Agada A. Solomon
&
Ighomereho Ogheneochuko Salome
Department of Business Administration and Marketing
Redeemer’s University, Ede, Osun State
For correspondence, email: agadas@run.edu.ng; ighomerehoo@run.edu.ng
Abstract
Price is seen as a measure of perceived quality and quality invariably constitute the overall characteristics of a product that result in customer experience. Thus, this study investigated the effect of product price and perceived quality as the basis of purchase of clothing products among undergraduates. The dimensions of product price include product cost price, competitor price and value-based price. The study employed cross-sectional survey design using selfadministered structured questionnaire administered to 316 undergraduate students in two private universities in Osun State selected through convenience sampling. Based on the analysis of the data collected and the result of analysis, it was revealed that product cost price significantly influences perceived quality (R2= 0.47, B = 0.731, Beta = 0.686, p=0.000), competitor price significantly influences perceived quality (R2= 0.41, B = 0.574, Beta = 0.634, p=0.000) and lastly, value-based price significantly influences perceived quality (R2= 0.495, B = 0.753, Beta =0.703, p=0.000). The study concludes that product price is a significant determinant of perceived quality which is the basis of purchase of clothing products. The study recommends that marketers of clothing products should recognize the different dimensions by which prices of products are determined and recognized the dimension that is weightier in influencing buyers’ perceived quality. A cursory insight is also recommended in respect of the theoretical implications based on buyers’ attribution to product features and cues that signal attraction.
Keywords: Clothing products, Fashion products, Product price, Perceived quality, Undergraduates
