Abstract
This paper investigates the determinants of wood pricing in Ghana. The purpose of this study is to assess the factors that influence the prices of wood product at the various wood markets and retailers in Kumasi which have large variety of wood and different categories of retailers in the industry. The study employs a survey design where respondents are conveniently selected. A semistructured questionnaire was designed to gather data from the respondents. STATA version 12.0 software and several sets of statistical analyses such as frequency tables, percentages, and mean point values were performed. Linear regression was employed to estimate the determinants of wood product prices in the wood markets and retail outlets in Kumasi metropolis. The findings of this study suggest that, most of the price determining factors have a positive relationship with the price of wood sold whilst others such as quantity of wood sold and low quality wood products have a negative relationship with the price of wood product sold. Based on the findings of the study, the researchers recommend to future researchers to concentrate further studies on how government policies affect wood prices and also types of wood and their influences on prices.
Highlights
The importance of capable pricing practice cannot be underrated
The results indicates that all the low quality wood products are negatively related to the prices of wood sold on the market and are all significant at 1%, 5% and 10% level of testing respectively
Research on factors that affect wood pricing and the price of wood products sold has progressively become the yardstick for the development of the local wood industry in the Ghanaian private wood business sector
Summary
The importance of capable pricing practice cannot be underrated. The difficulty in pricing in the wood industry can not be underestimated. The nature of demand, competitiveness, cost, company objective and marketing conditions are the factors that need critical analysis in the Ghanaian wood industry. How to cite this paper: Kankam-Kwarteng, C., Donkor, J. and Acheampong, S. (2016) Determinants of Wood Prices: Analysis of Wood Retailers in Kumasi. Open Journal of Business and Management, 4, 36-44.
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