_Tools_for_Local_Micro_Businesses on May 1, 2024.
- Dang, J. P. A Review of Theoretical Perspectives Applied to Sales Promotion and a New Perspective based on Mental Accounting Theory. Retrieved from https://www.researchgate.net/publication/46437251 on May 2, 2024.
- Densing, J. M. (2023). What is Consumer Theory? SmartCapitalMind. Retrieved from https://www.smartcapitalmind.com/what-is-the-consumer-theory.htm on January 12, 2024.
- Devendra, G. O., & Devrajaurs, S. (2023). The Effects Of Pricing Strategies On E-Commerce Consumer Behavior. Retrieved from https://www.jetir.org/papers/JETIR2301616.pdf on May 5, 2024.
- Devi, B., Devi, R., Pradhan, S., Giri, D., Lepcha, N., & Basnet, S. (2023). Application of Correlational Research Design in Nursing and Medical Research. Journal of Xi’an Shiyou University, 65(11). Retrieved from DOI 10.17605/OSF.IO/YRZ68 on May 7, 2024.
- Dimitrantzou, C., Psomas, E., Vouzas, F. (2020). Future Research Avenues of Cost of Quality: A Systematic Literature Review. Retrieved from DOI:10.1108/TQM-09-2019-0224 on April 10, 2024.
- Dizon, K. L., Galvez, N., Mesina, D. M., Causo, I. K. Hernandez, J. B., & Villarosa, K. J. (2023). Difficulties Encountered by Selected Sari-Sari Store Owners in Poblacion, San Isidro, Nueva Ecija. Retrieved from https://ojs.aaresearchindex.com/index.php/AAJMRA/article/view/12434 on November 20, 2023.
- Felix, S., & Maggi, C. (2019). What is the Impact of Increased Business Competition? IMF Working Paper, 2019(276). Retrieved from https://doi.org/10.5089/9781513521510.001 on May 3, 2024.
- Francisco, C., Salcedo, A., Lazaro, I. L., Bondoc, B., Mangaliman, R. M., & Javier, I. G. (2023). Financial Management Practices of Selected Sari-Sari stores in San Isidro, Nueva Ecija. Retrieved from https://ojs.aaresearchindex.com/index.php/AAJMRA/article/view/12496 on November 20, 2023.
- Fronda, A. V., Duria, J. J. C., Parico, O. B., & Buenaflor, E. G. (2023). A Community Ecological Analysis of Food Availability and Accessibility in a Rural Community in the Philippines. Ukrainian Journal of Ecology, 13(5). Retrieved from https://www.ujecology.com/articles/a-community-ecological-analysis-of-food-availability-and-accessibility-in-a-rural-community-in-the-philippines-102410.html on April 5, 2024.
- Funahashi, T. (2023). Sari-Sari Stores as Sustainable Business by Women in the Philippines. 10.1007/978-981-19-8171-5_4. Retrieved from https://www.researchgate.net/publication/368918384 on November 20, 2023.
- Gano-An, J. C., & Gempes, G. P. (2020). The Success and Failures of Sari-Sari Stores: Exploring the Minds of Women Micro-Entrepreneurs. Holistica, 11(2), 25–51. Retrieved from https://doi.org/10.2478/hjbpa-2020-0017 on November 20, 2023.
- Gao, R. X. (2023). On the Importance of Pricing Strategy in Marketing Strategy. Frontiers in Business, Economics and Management, 10(1), 158–161. Retrieved from https://doi.org/10.54097/fbem.v10i1.10234 on April 28, 2024.
- Gerpott, T. J. & Berends, J. (2022). Competitive Pricing on Online Markets: A Literature Review. Journal of Revenue and Pricing Management, 21(8), 1-27. Retrieved from DOI:10.1057/s41272-022-00390-x on May 6, 2024.
- Gunaydan, I. (2023). An Analysis of Pricing Strategies within Business-to-Business Companies in the Aftermarket Domain. Jonkoping University. Retrieved from https://www.diva-portal.org/smash/get/diva2:1765620/FULLTEXT01.pdf on April 30, 2024.
- Hussien, A. (2022). Systematic Literatures Review on Marketing Pricing Strategies. Directory of Open Access Journals. Retrieved from https://doi.org/10.47814/ijssrr.v5i1.147 on April 29, 2024.
- Hyginus, O., Wabuji, D. & Christian, A. (2019). Pricing Strategy As A Factor For Sales Performance Of Consumable Goods: Evidence From Consumable Goods Dealers In Wukari Local Government Area, Taraba State, Nigeria. Department of Business Administration, Federal University Wukari, Nigeria. Retrieved from https://napublisher.org/pdf-files/NIJBMR-519-48-61.pdf on November 19, 2023.
- Igo, A., Harisa, N., Rizal (2019). Analysis of Promotion in Increasing Sales Volume in PT. Hasjrat Abadi Perwakilan Unaaha. International Journal of Education and Research, 7(9). Retrieved from https://www.ijern.com/journal/2019/September-2019/15.pdf on May 7, 2024.
- Igwe, S., Ebenuwa, A., & Idenedo, O. W. (2020). Technology Adoption and Sales Performance of Manufacturing Small and Medium Enterprises in Port Harcourt. Journal of Marketing Development, 5(1), 44-59. Retrieved from https://www.researchgate.net/publication/341657333 on December 9, 2023.
- Ilias, S. & Shamsudin, M. F. (2020). Customer Satisfaction and Business Growth. Journal of Undergraduate Social Science and Technology, 2(2). Retrieved from http://abrn.asia/ojs/index.php/JUSST/article/view/60 on May 7, 2024.
- Indajang, K., Candra, V., Sianipar, M. Y., Sembiring, L. D., & Simatupang, S. (2023, February 23). The Effect of Service Quality and Price on Customer Satisfaction. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS). Retrieved from https://doi.org/10.47065/ekuitas.v4i3.3090 on April 28, 2024.
- Islaini, M. A. A., & Nayan, S. M. (2020). The Role of Price in the Marketing Mix. Journal of Undergraduate Social Science and Technology, 2(2), 1–3. Retrieved from https://abrn.asia/ojs/index.php/JUSST/article/view/74 on December 6, 2023.
- Jabagat, C. R. (2021). Cost of regulatory compliance for small and medium enterprises in the Philippines. Social Science Research Network. Retrieved from https://doi.org/10.2139/ssrn.3878642 on May 5, 2024.
- Jain, M. (September 2021). A Review on the Variables that Influence Product Pricing Decision. Journal of Contemporary Issues in Business and Government, 27(3). Retrieved from https://www.researchgate.net/profile/Jain-3/publication/354332535 on November 23, 2023.
- Jamaluddin, N. F. B., & Esa, S. A. (2020). Effect of Price on Sales Volume. Journal of Undergraduate Social Science and Technology, 2(2). Retrieved from https://doi.org/10.5281/zenodo.3748943 on December 5, 2023.
- Johnson, E. C. & Karlay, J. S. (2018). Impact of Service Quality on Customer Satisfaction. Retrieved from http://www.diva-portal.org/smash/get/diva2:1246475/FULLTEXT01.pdf on May 5, 2024.
- Kelwig, D. (2022). Sales Volume: Definition, Formula, and How to Increase it. Retrieved from https://www.zendesk.com/blog/sales-volume/ on April 5, 2024.
- Khalid, F. A. & Lim, S. R. (2018). A Study on Inventory Management towards Organizational Performance of Manufacturing Company in Melaka. International Journal of Academic Research in Business and Social Sciences, 8(10). Retrieved from DOI:10.6007/IJARBSS/v8-i10/5292 on May 4, 2024.
- Kileo, M., Ngozi, T., & Batonda, G. (2023) Influence of Pricing Strategies on Sales Performance in Telecommunication Companies in Tanzania: A Case of Telecommunication Companies in Mwanza City. Global Scientific and Academic Research Journal of Economics, Business and Management. Retrieved from https://gsarpublishers.com/abstract-619/ on May 1, 2024.
- Kundy, T. (2021). Effects of Pricing Strategies on Sales Performance of the Selected Private Firms in Arusha. Retrieved from https://www.researchgate.net/publication/349255182 on May 5, 2024.
- Kurniawan, A. C. & Arvitrida N. I. (2021), “An agent-based simulation for a trade-off between frequency and depth in retail price promotion strategy”, Management & Marketing. Challenges for the Knowledge Society, Vol. 16, No. 1, pp. 1-12, DOI: 10.2478/mmcks-2021-0001. Retrieved from https://sciendo.com/pdf/10.2478/mmcks-2021-0001 on November 19, 2023.
- Lacson, K., (2019). The Rise of Manileña Entrepreneur: Her Story in Periodicals from 1898–1938. DLSU Business & Economics Review, 28(3), p. 52-63. Retrieved from https://www.dlsu.edu.ph/wp-content/uploads/2019/10/6-lacson-041519.pdf on February 15, 2024.
- Levin, J., & Milgrom, P. (2004). Consumer Theory. Retrieved from https://web.stanford.edu/~jdlevin/Econ%20202/Consumer%20Theory.pdf on January 16, 2024.
- Liberto, D. (2023). Consumer Theory: Definition, Meaning, Objective, and Example. Investopedia. Retrieved from https://www.investopedia.com/terms/c/consumer-theory on January 16, 2024.
- Madinga, R. C., Dejan, J. A., Caballero, J. R. I., & Guevarra, D. A. (2021). Marketing Strategy and Sales Performance of Talipapa Vendors in Kingking, Pantukan, Comval Province. Journal of BIMP-EAGA, 7(1). Retrieved from https://doi.org/10.51200/jbimpeagard.v7i1.3694 on November 20, 2023.
- Mahr, N., & Cajes, K. (2023). Consumer Demand Definition, Theory & Facts. Retrieved from https://study.com/academy/lesson/what-is-consumer-demand-theory-examples.html on April 5, 2024.
- Mandić, M. (2023). Research on Customer Importance and Satisfaction with Elements of Retailers’ Offer. Business Excellence, 17(1), 99-115. Retrieved from https://doi.org/10.22598/pi-be/2023.17.l.99 on April 5, 2024.
- Martinčić, M., Vuković, D., & Hunjet, A. (2022). Consumer Responses to Selected Activities: Price Increases, Lack of Product Information and Numerical Way of Expressing Product Prices. Retrieved from https://www.proquest.com/docview/2679741417/6518E2770AAC48EAPQ/2 on November 20, 2023.
- McColl, R., Macgilchrist, R., & Rafiq, S. (2020). Estimating cannibalizing effects of sales promotions: The impact of price cuts and store type. Journal of Retailing and Consumer Services, 53, 101982. Retrieved from https://doi.org/10.1016/j.jretconser.2019.101982 on April 28, 2024
- Muchaendepi, W., Mbohwa, C., Hamandishe, T., & Kanyepe, J. (2019). Inventory management and performance of SMEs in the manufacturing sector of Harare. Procedia Manufacturing, 33, 454-461. Retrieved from https://doi.org/10.1016/j.promfg.2019.04.056 on May 2, 2025.
- Musumali, B. (2019). An Analysis of Why Customers are so Important and How Marketers go about Understanding Their Decisions. Business and Marketing Research Journal. 23 (23), pp. I-230-246-I. Retrieved from https://www.researchgate.net/publication/342898572 on April 5, 2024.
- Nafuna, E., Masaba, A. K., Tumwine, S., Watundu, S., Bonareri, T. C., & Nakola, N. (2019). Pricing Strategies and Financial Performance: The Mediating Effect of Competitive Advantage. Empirical Evidence from Uganda, a Study of Private Primary Schools. 19(1). Retrieved from https://journalofbusiness.org/index.php/GJMBR/article/view/2684/3-Pricing-Strategies-and-Financial_html on May 1, 2024.
- Ngendahayo, J. C. (2019). Marketing Strategies and Sales Performance of Manufacturing Firms in Uganda. Retrieved from Reg No: 17/X/17824/GMBA/PE on December 4, 2023.
- OECD (2021), Methodologies to measure market competition, OECD Competition Committee Issues Paper. Retrieved from https://oe.cd/mmmc on May 5, 2024.
- Ofosu-Boateng, I. (2019). Assessing the Effects of Pricing Strategies on Sales Performance of Street Hawkers in Ghana. Texila International Journal of Management, 5(2). Retrieved from https://www.texilajournal.com/thumbs/article/Management_Vol%205_Issue%202_Article_12.pdf on April 28, 2024.
- Olagsan, A. R., Coloso, N., Rubio, R. J., Tamon, T. J., Samoya, J. D. L., Alicaway, J. J., Quiador, R. (2019). Challenges Faced by Entrepreneurs of Sari-Sari Stores. Retrieved from https://www.scribd.com/document/438346950 on April 27, 2024.
- Owour, D. (2022). Effect of Pricing Strategies on Sales Performance of Retail Firms: A Case Study of Retail Firms in Kiambu County. Retrieved from https://erepo.usiu.ac.ke/bitstream/handle/11732/7570 on January 9, 2024.
- Pagara, E. (2022). Marketing Practices Among Sari-Sari Stores in Dapitan City: Basis for Proposed Extension Program. International Journal of Multidisciplinary: Applied Business and Education Research, 3. 1302-1308.10.11594/ijmaber.03.07.10. Retrieved from https://www.researchgate.net/publication/362635951 on November 20, 2023.
- Patil, D., & Rane, N. L. (2023). Customer experience and satisfaction: Importance of customer reviews and customer value on buying preference. International Research Journal of Modernization in Engineering Technology and Science. Retrieved from https://doi.org/10.56726/irjmets36460 on May 5, 2024.
- Ranabhat, D. (2018). Customer Loyalty In Business. Retrieved from https://core.ac.uk/download/pdf/161424404.pdf on May 5, 2024.
- Rashaduzzaman, M. (2020). Influence of convenience, time-savings, price, and product variety on Amazon Prime members and Non-Prime shoppers’ online apparel purchase intention. DigitalCommons@University of Nebraska – Lincoln. Retrieved from https://digitalcommons.unl.edu/textilesdiss/16 on May 5, 2024.
- Sadowska, B. (2021). The costs and cost accounting model (simplified) in State Forests National Forest Holding. Zeszyty Teoretyczne Rachunkowości, 45(3), 233–253. Retrieved from https://doi.org/10.5604/01.3001.0015.2353 on May 6, 2024.
- Sholihuddin, M. A., Rivai, A., & Saragih, B. (2020). The Effect of Location and Price on Consumer Satisfaction through Buying Decisions on PT. Adhi Persada Property. East African Scholars Journal of Economics, Business and Management, 3(4). Retrieved from https://www.easpublisher.com/media/features_articles/EASJEBM_34_302-311_jxemMTA.pdf on November 19, 2023.
- Ståhl, Windmark, C., & Kianian, B. (2018). Cost-based pricing for learning organizations – a model presentation and demonstration. Procedia Manufacturing, 25, 239–. Retrieved from https://doi.org/10.1016/j.promfg.2018.06.079 on April 30, 2024.
- Suardika, I. K., & Dewi, M. S. (2021). The Impact of Brand, Product Quality and Price on Sales Volume of Samana Mart Stores. International Journal of Social Science and Business, 5(2), 256-261. Retrieved from https://ejournal.undiksha.ac.id/index.php/IJSSB/article/view/34766/19771 on November 20, 2023.
- Suartini, S., Nurdiansyah, D. H., & Haryati, S. (2018). The Influence Of Costs And Sales Volume Towards The Profit Of Cipta Grafika Printing. Information Management & Computer Science, 08–13. Retrieved from https://doi.org/10.26480/imcs.02.2018.08.13 on May 5, 2024.
- Sutanto, J., Minantyo, H., & Soediro, M. (2022). The Influence of Product Quality, Promotion and Social Media towards increase sales Volume (A case Study at paradise Cafe Surabaya). International Journal of Economics, Business and Management Research, 06(10), 185–195. Retrieved from https://doi.org/10.51505/ijebmr.2022.61013 on May 7, 2024.
- Thabit, T. H., & Raewf, M. B. (2018). The Evaluation of Marketing Mix Elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4). Retrieved from https://doi.org/10.23918/ijsses.v4i4p100 on April 30, 2024.
- Thanseer, A., Riyas, M., Mariappan, J., Edassery, J. R. (2022). Importance of Marketing Mix in Successful Positioning of Products and Their Services on the Market. Journal of Positive School Psychology, 6 (8), 7711-7721. Retrieved from https://journalppw.com/index.php/jpsp/article/view/11132 on April 19, 2024.
- Thi, K. A. V., Khanh, V. H., Thuy, V. H. T., & Thuy, D. V. (2018). Factors influencing the cost-based pricing method: the empirical study of Vietnamese feed mills. Ekonomìčnij časopis-XXI, 171(5–6), 29–37. Retrieved from https://doi.org/10.21003/ea.v171-05 on May 5, 2024.
- Trebicka, B., Tartaraj, A., & Harizi, A. (2023). Analyzing the relationship between pricing strategy and customer retention in hotels: A study in Albania. F1000Research, 12, 690. Retrieved from https://doi.org/10.12688/f1000research.132723.1 on May 3, 2024.
- Umutesiwase, K. & Campus, N. U. (2022). Factors Affecting Competition in Business World. Retrieved from https://www.rica.gov.rw/index.php?eID=dumpFile&t=f&f=70235&token=d88250b7333771b0317c fc56db4f4e1ed474d5d3 on May 7, 2024.
- Victor, V., Thoppan, J. J., Fekete-Farkas, M., & Grabara, J., (2019): Pricing strategies in the era of digitalization and the perceived shift in consumer behavior of youth in Poland. Journal of International Studies, 12(3), 74-91. Retrieved from DOI:10.14254/20718330.2019/12-3/7 on April 30, 2024.
- Villanueva, E. V. N. (2021). The Financial Impact Of COVID-19 Pandemic: Evidence to A Supermarket in the Philippines. Iconic Research and Engineering Journals, 5(4). Retrieved from https://www.irejournals.com/paper-details/1702948 on April 5, 2024
- Wangui, W. L., Kiragu, D., & Wachira, A. (2018). Effect of Pricing Strategy and Growth of Selected Hotels in Nyeri County, Kenya. International Journal of Academic Research in Accounting Finance and Management Sciences, 8(1). Retrieved from DOI:10.6007/IJARAFMS/v8-i1/4046 on May 2, 2024.
- Wantara, P., & Tambrin M. (2019). The Effect of Price and Product Quality Towards Customer Satisfaction and Customer Loyalty on Madura Batik. Faculty of Economics and Bussines. University of Trunojoyo Madura, Indonesia. Retrieved from https://rpajournals.com/wp-content/uploads/2019/02/ITHJ-2019-01-14.pdf on November 19, 2023
- Yayla, A., & Çevi̇K, Ö. (2022). The Effect of competition on moral Development: a phenomenological study. International Journal of Psychology and Educational Studies, 9, 967–977. Retrieved from https://doi.org/10.52380/ijpes.2022.9.4.926 on May 2, 2024.
- Yu, X., & Yuan, C. (2019). How consumers’ brand experience in social media can improve brand perception and customer equity. Asia Pacific Journal of Marketing and Logistics, 31(5), 1233–1251. Retrieved from https://doi.org/10.1108/APJML-01-2018-0034.May 2, 2024.
- Zhao, H., Yao, X., Liu, Z. & Yang, Q. (2021). Impact of Pricing and Product Information on Consumer Buying Behavior with Customer Satisfaction in a Mediating Role. Front. Psychol. 12:720151. Retrieved from DOI: 10.3389/fpsyg.2021.720151 on November 20, 2023.