PRICE AND PRODUCT STRATEGIES AND BUSINESS GROWTH IN RWANDA
Abstract
This research examined the impact of Price and Product Strategies on the business growth of Iriba Water Group in Rwanda. The study aimed to assess the effect of these specific marketing elements on the firm's expansion in a competitive market. A mixed-methods approach was employed, incorporating both quantitative and qualitative data collection. The sample consisted of 107 employees and customers of Iriba Water Group, selected using stratified and random sampling techniques, as determined by the Krejcie and Morgan (1967) table. Data was collected through structured questionnaires and interviews, with quantitative data analyzed using descriptive and inferential statistics. The descriptive results revealed that pricing strategy had a significant effect on business growth, with an overall mean of 1.347. The correlation analysis showed a strong positive relationship between pricing strategy and key business growth indicators, such as market share (r=0.851, p=0.000), customer base (r=0.786, p=0.000), brand equity (r=0.638, p=0.000), and financial performance (r=0.837, p=0.000). Product strategy also showed a notable impact, with a mean of 1.530, supported by strong correlations with market share (r=0.813, p=0.000), customer base (r=0.619, p=0.000), and financial performance (r=0.799, p=0.000).The regression analysis revealed that both price and product strategies positively influence financial performance, with price strategy (b=0.324, p=0.000) and product strategy (b=0.013, p=0.002) making significant contributions. These findings underscore the importance of a strategic focus on pricing and product development in driving business growth and financial success. The study concludes that price and product strategies play a significant and positive role in the business growth of Iriba Water Group, providing actionable insights for business leaders and policymakers to optimize these areas for sustained growth, particularly in the context of small and medium-sized enterprises (SMEs) in Rwanda. Future studies are suggested to explore the long-term effects of these strategies on business sustainability and the impact on customer loyalty and retention.