A generic framework for consultancy services pricing in Ghana: the case of quantity surveying practice
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Date
2015-02-20
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Abstract
The pricing of goods and services dates back to the pre historic era. It has metamorphosed
into various forms over the decades manifesting in barter system and the use of substances
like cowries to represent it. Among the marketing mix of people, place, promotion and
price, pricing is the least researched. Similarly, in our modern world, much attention has not
been paid to the pricing of services provided by consultants as compared to manufactured
goods. Equally worst are the services provided by professionals and specialists notably
quantity surveyors. The aim of the study was to develop a generic framework for pricing
quantity surveying consultancy services. Methodologically, the study was positioned in the
positivist tradition. Thus the quantitative approach was adopted in the conduct of this study.
The data collection instrument was survey questionnaire which was administered to 79
respondents providing a response rate of 72 per cent. Twelve key hypotheses were
postulated via theoretical framework based on pricing theories and concepts. The study
adopted the chi square test and factor analysis for data analysis. The discussion and
interpretation of results were supported by systematic synthesis leading to the development
of the generic framework for pricing which demonstrated the foundational issues of client -consultant relationship; and demand and supply. Other findings demonstrated by the generic
framework include the pricing spine; pricing management; pricing catalyst and pricing
strategies. The study also found pricing relationship between pricing strategies and
profitability; pricing objectivity; pricing strategy; time taken to render service to clients and
business management including cost; and production of timely reports to be significantly
related to business management, service cost management, technical and financial
capabilities. The findings also have the prospect of much applicability in the pricing of
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services provided by other consultants operating in the built environment to achieve
sustainable prices for the services they render to clients. Numerous future studies were
advanced to address the limitation of this study. Some of the future research agenda
advanced include: an in-depth exploration of pricing objectives with much emphasis on their
influence on price levels; a study to determine the willingness to pay (WTP) by clients for
consultancy services; an empirical study to ascertain the relationship between economic
development and demand for consultancy services inter alia.
Description
Thesis submitted to the Department of Building Technology of the Kwame
Nkrumah University of Science and Technology in partial fulfillment of the requirements
for the award of a Master of Philosophy (MPhil) degree in Building
Technology,