Citation:

Ekiru Francis Anno, Josephine Namongo Emase, Philip Ekai Natapar. "The Influence of Pricing Strategies and Consumer Behavior on the Performance of the Livestock Markets in Turkana, Kenya" International Research Journal of Economics and Management Studies, Vol. 2, No. 2, pp. 199-212, 2023.

Abstract:

The goal of investigating the influence of pricing strategies and consumer behaviour on the performance of livestock markets in Turkana, Kenya, is to examine how strategies for discovering, setting, and imposing prices in livestock markets affect consumer behaviour and market performance. The pricing of agricultural goods in Turkana marketplaces is difficult and must be strategically determined and managed. The study objectives encompassed matters of the role of livestock resources in the socioeconomic development of livestock-dependent populations, the livestock marketing systems used in the trading of livestock resources, the pricing strategies used in livestock marketing, and the impact of pricing strategies on consumer behaviour and market performance. Studied were three secondary livestock markets in Turkana, i.e., Kerio, Lorugum, and Lokori, with 56 study participants sampled per market as primary respondents. Also, 16 government and civil society employees (purposefully selected) were secondary study participants. The study employed exploratory and descriptive research designs and a mixed-methods approach. A questionnaire and study schedule with good validity and reliability results were administered to study participants. Interviews with respondents, actual visits to selected marketplaces, and secondary sources were used to collect data for the study. Various datasets were analysed using data computing tools like SPSS and related parametric and non-parametric approaches. The study identified pricing effects on livestock markets that were statistically significant at the 5% level. Disparities in traders' experience, capital resources, and competitiveness favour the high-capital traders who dominate the majority of domestic markets. The study suggests market-driven livestock production and marketing strategies and the transformation of livestock marketing associations into cooperatives. The move will structure and organize market operations, strengthen stakeholder coordination, balance market forces, manage non-market forces, and improve the ability to manage risks. Policy and market research are mentioned as means of enhancing the knowledge base and expertise necessary for more effective programming.

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Keywords:

Pricing strategies, Livestock production, Market performance, Supply, Demand, Competition.