A study on pricing strategy at Thien An bakery

ABSTRACT This study focuses on the Vietnamese family-owned business, Thien An Bakery, and aims to examine the impact of pricing decision on the bakery's pricing strategy.. The purpose is

About Thien An Bakery

Setting a commercial price for a product or service is an important aspect of any business Price setting is the process of recognizing the present and future market trends in an industry to gain an edge by adjusting the business prices accordingly It has been firmly established that pricing plays a vital role in the growth of a business because it determines a company's revenue and profit Attracting customers is becoming increasingly difficult when businesses must compete on price with other stores while also maximizing profits According to the research conducted by Kühn and Riedel (2014), pricing decisions are heavily influenced by a range of factors, including market size, competition, and risk aversion Similarly, Lein (2010) also agrees that prominent levels of competition and volatile market demand lead to more frequently adjusted prices However, the research above has primarily focused on a consistent marketplace where businesses grow consistently This body of theory presents a problem for industries that confront unforeseen circumstances - for example, the Covid-19 pandemic - which cause the whole market to stall and force numerous companies to go bankrupt The Covid-19 pandemic has further added to the uncertainty, with commodity prices becoming subject to market fluctuations and altering consumer behavior Hence, businesses must adopt a scientific and comprehensive pricing strategy that considers the cost of goods sold, competition, and customer demand to maximize their profits

Thien An Bakery is a renowned bakery with a widespread presence in Ho Chi Minh City Despite the widespread damage caused by the Covid-19 pandemic to small and large businesses in Ho Chi Minh City, the bakery has achieved considerable success over time However, Thien An Bakery takes extreme caution in managing their operations to remain competitive in a rapidly changing market The key differentiating factor for Thien

An Bakery from other bakeries is its pricing strategy, which determines the prices of its products and how it reacts to market trends and consumer behavior Consumer preferences have shifted abruptly because of market volatility, posing a challenge for all industries, including Thien An Bakery Due to this uncertainty, Thien An Bakery must evolve, adapt to consumer preferences, and abandon traditional methods to maintain their position in the market and continue to generate profits.

The area of study

Survey location: Thien An Bakery in Ho Chi Minh City

Survey participants: Employees at the bakery and Thien An Bakery's customers Survey timeframe: Data collection will take place from January 2023 to March

Research’s aims

This study aims to answer the following research questions:

 What factors in pricing decision impact Thien An Bakery's pricing strategy?

 How do these pricing decision factors influence Thien An Bakery's pricing strategy?

 What suggestions can be offered to improve Thien An Bakery's pricing strategy in the future?

 What challenges and opportunities arise for Thien An Bakery when adjusting their pricing strategies? b) Research’s objectives:

These research objectives will guide the research process and help ensure that the dissertation provides a thorough and detailed analysis of Thien An Bakery's pricing strategy:

To conduct a literature review on Pricing Decision and Pricing Strategy

To identify the components of Pricing Decision that affect Pricing Strategy of Thien

To measure the impact of the components of Pricing Decision on Pricing Strategy of Thien An Bakery

To propose recommendations for the future enhancement of Pricing Strategy at Thien An Bakery c) Research’s method:

To answer the above questions, this dissertation will use quantitative research methods, including questionnaire surveys, and primary data This research will be based on previously published literature on pricing strategy, pricing decision, and data provided by Thien An Bakery executives and employees The study's purpose is to provide insights and recommendations that can help Thien An Bakery optimize its pricing strategy and better serve its customers while also meeting financial goals

The collected data will be examined using the SPSS 20 (Statistical Package for the Social Sciences version 20) software This process will include evaluating the scale reliability via Cronbach's Alpha coefficients, conducting exploratory factor analysis, and utilizing regression analysis to assess the suggested hypotheses d) Significance of the study:

This study will contribute to enriching the body of knowledge on price valuation by examining and assessing Thien An Bakery's pricing strategies and approaches, in which knowledge is swiftly and constantly evolving Consequently, this study will assist in filling the current research shortage in this field and provide practical value to organizations that operate in similarly dynamic settings

4) Justification for the chosen topic:

In the aftermath of the Covid-19 pandemic, Thien An bakery's current operational status is unfavorable Despite striving to provide customers with the highest quality bakery products, the bakery's growth rate is gradually slowing down This may be due to the fact that during quarantine, other bakeries have adopted technology that appeals to customers and promoted their brand along with discounts and special offers, resulting in a decline in Thien An bakery's revenue As a result, Thien An bakery urgently needs an effective pricing strategy to retain and attract new customers through the communication channels that competitors have utilized, while also creating a unique selling point for customers to choose their products over those of competitors

The author believes that in the Vietnamese bakery industry, there have been limited studies examining the impact and influence of pricing strategies Consequently, the author has chosen "A study about Pricing Strategy at Thien An Bakery" as the research topic

In Chapter 1, the author presents the selected organization for the study and explains the rationale behind choosing the research topic Additionally, the author outlines the research objectives, questions, subjects, and scope The subsequent chapter will provide a review of pertinent literature on pricing strategy and the factors influencing it, as examined and selected by the author.

Summary

In Chapter 1, the author presents the selected organization for the study and explains the rationale behind choosing the research topic Additionally, the author outlines the research objectives, questions, subjects, and scope The subsequent chapter will provide a review of pertinent literature on pricing strategy and the factors influencing it, as examined and selected by the author.

LITERATURE REVIEW

Bakery Pricing Strategies

Cost-plus pricing is important to many businesses (Guilding et al 2015) because of its simplicity and ease of utilization Hanson and Kalyanam (1994) Cooper et al (2016) also agreed on the perspective that cost-plus pricing is considered the best approach based on simplicity Although cost-plus pricing is widely used, it may not be the optimal approach for maximizing profits (Benfield, 1998) and it may have the potential to mislead firms by making them believe that they have enough information to make pricing decisions Nagle et al (2016) Overall, it is important to consider both the benefits and drawbacks of cost-plus pricing and carefully evaluate whether it is the appropriate pricing method for a given business b) Value-Based Pricing:

Value-based pricing is a strategic approach to pricing that takes into account the perceived value of a product or service to the customer, rather than solely focusing on production costs Hinterhuber (2008) referenced Docters et al (2004), who described value-based pricing as "one of the most effective pricing methods." In 2004, Hinterhuber introduced a comprehensive framework for executing a value-based pricing strategy, which factors in all pertinent dimensions and components for making profitable and lasting pricing choices He argued this approach can contribute to a successful long-term pricing strategy

Figure 1 Framework for value-based pricing (Hinterhuber, 2004)

Liozu et al (2012) observed that companies that effectively implement value- based pricing share common traits, such as the ability to navigate significant transformational change Meanwhile, Tatyana (2011) posited that value-based pricing can offer a competitive edge to businesses Collectively, these studies indicate that value- based pricing is a crucial strategy for achieving profitable and sustainable pricing outcomes However, it should not serve as the exclusive foundation for pricing decision, as all relevant factors must be carefully weighed c) Dynamic Pricing:

Dynamic pricing is a versatile pricing strategy that sets different prices according to varying demand levels Kotler et al (2021) described dynamic pricing as a flexible approach that continually adjusts prices to accommodate the specific characteristics and requirements of individual customers and situations This enables bakeries to modify their prices in response to fluctuations in demand or production expenses, ensuring competitiveness and profitability

Transchel and Minner (2009) illustrated that dynamic pricing can enhance operational efficiency and profitability within the economy Liu and Zhang (2013) discovered that this pricing strategy can yield higher profits for firms offering high-quality products, while Chen et al (2018) indicated that it can boost profits for products with a limited shelf life Zhao and Zheng (2000) determined that optimal pricing for perishable goods declines as inventory decreases and that implementing dynamic pricing can lead to revenue increases of up to 7.3 percent However, one drawback of this pricing approach is that it may prove difficult to execute for bakeries with limited resources d) Competition-based pricing:

Competition-based pricing is a strategy that involves setting product prices based on competitor pricing Companies adopting this approach often reduce their prices below those of their competitors to attract customers and gain market share (Chen et al., 2018) Matsa (2011) discovered that competition-based pricing strategies can stimulate firms' competitiveness by encouraging investments in product quality, which may be advantageous for a bakery seeking to distinguish itself from rivals (Moorthy, 1988)

However, Klemperer (1995) points out that firms with brand loyalty may opt for higher prices to capitalize on their committed customers, which could be a disadvantage for a bakery aiming to attract new clientele Conversely, Griffith and Rust (1997) caution that managers may tend to engage in excessive competition, resulting in reduced profits when companies' performance falls short of expectations In summary, competition-based pricing strategies offer both advantages and disadvantages for bakeries, with the success of such an approach depending on factors like product quality, pricing, and differentiation.

Factors influencing pricing decision

Jobber and Shipley (2012) determined that successful high-pricing strategies are influenced by aspects such as customers' ability to pay, brand value, level of competition, and the relationship between demand and supply a) Internal factors:

The direct costs of a bakery encompass expenses related to primary ingredients such as wheat flour, sugar, eggs, and fats or oils (Wilderjans et al., 2013), as well as labor costs for bakers and the operational expenses of equipment like ovens and other baking tools Therkelsen et al (2014) and Masanet et al (2012) offer insights into the considerable energy consumption and possibilities for energy efficiency improvements in the baking area Taking production costs into account is crucial when making pricing decisions, and businesses must consider these factors when establishing their prices

Indirect costs, also known as overhead costs, are expenses not directly associated with the production process but essential for the overall functioning of the business Spiegel et al (2006) examines the efficacy of food quality management within the bakery industry Marketing strategies, encompassing advertising, promotion, personal selling, direct digital marketing, and public relations, can positively impact bakery sales (Constantin 2009, Kiumarsi et al., 2014) Furthermore, Kiumarsi et al (2014) advises that SMEs should focus on improving packaging, increasing product value, and adopting appropriate advertising and promotional strategies to enhance sales Fusté-Forné and Filimon (2021) studies the utilization of social media by bakeries during the COVID-19 pandemic, finding that social media aided in maintaining customer relationships and promoting products Vries et al (2018) investigates the influence of social media campaigns on small and medium-sized food industry enterprises, offering insights into how bakeries can effectively engage with customers through social media

Fixed costs in a bakery refer to expenses that remain constant, irrespective of production or sales levels, including rent, property taxes, insurance, and depreciation on equipment and buildings Therkelsen (2014) pinpointed energy efficiency approaches that can lower energy expenses for bakeries, which can be applied to bakeries worldwide Martin (1998) recommends employing simulation in place of physical validation for new routes, which can help decrease distribution costs

Variable costs in a bakery correspond with production or inventory levels Although similar in concept to direct costs, variable costs specifically refer to expenses that fluctuate based on production levels, while direct costs are associated with individual products Chambers et al (2006) discovered that variable cost functions influence equilibrium product positions, profits, and market coverage

Businesses must adhere to government regulations, which can result in extra expenses such as safety standards, environmental rules, and business licensing fees Chambers et al (2019) determined that an expansion in regulations leads to increased prices, which disproportionately impacts SMEs Ollinger and Moore (2009) analyzed the cost of complying with food safety regulations, concluding that mandated tasks represent the costliest aspect of these rules These findings imply that regulatory costs can raise bakery product prices, with the weight of these expenses falling unevenly on smaller businesses

Opportunity costs refer to the potential advantages that might have been gained if resources had been allocated in a different manner, and they play a crucial role in pricing decisions For instance, Klemperer (1995) explores how companies decide between establishing low prices to seize market share and setting high prices to capitalize on committed customers This concept is further supported by Sandoval-Chavez and Beruvides (1998), who demonstrate that opportunity losses constitute a considerable portion of the cost of quality in a continuous-process industry Building on these ideas, Levinthal (2009) underscores the significance of making pricing decisions grounded in the opportunity cost of utilizing resources in one area versus another, emphasizing the interconnected nature of resource allocation and pricing strategy Northcraft and Neale (1986) contend that opportunity costs are frequently overlooked by decision-makers, resulting in less-than-optimal choices Meanwhile, Zhao et al (2021) investigate the consequences of various resource allocation approaches on the formation of strategic alliances, discovering that the stability and success of these allocation patterns hinge on the innovation intentions of the firms and the extent of resource distribution b) Market factors:

Dodds et al (1991) discovered that price positively influenced perceived quality but negatively affected perceived value and willingness to buy Roy et al (2014) determined that consumers' purchasing decisions depend on their price expectations, with some individuals being more sensitive to price changes Albari and Safitri (2018) revealed that fixed and relative prices positively impact consumers' purchasing decisions Gunadi and Evangelidis (2022) demonstrated that consumers are more likely to postpone purchases when product prices have previously increased, especially for substantial increases

Nelson (1970) argued that limited consumer information about quality significantly affects their willingness to buy Both Zeithaml (1988) and Sánchez-Fernández & Iniesta-Bonillo (2007) propose that perceived value is a multi-dimensional concept encompassing cognitive and affective components Myers et al (1973) found that income was a more reliable predictor of buying behavior than social class for various products and services, while Myers et al (1971) determined that income better predicted the products found in homes

Forman (2007) indicated that a store's physical location influences the benefits of purchasing online versus in a local retail store, with consumers shifting away from online shopping when a local store opens Léo (2002) asserted that consumer satisfaction plays a critical role in location decisions for commercial malls, with accessibility being a secondary factor Consumer sensitivity to price changes depends on factors such as the type of good, the magnitude and direction of price changes, and their level of product information

The competitive landscape in the bakery industry features a diverse array of strategies, each designed to attract customers and maintain market share with a unique approach Anh (2020) indicates that the retail market in Vietnam is experiencing growth, with both domestic and foreign businesses expanding their distribution networks Trung & Maruyama (2007) and Trung & Maruyama (2012) explore the operations and evolution of domestic modern retailers, as well as the structure and background of multinational competitors Kopalle et al (2009) emphasize the importance for retailers to comprehend the competitive effects on pricing in order to achieve profitability, as well as understanding the impact of competition within the industry

Seasonal events and holidays throughout the year can lead to shifts in consumer preferences for bakery products Trung and Maruyama (2007) found that pricing played a pivotal role in consumers' selection of shopping outlets for seasonal food and beverages Aviv and Pazgal (2008) revealed that while strategic consumer behavior reduced the benefits of price segmentation for seasonal items, implementing announced pricing policies could be advantageous for sellers Furthermore, Hirche et al (2021) identified a consistent influence of public holidays on short-term sales increases across all products

As consumer preferences change over time, businesses must adapt to meet the evolving demands Martinez and Gomez (2019) observed a growing desire among indulgent consumers for healthy and sustainable baked goods Decock and Cappelle (2005) noted an increased appetite for tastier bread and specialty breads from around the world To address this demand, Kieliszek et al (2018) and Rahaie et al (2012) explored the use of nutrient-dense ingredients, such as dietary fibers, phenolic antioxidants, marine ingredients, and n-3 fatty acids, in the production of health-focused bread Peris et al

(2019) discussed replacing less healthy ingredients with nutritionally superior alternatives, like substituting carbohydrates with legume mucilages or gums, and swapping saturated fats for oils or butters rich in omega-3 fatty acids c) External Factors:

Inflation impacts the price of bakery products through various factors, including exchange rates, commodity prices, and supply chains Chand (2010) highlights the consequences of food inflation on consumers, emphasizing that rising food prices can result in nutritional deficiencies Walsh (2011) contends that food prices should not be excluded from inflation measures, as food inflation tends to be more persistent and volatile than non-food inflation This may lead to decreased demand for bakery products since food prices are more sensitive to inflation than non-food prices Andreyeva et al (2010) discovered that food consumed away from home is responsive to price changes due to inflation, resulting in an 8% to 10% reduction in food consumption

Related studies

a) ―Pricing strategy and governments intervention for Green Supply Chain with strategic customer behavior‖ by Ma et al (2014):

Ma et al (2014) explore the pricing strategy and the impact of government intervention mechanisms on green supply chain management within a monopoly market, taking into consideration strategic customer behavior By employing optimization theory, the authors develop target functions for both retailers and strategic customers, and investigate the interactions between these groups using Stackelberg's game theory, with the goal of identifying the optimal discount level for green products Additionally, the study examines the effects of government intervention mechanisms, such as setting guiding prices and providing fiscal subsidies, on the sales of green products The results suggest that retailers can optimize their profits by adjusting the discount level, and governments can effectively regulate product sales through the establishment of guiding prices and the provision of fiscal subsidies to retailers b) ―Managing the influence of internal and external determinants on international industrial pricing strategies" by Howard Forman and James M Hunt (2005):

The author regards internal factors, external factors, and market factors as the determinants that shape pricing strategy and the decision-making process Although the primary driving factor was not explicitly mentioned, the author emphasizes the importance of considering external factors, such as international experience, product technology, and demand characteristics, when selecting a pricing strategy c) "An Empirical Analysis of Determinants of Retailer Pricing Strategy" by Venkatesh Shankar and Ruth N Bolton (2004):

The author identifies several variables that influence pricing strategy, including Market Factors, Chain Factors, Store Factors, Category Factors, Customer Factors, Brand Factors, and Competition Factors These variables are valuable for outlining alternative pricing strategies

Figure 2 Determinants of Pricing Strategy (Shankar and Bolton, 2004)

Specifically, the author finds that Category and Chain factors account for a considerable amount of variation in pricing strategy However, the study's results indicate that Competition Factors contribute the most to the variance in pricing strategy.

Research hypotheses and summary conceptual framework

As discussed in the previous section, researchers have established a strong connection between the determining factors of pricing decision and pricing strategy The specific theories mentioned in the text include:

The influence of internal factors on pricing strategy, such as cost structure, product quality, and marketing objectives

The role of market factors in shaping pricing strategy, which includes customer preferences, competition, and supply and demand

The impact of external factors on pricing strategy, encompassing economic conditions, sociocultural factors, and technological advancements

The effect of government regulations and policies on pricing strategy, covering food safety standards, business licensing and fees, and taxation and import/export regulations

These theories serve as the foundation for the development of the four hypotheses that will be tested in the study:

Hypothesis 1 (H1): Internal Factors have a positive impact on the Pricing Strategy Hypothesis 2 (H2): Market Factors have a positive impact on the Pricing Strategy Hypothesis 3 (H3): External Factors have a positive impact on the Pricing Strategy

Hypothesis 4 (H4): Government Regulations and Policies have a positive impact on the Pricing Strategy

Figure 3 Summary of conceptual framework (Source: Author, 2023)

In Chapter 2, the author comprehensively outlined and summarized the theoretical foundations related to pricing decisions and pricing strategies Concurrently, the author introduced previous studies on the impact of various factors linked to pricing decision and the connections between these concepts, ultimately guiding the selection and development of a suitable pricing strategy Additionally, the majority of the studies referenced have established a robust theoretical framework through systematic scientific research The subsequent chapter will discuss the research methodology and data employed for scale construction, hypothesis testing, and research model evaluation.

RESEARCH METHODOLOGY

Research’s philosophy

In this study, the positivist research theory assumes that phenomena within the bakery industry can be comprehended and explained using objective, measurable, and quantifiable data Positivism research philosophy is deemed suitable for this investigation, as it employs quantitative methods to gain a comprehensive understanding of the factors influencing Thien An Bakery's pricing strategies Park et al (2019) portray positivism as a research paradigm emphasizing the identification of explanatory connections or causal relationships through quantitative methods Ryan (2018) notes that positivism values objectivity and the confirmation or refutation of hypotheses, while interpretivism values subjectivity, and critical theory examines the broader oppressive aspects of politics or societal influences

This research embraces an objectivist ontological standpoint, which assumes the existence of a singular, independent reality that remains unaffected by human perception This viewpoint aligns with the positivist approach and is apt for examining the relationships between factors that influence pricing strategies in the bakery sector An empiricist epistemological perspective is adopted in this study, consistent with positivism The analysis of the impact of pricing strategies on the bakery's financial success relies on quantitative data collected through surveys, financial records, and industry reports This approach facilitates statistical analysis and the identification of trends, patterns, and correlations between variables In line with positivist ideology, this research aims to minimize the influence of personal values and biases on the study's methodology and conclusions To achieve this, the investigation employs a structured and transparent research design, standardized data collection instruments, and rigorous data analysis procedures The research findings are presented objectively, focusing on facts rather than expressing subjective opinions.

Research’s approach

This study will be a deductive study as it will examine the collected data from surveys, and questionnaires Bowles (1994) contends that deductive arguments feature premises that definitively support their conclusions Similarly, Goel and Dolan (2004) define deductive arguments as those where the conclusion logically stems from the premises A quantitative research approach can be employed to investigate the pricing strategies adopted by Thien An Bakery This process will encompass collecting historical sales data, such as the average selling prices of different products, scrutinizing pricing tactics like promotions and discounts, and administering surveys and questionnaires to gather customer feedback regarding pricing, perceived value for money, and willingness to pay for bakery products

This study aims to outline the approach for implementing a valuation strategy, with a primary focus on data obtained from surveys, and questionnaires conducted with Thien

An Bakery employees and customers’ responses collected at a specific moment in time.

Research’s strategies

This investigation took place at Thien An Bakery and encompassed various groups, including employees and customers Feedback from customers visiting the bakery for purchases or services will be gathered for research purposes Both employees and customers will be given questionnaires to provide their insights This approach ensures the collection of all pertinent and relevant information a) Sampling and Sample Size:

In summary, the interviewees encompass all individuals with an interest in Thien

An Bakery The study consists of approximately 90 participants, including customers, and bakery employees Setia (2016) outlines two distinct sampling methods: probability and non-probability Probability sampling relies on random occurrences, whereas non- probability sampling depends on the researcher's discretion and the accessibility and availability of the population under study While the majority of respondents are customers, it is impractical to expect all of them to complete the entire questionnaire for sampling purposes As a result, purposeful, non-probability sampling will be employed Sampling will be conducted through questionnaires targeting customers enjoying Thien An Bakery products on-site and employees during their breaks This approach also aims to gauge the satisfaction level regarding product pricing from both customers and the bakery's employees and it will be scheduled at their convenience to minimize any disruption to their routine

Population category Population size Percentage

Table 1 Sample size (Source: Author, 2023) b) Type and Sources of Data:

The primary emphasis of this research will be on primary data Data collection techniques were employed to gather information from participants at Thien An Bakery directly

Primary data refers to information specifically collected for research purposes The researcher utilized self-administered questionnaires for respondents to collect data

Data collection in this study will be conducted through questionnaires and in- person surveys carried out by the researchers

The questionnaire and surveys are designed for scheduling with a focus on open- ended questions Its purpose is to compare the opinions of customers and bakers regarding current product pricing to further analyze the bakery's current pricing strategy The questionnaire is aimed at addressing the research objectives and answering the research questions

Responses to the questions were provided on a 5-point Likert scale, defined as follows: (1) strongly agree, (2) agree, (3) neutral, (4) disagree, and (5) strongly disagree The complete questionnaire form and additional information will be present in Appendix 1

Research validity pertains to the accuracy and trustworthiness of the study outcomes Sullivan (2011) states that validity in research concerns the precision of measurements, emphasizing that assessment tools must be both reliable and valid to ensure credible results Prior to actual data collection, modifications are implemented for the purpose of conducting validity checks, which assist in identifying any irrelevant ambiguities or redundancies.

Research’s choice

In this study, a deductive approach will be employed, utilizing a mono-quantitative data collection method as the most appropriate choice The quantitative approach is widely used in social research, involving variable measurement and statistical analysis to derive conclusions (Watson, 2015; Hammersley, 2012; Jackson et al., 2007) The aim of this quantitative data collection approach is to reveal insights into the reasoning behind Thien An Bakery's existing pricing strategy This will be achieved by examining customer perceptions of pricing satisfaction, perceived value for money, and their willingness to pay

Ultimately, the gathered numerical data and percentages will prove valuable for understanding related topics concerning pricing strategies and the decision-making processes behind them.

Research’s time horizone

The timeframe that the study is conducted and assessed within is referred to as the research time horizon We will use a cross-sectional time horizon in this study to evaluate the success of Thien An Bakery's pricing strategy Jesson (2001) outlines the primary characteristics of the cross-sectional survey method, emphasizing its main principles and discussing the stages involved in the research process Data collection is done over a cross-sectional time horizon at a particular moment in time This method is appropriate for the current study since it enables us to examine the effectiveness and current situation of Thien An Bakery

For this investigation, a cross-sectional temporal horizon was used since it was practical and comparable Zangirolami-Raimundo et al (2018) observe that cross- sectional studies are particularly valuable in descriptive research, but when employed in analytical studies, the findings must be interpreted cautiously and sensibly by researchers with substantial expertise in the relevant field of knowledge A cross-sectional time horizon enables data collection and analysis to be completed within a reasonable amount of time given the constrained time and resources available for this project This study can compare Thien An's pricing strategy with that of other Vietnamese bakeries by gathering data at the same time.

Research’s techniques and procedures

Data analysis plays a crucial role in finding solutions to research problems This study will employ deductive data analysis to examine quantitative questions and answers, utilizing both descriptive and inferential statistics

Descriptive statistics comprise a set of tools designed to explore, summarize, and depict research data They offer an overview of the sample data characteristics and convey this information in an accessible manner Acosta (2021) posits that descriptive statistics are vital for defining the problem, comprehending the data, and communicating results Descriptive statistics can be employed to numerically and graphically represent data distribution, calculate measures of central tendency, and assess variation (Ramachandran, 1982; Ibe, 2014) To analyze the data, suitable computer software like the Statistical Package for Social Science (SPSS) and Excel will be used Initially, each questionnaire will be assigned a code (e.g., Questionnaire 1, Questionnaire 2), which will later be abbreviated as Q1, Q2, and so on, depending on the number of questionnaires Each question and answer will be coded and inputted into the software program Descriptive statistics, specifically frequencies and crosstabulation, were employed to assist in identifying patterns, trends, and relationships, thus simplifying the researcher's task of comprehending and interpreting the study's implications Data presentation included tables, pie charts, and bar graphs, which effectively conveyed the findings' interpretation Supplementary explanatory notes were provided alongside the descriptive data for added clarity

For quantitative data, preliminary preparations are needed, such as eliminating duplicate or incomplete responses and applying inferential statistics for calculating processing measures Marshall and Jonker (2011) highlights that inferential statistics are essential for drawing conclusions from a sample and generalizing them to a broader population.

Research’s methods of analysis

Descriptive analysis will be utilized to summarize and showcase the fundamental characteristics of the gathered data This process will include determining measures of data, such as customer demographics like age, gender, occupation, and monthly income range; customer preferences, such as the frequency of bakery visits and favorite types of bakery products; and their opinions about the bakery's pricing strategy Descriptive analysis will offer an overview of the study's main variables, helping to identify patterns and trends in the data that can serve as a foundation for additional analysis b) Cronbach’s Alpha coefficients:

Cronbach's Alpha coefficients, a widely used statistical measure, evaluate the extent to which questions on a scale correlate with one another These values range from

0 to 1, and values above 0.7 are typically considered acceptable, indicating a good consistency among the items However, it's important to note that values above 0.9 might suggest redundancy, which could necessitate the removal of some items

Taber (2018) further elaborates on this point, emphasizing that a high alpha value does not inherently guarantee the reliability of a research instrument In fact, an excessively high value could be counterproductive when developing a test for scientific knowledge This highlights the importance of carefully considering Cronbach's Alpha coefficients in the context of a study's specific goals and objectives

In the study, the author evaluates the pricing decision scales, which encompass five observed variables for each independent factor However, the dependent factor, namely the pricing strategy variable, includes only three observed variables The survey questions provided in Appendix 1 correspond to the observed variables of these factors

IF 1 Bakery costs affect the prices of Thien An Bakery products

IF 2 The cost of ingredients affects Thien An Bakery's prices

IF 3 Product quality is important for deciding prices at Thien An Bakery

IF 4 Thien An Bakery's marketing goals affect their prices

IF 5 Thien An Bakery's reputation influences their prices

MF 1 Customer preferences impact Thien An Bakery's prices

MF 2 Competition affects Thien An Bakery's pricing decisions

MF 3 Holidays and special events influence Thien An Bakery's prices

MF 4 How customers react to price changes matters for Thien An Bakery's prices

MF 5 Supply and demand affect Thien An Bakery's prices

EF 1 Economic conditions like inflation and income impact Thien An Bakery's prices

EF 2 Social trends, like healthy eating, affect Thien An Bakery's prices

EF 3 Online shopping influences Thien An Bakery's pricing decisions

EF 4 New technology in the bakery industry affects Thien An Bakery's prices

EF 5 Customer age, gender, and location influence Thien An Bakery's prices

GRP 1 Food safety rules affect Thien An Bakery's prices

GRP 2 Business fees and licenses impact Thien An Bakery's pricing decisions GRP 3 Taxes influence Thien An Bakery's prices

GRP 4 Environmental regulations, such as waste management and packaging rules, influence Thien An Bakery's prices

GRP 5 Changes in tax policies, such as sales tax or corporate tax rates, influence Thien An Bakery's pricing strategy

PS 1 Do you think bakeries in Vietnam should set their prices based on what their competitors charge?

PS 2 How likely are you to choose a bakery that uses prices like VND 99,000 instead of VND 100,000?

PS 3 How important are discounts and promotions, like buy-one-get-one- free, when you choose a bakery in Vietnam?

Table 2 Observation variables construction (Source: Author) c) Exploratory Factors Analysis (EFA):

Once the questionnaires and surveys have been validated, Exploratory Factor Analysis (EFA) can be employed as a next step EFA is a statistical technique that aims to validate the scales of items in a questionnaire by representing a multidimensional data set using fewer variables Conway and Huffcutt (2003) suggest that researchers tend to make better decisions when EFA has a more significant role in the research, underscoring the necessity for meticulous and deliberate analysis To ensure the analysis is meaningful, it is essential to consider the following measures and tests when conducting EFA and interpreting the results:

KMO (Kaiser-Meyer-Olkin Measure of Sampling Adequacy): This measure helps determine if the data is suitable for factor analysis Higher values (closer to 1) indicate better suitability for factor analysis

Bartlett's Test of Sphericity: This test checks if sufficient correlations exist among variables for factor analysis A significant result (p-value < 0.05) means the data is suitable

Percentage of total variance explained: This demonstrates the proportion of total variation in the data explained by the factors A higher percentage suggests a better-fitting model, as the factors explain a larger portion of the variance

Eigenvalue: This value represents the amount of variance explained by each factor Factors with eigenvalues greater than 1 are typically considered important

Factor loading: This indicates the strength of the relationship between each variable and the factors Values closer to 1 or -1 signify a strong relationship, while values closer to 0 imply a weak relationship Factor loadings can be used to interpret the meaning of the factors and to determine which variables contribute most to each factor

By considering these measures and tests, researchers can effectively utilize EFA to analyze questionnaire data and identify key factors that contribute to the overall model d) Pearson's Correlation Analysis:

Pearson's correlation coefficients act as a powerful statistical tool to evaluate the extent of linear relationships between independent and dependent variables Williams (1996) clarifies that Pearson's correlation coefficient is a quantitative metric for assessing the strength of a linear relationship between two variables Schober et al (2018) offer a comprehensive overview of correlation coefficients, including Pearson's correlation coefficient, which is widely used to gauge the strength of a linear relationship between two continuous variables The assessment of correlation significance is typically achieved by comparing the p-value (notated as "sig.") to a predetermined significance level, often set at 0.05 A p-value below 0.05 indicates that the correlation is statistically significant

A Pearson correlation coefficient below 0 denotes a negative correlation between the two variables, where one variable's value declines as the other variable increases

A Pearson correlation coefficient equal to 0 implies a lack of linear association between the variables, suggesting that alterations in one variable do not impact the other in a linear fashion

A Pearson correlation coefficient above 0 indicates a positive correlation between the independent and dependent variables In such instances, a rise in one variable is associated with an increase in the other variable A strong positive correlation signifies a tight relationship between the variables, with changes occurring in the same direction e) Regression Analysis:

The relationship between pricing decisions and the bakery's pricing strategy will be explored using regression analysis This method involves modeling the connection between a dependent variable and one or more independent variables, enabling researchers to predict the dependent variable's value based on the independent variables' values As a result, this approach will help the researcher understand the influence of pricing decisions on the bakery's pricing strategy Orme and Buehler (2001) introduce multiple regression as a versatile data analysis method that investigates the relationship between a dependent variable and other factors expressed as independent variables

Multiple regression analysis will be utilized to estimate the impact of various factors on the bakery's pricing strategy, including internal factors, external factors, market factors, and government regulations and policies

The multiple linear regression would be employed to analyze the impact of dependent variables such as:

The multiple linear regression model can be expressed as:

PS is dependent variable (pricing strategy) β0 is the intercept (constant term) β1, β2, β3, and β4 are the regression coefficients, reflecting the level of influence of independent variables on dependent variables X1, X2, X3, and X4, respectively ε is the error term, representing unexplained variance in the model

By fitting this model to the collected data, the author can estimate the coefficients (β1, β2, β3, β4) and assess the impact of each independent variable on the bakery product price This will help the author to understand the factors that influence pricing decisions in the bakery industry and how they can be used to develop an effective pricing strategy Upon entering data into the SPSS software, the researcher will evaluate the coefficients, placing particular emphasis on standardized coefficients, as the values in this column enable the testing of hypotheses established in chapter two Additionally, the researcher will utilize the Model Summary, ANOVA, and Coefficients tables following data processing with regression analysis

Model Summary: The Model Summary provides information on how well the regression model fits the data This includes the R-squared value, which represents the proportion of the dependent variable's variation explained by the independent variables A higher R-squared value indicates a better fit for the model The adjusted R-squared value takes into account the number of independent variables in the model

Research’s ethics

In every study, adhering to ethical principles is crucial to ensure research with minimal issues Research ethics encompass informed consent, respect for human dignity, and principles of autonomy, beneficence, nonmaleficence, and justice (Artal et al., 2017; Vanclay et al., 2013) All data collection instruments included an informed consent form Furthermore, the researcher will maintain the complete confidentiality of any personal information concerning respondents by implementing a highly confidential treatment for all data gathered There will be no coercion of participants; employees who do not wish to answer survey questions have the full right to decline participation The study respects the dignity and autonomy of respondents and is conducted with credibility and rigor, free from bias, to promote high-quality research outcomes The use of judgmental sampling helps reduce bias in respondent selection.

Summary

Based on the literature review in Chapter 2, Chapter 3 of this study presents the research process and methods utilized to examine the collected data The chapter also details the questionnaire design, which employs a Likert scale for 23 observed variables, defines the target sample size, and elaborates on the survey methodology Furthermore, Chapter 3 explains how the data will be processed using SPSS software, incorporating reliability through correlation and regression analysis In Chapter 4, the collected data will be processed using SPSS software, and the analysis of research results will be discussed, covering aspects such as sample descriptive statistics, scale reliability assessment using correlation analysis, and regression analysis.

FINDINGS AND ANALYSIS

Descriptive statistics

Prior to initiating data analysis, incomplete or inconsistent responses were rectified or removed from the dataset, as well as any duplicate entries After the data filtration process, missing data were managed by assigning mean values to continuous variables Furthermore, to ensure the robustness of the analysis, any responses containing unsuitable values were excluded from the dataset b) Descriptive Analysis:

Respondents: Customers and Employees of Thien An Bakery in Ho Chi Minh City The total number of questionnaires handed out: 90

The total number of questionnaires collected: 90

The number of valid samples: 90

The number of invalid samples: 0

The final number of valid samples set for analysis is 90 The descriptive statistical analysis results for the sample encompass data on Thien An Bakery's staff and customers, including distribution by gender, age, and monthly income range These findings are depicted in Table 2 below

Table 3 Descriptive statistics of sample (Source: Author)

In the surveyed samples, there were 48 male respondents, accounting for 53.33% of the observation sample, while 42 respondents were female, representing 46.67% of the survey sample

Of the 90 respondents, 22 responses were under 18 years old, and another 22 responses were between 28 and 39 years old, both comprising 24.44% of the sample Respondents over 50 years old made up 22.22% of the sample with a total of 20 individuals The number of respondents in the age groups 18 to 27 years old and 40 to 50 years old was equal, with 13 responses each, both contributing to 14.44% of the sample

As shown in Table 3, the results reveal that 15.56% of respondents had a monthly income range of 5 million VND or less Meanwhile, the group with an income between 5 and 10 million VND constituted 21.11% of the sample The second-highest percentage, 22.22%, was observed in the 10-20 million VND income range, while the highest proportion was in the 20-30 million VND range, accounting for 24.44% Finally, respondents with a monthly income exceeding 30 million VND represented 16.67% of the sample

In summary, after conducting a descriptive statistical analysis of the data, the results indicate that the majority of respondents belong to the age groups of under 18 years old and 28 to 39 years old, with 22 out of 90 respondents in each category

Furthermore, the predominant monthly income range for the respondents is from 20 to 30 million VND, with 22 out of 90 responses falling within this range The representation of these characteristics showcases the extent of data coverage and the thorough assessment of factors influencing Thien An Bakery's pricing strategy c) Inferential Analysis:

Upon gathering survey data, the author assessed the scale using Cronbach's Alpha coefficients, yielding the following results for the various factors:

Scale Variance if Item Deleted

Cronbach's alpha if Item Deleted

Table 4 Cronbach’s Alpha of Internal Factors (Source: Author using SPSS 20)

In Table 4, the Internal Factors scale, comprising five observed variables from IF 1 to IF 5, has a Cronbach's Alpha coefficient of 0.861, which indicates good reliability as it is greater than 0.6 The Corrected Item-Total Correlation for the variables ranges from 0.479 to 0.785, exceeding the 0.3 threshold As a result, the scale for Internal Factors meets the reliability requirements, and all the observed variables provide suitable explanations for the Internal Factors These observed variables are deemed suitable for use and will be included in the EFA in the subsequent step

Scale Variance if Item Deleted

Cronbach's alpha if Item Deleted

Table 5: Cronbach’s Alpha of Market Factors (Source: Author using SPSS 20)

In Table 5, the Market Factors scale, consisting of three observed variables from

MF 1 to MF 5, excluding variable MF 2, has a Cronbach's Alpha coefficient of 0.706 This indicates acceptable reliability, as it is greater than 0.6 The Corrected Item-Total Correlation for the variables ranges from 0.511 to 0.654, surpassing the 0.3 threshold Consequently, the Market Factors scale meets the reliability requirements, and all the observed variables offer appropriate explanations for the Market Factors These observed variables are considered suitable for use and will be incorporated into the EFA in the following step

Scale Variance if Item Deleted

Cronbach's alpha if Item Deleted

Table 6: Cronbach’s Alpha of External Factors (Source: Author using SPSS 20)

In Table 6, the External Factors scale, composed of three observed variables from

EF 1 to EF 5, excluding variables EF 1 and EF 2, has a Cronbach's Alpha coefficient of 0.737, signifying acceptable reliability as it is greater than 0.6 The Corrected Item-Total Correlation for these variables ranges from 0.553 to 0.574, surpassing the 0.3 threshold Therefore, the External Factors scale satisfies the reliability requirements, and all the observed variables provide suitable explanations for the External Factors These observed variables are considered appropriate for use and will be included in the EFA in the next step

Scale Variance if Item Deleted

Cronbach's alpha if Item Deleted

Table 7: Cronbach’s Alpha of Government Regulations and Policies (Source: Author using SPSS 20)

As shown in Table 7, the Government Regulations and Policies scale, encompassing five observed variables from GRP 1 to GRP 5, has a Cronbach's Alpha coefficient of 0.845, indicating good reliability since it is greater than 0.6 The Corrected Item-Total Correlation for these variables ranges from 0.588 to 0.811, exceeding the 0.3 threshold Consequently, the Government Regulations and Policies scale meets the reliability requirements, and all the observed variables offer appropriate explanations for the Government Regulations and Policies These observed variables are deemed suitable for use and will be incorporated into the EFA in the following step

Scale Mean if Item Deleted

Scale Variance if Item Deleted

Cronbach's alpha if Item Deleted

Table 8: Cronbach’s Alpha of Pricing Strategy (Source: Author using SPSS 20) Table 8 presents the Pricing Strategy scale, which comprises three observed variables from PS1 to PS3, with a coefficient of 0.721, exceeding 0.6 The Corrected Item- Total Correlation coefficients for the observed variables range from 0.509 to 0.584, surpassing the 0.3 thresholds Consequently, the Pricing Strategy scale meets the reliability requirements, and all three observed variables within the scale are deemed suitable for use and will be incorporated into the EFA

Following an evaluation of the scales' reliability using Cronbach's Alpha coefficient, the author ascertained that the scales utilized for measuring concepts in the research model are appropriate, as all scales demonstrate a reliability exceeding 0.6, indicating the questionnaires' dependability However, certain observation variables exhibited Corrected Item-Total Correlation coefficients below 0.3, leading to their exclusion Table 8 presents the outcome of the reliability tests performed with Cronbach's Alpha for all the scales

Number of initial observed variables

Number of observed variables remaining Cronbach's Alpha

Table 9: Cronbach’s Alpha results (Source: Author using SPSS 20)

Initially, there were 23 observed variables, including 20 for the independent scale covering four components of pricing decisions and 3 for the dependent variable representing the pricing strategy After testing and eliminating unsatisfactory variables, the total number of observed variables was reduced to 18 Scales meeting the criteria will undergo exploratory factor analysis (EFA)

After testing the reliability of the scales using Cronbach's alpha, the observed variables meeting the criteria were included in the Exploratory Factor Analysis (EFA), which produced the following outcomes: a) Independent variables:

The author presents the EFA results for the pricing decision variables, which consist of 16 observation variables that include Internal Factors (IF), Market Factors (MF), External Factors (EF), and Government Regulations and Policies (GRP)

Table 10 KMO and Bartlett's Test of Pricing Decision (Source: Author using SPSS 20)

Pearson’s correlation analysis

The aim of Pearson's correlation coefficient analysis is to evaluate the relationship between independent and dependent variables A correlation between the independent variables and the dependent variable is required before conducting regression analysis The correlation analysis encompasses three independent factors: IF (Internal Factors),

MF (Market Factors), EF (External Factors), and GRP (Government Regulations and Policies), as well as the dependent factor, PS (Pricing Strategy)

IF MF EF GRP PS

** Correlation is significant at the 0.01 level (2-tailed)

Table 16 Pearson correlation analysis results (Source: Author using SPSS 20) Table 16 presents the Pearson's correlation results between the four independent variables and one dependent variable, featuring sig values less than 0.05, which indicates a significant correlation at the 5% level The Pearson correlation values are all positive, ranging from 0 to 1, signifying a positive association Consequently, the data is appropriate for conducting regression analysis in the following section.

Regression Analysis

After completing the factor analysis, the author carried out a regression analysis to assess the degree to which the independent variables influence the dependent variable The analysis results and regression coefficients are provided below:

Table 17 Model Summary (Source: Author using SPSS 20)

Table 17 displays the Adjusted R Square value of 0.907, signifying that the regression model for this study is fitting This value indicates that 90.7% of the variance in the dependent variable can be accounted for by the independent variables This suggests that factors beyond Internal Factors, Market Factors, External Factors, and Government Regulations and Policies may also affect the Pricing Strategy The Durbin-Watson coefficient of 1.971, which lies within the 0 to 4 range, denotes the absence of correlation between residuals

Table 18 ANOVA (Source: Author using SPSS 20)

Table 18 presents the F-test value of 207.446 and a significance value of 0.000, which is less than 0.05 This demonstrates that the regression model is suitable for making deductions for the entire population and is both adequate and statistically significant

Table 19 Regression Coefficients (Source: Author using SPSS 20)

As shown in the coefficients table, only Government Regulations and Policies have a significant value of 0.000, which is less than 0.05, indicating that this factor has the most significant impact on pricing strategy at a 1% significance level This means that changes in the coefficient of this factor affect Thien An Bakery's Pricing Strategy

In contrast, Internal Factors (IF), Market Factors (MF), and External Factors (EF) are not statistically significant, as their significance levels are greater than 0.05

The standardized coefficients (Beta) reveal the extent to which independent variables influence the dependent variable Specifically, Government Regulations and Policies have a 95.8% impact on the Pricing Strategy, with a β1 of 0.958

Additionally, Table 19 demonstrates that there is no multicollinearity, as the VIF coefficients range from 1.163 to 1.415, all of which are less than 2 This indicates that the independent variables are not closely related to each other and do not significantly impact the interpretation results of the constructed regression model

As a result, the regression equation can be expressed as:

Using the regression model, the author determined that Government Regulations and Policies, a factor in pricing decision, has a statistically significant impact on the pricing strategy at Thien An Bakery, with a significance level of 0.00, which is less than 0.05.

Hypotheses Testing

Based on the regression analysis results, the subsequent section presents the findings related to the hypotheses proposed in chapter two

 Hypothesis 1: Internal Factors have a positive impact on the Pricing Strategy

The regression results for Internal Factors (IF) in Table 18 show a β = 0.016 and a sig level of 0.689 > 0.05 Consequently, the data collected and analyzed for this study does not provide statistical evidence to support the notion that Internal Factors influence Thien An Bakery's Pricing Strategy

 Hypothesis 2: Market Factors have a positive impact on the Pricing Strategy

The regression results for Market Factors (MF) in Table 18 indicate a β = -0.046 and a sig level of 0.197 > 0.05 Thus, the data collected and analyzed for this study does not provide statistical evidence to support the idea that Market Factors influence Thien An Bakery's Pricing Strategy

 Hypothesis 3: External Factors have a positive impact on the Pricing Strategy

The regression results for External Factors (EF) in Table 18 reveal a β = -0.026 and a sig level of 0.479 > 0.05 As a result, the data collected and analyzed for this study does not provide statistical evidence to support the notion that External Factors influence Thien An Bakery's Pricing Strategy

 Hypothesis 4: Government Regulations and Policies have a positive impact on the Pricing Strategy

The research findings demonstrate that Government Regulations and Policies (GRP) have a β = 0.958, making this factor the most significant influence on Thien An Bakery's Pricing Strategy Specifically, when Government Regulations and Policies change by one unit while other factors remain constant, the Pricing Strategy will increase by 0.958 units Therefore, Hypothesis H4 is accepted with a significance level of 1%, meaning that Government Regulations and Policies account for 95.8% of the impact on Thien An Bakery's Pricing Strategy

Hypotheses Statements Research results Conclusion

Internal Factors have a positive impact on the Pricing Strategy β = 0.16 sig = 0.689 > 0.05

Market Factors have a positive impact on the Pricing Strategy β = -0.046 sig = 0.197 > 0.05

External Factors have a positive impact on the Pricing

Government Regulations and Policies have a positive impact on the Pricing Strategy β = 0.958 sig = 0.000 < 0.05

Table 20 Conclusion of hypotheses (Source: Author)

In this chapter, the author presents the research findings on the impact of Pricing Decision on Pricing Strategy at Thien An Bakery The data analysis is performed using Excel and SPSS 20 techniques, which include descriptive statistics, reliability testing through Cronbach's Alpha analysis, Exploratory Factor Analysis (EFA), correlation analysis, and regression analysis The results indicate that the Government Regulations and Policies factor has the most significant influence on Thien An Bakery's Pricing Strategy In the concluding chapter, the author will provide a summary of the study and propose recommendations for enhancing Thien An Bakery's Pricing Strategy based on the insights gained from the research presented in Chapter 4.

CONCLUSION AND RECOMMENDATIONS

Conclusion

In line with the research objectives proposed in Chapter 1, the author has explored and assessed the impact of various factors that make up pricing decisions, including Internal Factors, Market Factors, External Factors, and Government Regulations and Policies A mono-quantitative research method was employed to determine and measure the influence of these factors on Thien An Bakery's pricing strategy

Drawing from previous studies, the author has formulated theories for testing and developed a research model to examine the hypotheses Moreover, by utilizing quantitative research techniques, the author successfully employed methods such as Cronbach's Alpha reliability test, Exploratory Factor Analysis (EFA), correlation analysis, and regression analysis to generate results for testing the previously proposed hypotheses These hypothesis tests provided sufficient data to suggest recommendations for enhancing Thien An Bakery's future pricing strategy

After utilizing Excel and SPSS 20 software to apply the research methods, the findings reveal that Government Regulations and Policies exert the most significant impact on Thien An Bakery's pricing strategy, accounting for 95.8% In summary, building on the related study in Chapter 2, this dissertation has underscored the critical role of government regulations and policies in shaping pricing strategies, consistent with the conclusions of Ma et al (2014) Their research demonstrated the implications of government intervention mechanisms, such as guiding prices and fiscal subsidies, on pricing strategies in the context of green supply chain management Similarly, both investigations have identified that government regulations and policies indeed influence pricing strategy By acknowledging and adapting to these regulatory factors, Thien An Bakery can more efficiently fine-tune their pricing strategies and enhance their overall competitiveness in the market However, it is important to note that these findings are specific to this study and should not be generalized to suggest that the remaining factors have no bearing on the pricing strategy for the entire bakery industry or other sectors

Based on the statistically derived data from the study, several objective recommendations will be offered to improve Thien An Bakery's pricing strategy development by considering all obtained data on contributing factors.

Recommendations

Incorporating multiple pricing strategies rather than relying solely on one approach can lead to a more comprehensive and effective pricing method for any bakery By employing various pricing strategies, Thien An Bakery can maximize revenue, stay competitive, and cater to diverse customer segments in the market Maintaining flexibility in assessing the effectiveness of pricing strategies is crucial for adapting to market and customer changes Through a combination of pricing strategies, Thien An Bakery can achieve long-term success in the industry

Thien An Bakery should consider and apply the following valuation strategies in practice in the future:

Adopting this strategy can help Thien An Bakery increase profits by reviewing and optimizing production costs

This customer-centric strategy emphasizes exceptional services and unique, high- quality products to attract potential customers

Implementing this pricing strategy entails tracking and analyzing product demand to develop an appropriate price adjustment plan Products nearing their expiration date will be discounted and displayed prominently, preventing waste and maintaining a positive brand image

Regularly analyzing competitors' prices and adjusting product prices accordingly enables Thien An Bakery to stay competitive while maintaining profitability This strategy also allows for the identification of market opportunities

Employing multiple pricing strategies comes with challenges that need to be addressed:

 Utilizing several pricing strategies may confuse customers, particularly if unclear price differences lead to dissatisfaction and adversely affect the brand's perception

 Offering promotional prices as part of multiple pricing strategies may prompt customers to choose discounted products over higher-priced items, reducing total revenue

 Implementing various pricing strategies can increase price management complexity, potentially requiring additional resources, time, and expertise for effective administration

Nevertheless, ample opportunities arise when businesses appropriately combine different pricing strategies:

 Businesses can cater to diverse customer segments, expand their market reach, and grow their customer base

 Merging pricing strategies enable businesses to extract more value from different customer segments, optimize pricing, and maximize revenue

 Adapting to market dynamics and employing multiple pricing strategies provide businesses with a competitive edge over rivals using a single pricing approach

 Leveraging various pricing strategies allows businesses to adjust to changing market conditions and customer preferences

 Implementing multiple pricing strategies enables businesses to experiment with different tactics and identify the most effective methods for enhancing sales and profits over time

3) The limitations of this research and direction for future study:

Nevertheless, there are some limitations that should be acknowledged

Firstly, the size of the sample used in this research is relatively small Because of that, it may limit the generality of findings in other contexts Additionally, the data collected from the selected sample may not be representative of the entire global market, which may lead to biased results

Secondly, the research is focused on a specific industry, which may limit the applicability of the findings to other sectors Moreover, the study solely examines the perspective of the business, which may not achieve the validity of the results

Lastly, the research is conducted within a specific time period meaning that the changes in economic, political, or social could affect the applicability of the study in the future The aforementioned limitations should be taken into account before drawing conclusions about the results of the study

Expanding the scope and depth of research in larger studies can provide more comprehensive insights into the Vietnamese bakery market, thereby enabling businesses to make well-informed decisions

Broadening the study to encompass additional bakeries across various regions in Vietnam can offer valuable insights into regional differences in pricing strategies and their efficacy

By examining consumer preferences, purchasing behavior, and price sensitivity, bakeries can gain a deeper understanding of their target markets and design more successful pricing strategies

Exploring the influence of digitalization and technology on shaping pricing strategies for Vietnamese bakeries can help improve e-commerce, online marketing, and data-driven pricing approaches, ultimately boosting competitiveness

In Chapter 5, the author presents a summary of the research outcomes in connection with the study objectives The findings reveal that Government Regulations and Policies exert the most significant impact on Thien An Bakery's pricing strategy Additionally, by leveraging the statistical insights, the author has formulated objective pricing strategies for Thien An Bakery to evaluate and adopt in order to boost the company's market share The author also discusses the challenges and opportunities associated with these pricing strategies

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46 Jobber, D., & Shipley, D (2012) Marketing-orientated pricing European Journal of

Marketing, 46(11/12), 1647-1670 [Online] Available at: https://doi.org/10.1108/03090561211260022

47 Kieliszek, M., Piwowarek, K., Kot, A M., Błażejak, S., Chlebowska-Śmigiel, A., & Wolska, I (2018) Pollen and bee bread as new health-oriented products: A review Trends in Food Science & Technology, 71, 170-180 [Online] Available at: https://doi.org/10.1016/j.tifs.2017.10.021

48 Kim, T K (2017) Understanding one-way ANOVA using conceptual figures Korean Journal of Anesthesiology, 70(1), 22-26 [Online] Available at: https://doi.org/10.4097/kjae.2017.70.1.22

49 Kiumarsi, S., Jayaraman, K., Isa, S M., & Varastegani, A (2014) Marketing strategies to improve the sales of bakery products of small-medium enterprise (SMEs) in malaysia International Food Research Journal, 21(6), 2101

50 Klapper, L., Laeven, L., & Rajan, R (2006) Entry regulation as a barrier to entrepreneurship Journal of Financial Economics, 82(3), 591-629 [Online] Available at: https://doi.org/10.1016/j.jfineco.2005.09.006

51 Klemperer, P (1995) Competition when consumers have switching costs: An overview with applications to industrial organization, macroeconomics, and international trade The Review of Economic Studies, 62(4), 515-539 [Online] Available at: https://doi.org/10.2307/2298075

52 Kopalle, P., Biswas, D., Chintagunta, P K., Fan, J., Pauwels, K., Ratchford, B T.,

& Sills, J A (2009) Retailer pricing and competitive effects Journal of Retailing, 85(1), 56-70 [Online] Available at: https://doi.org/10.1016/j.jretai.2008.11.005

53 Kotler et al (2021) Principles of marketing, (Eighteenth, Global ed.), Pearson Education, Limited [Online] Available at: ProQuest Ebook Central

54 Kühn, C and Riedel, M (2014) ―Price setting of market makers: A filtering problem with endogenous filtration,‖ Mathematical Finance, 27(1), pp 251–275 [Online] Available at: https://doi.org/10.1111/mafi.12079

55 Lădaru, G., Siminică, M., Diaconeasa, M C., Ilie, D M., Dobrotă, C., & Motofeanu,

M (2021) Influencing factors and social media reflections of bakery products consumption in romania Sustainability (Basel, Switzerland), 13(6), 3411 [Online] Available at: https://doi.org/10.3390/su13063411

56 Lein, S.M (2010) ―When do firms adjust prices? evidence from Micro Panel Data,‖ Journal of Monetary Economics, 57(6), pp 696–715 [Online] Available at: https://doi.org/10.1016/j.jmoneco.2010.05.011

57 Léo, P., & Philippe, J (2002) Retail centres: Location and consumer's satisfaction The Service Industries Journal, 22(1), 122-146 [Online] Available at: https://doi.org/10.1080/714005055

58 Levinthal, D A., & Wu, B (2010) Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins Strategic Management Journal, 31(7), 780-801 [Online] Available at: https://doi.org/10.1002/smj.845

59 Liozu, S M., Hinterhuber, A., Perelli, S., & Boland, R (2012) Mindful pricing: Transforming organizations through value-based pricing Journal of Strategic Marketing, 20(3), 197-209 [Online] Available at: https://doi.org/10.1080/0965254X.2011.643916

60 Liu, Q., & Zhang, D (2013) Dynamic pricing competition with strategic customers under vertical product differentiation Management Science, 59(1), 84-101 [Online] Available at: https://doi.org/10.1287/mnsc.1120.1564

61 Ma, C., Li, T., Li, C., & He, H (2014) ―Pricing strategy and governments intervention for Green Supply Chain with strategic customer behavior,‖ Journal of Systems Science and Information, 2(3), pp 206–216 [Online] Available at: https://doi.org/10.1515/jssi-2014-0206

62 Marshall, G., & Jonker, L (2011) An introduction to inferential statistics: A review and practical guide Radiography (London, England 1995), 17(1), e1-e6 [Online] Available at: https://doi.org/10.1016/j.radi.2009.12.006

63 Martin, E., IV (1998) Centralized bakery reduces distribution costs using simulation Interfaces (Providence), 28(4), 38-46 [Online] Available at: https://doi.org/10.1287/inte.28.4.38

64 Martinez, M M., & Gomez, M (2019) Current trends in the realm of baking: When indulgent consumers demand healthy sustainable foods Foods, 8(10), 518 [Online] Available at: https://doi.org/10.3390/foods8100518

65 Maruyama, M., & Trung, L V (2007) Supermarkets in Vietnam: Opportunities and obstacles Asian Economic Journal, 21(1), 19-46 [Online] Available at: https://doi.org/10.1111/j.1467-8381.2007.00245.x

66 Maruyama, M., & Trung, L V (2012) In Shultz C J (Ed.), Modern retailers in transition economies: The case of Vietnam SAGE Publications [Online] Available at: https://doi.org/10.1177/0276146711421932

67 Masanet, E., Therkelsen, P and Worrell, E (2012) ―Energy Efficiency Improvement and cost saving opportunities for the baking industry: An energy star® guide for plant and Energy Managers.‖ [Online] Available at: https://doi.org/10.2172/1172002

68 Matsa, D A (2011) competition and product quality in the supermarket industry The Quarterly Journal of Economics, 126(3), 1539-1591 [Online] Available at: https://doi.org/10.1093/qje/qjr031

69 Moorthy, K S (1988) Product and price competition in a duopoly Marketing Science (Providence, R.I.), 7(2), 141-168 [Online] Available at: https://doi.org/10.1287/mksc.7.2.141

70 Myers, J H., & Mount, J F (1973) More on social class vs income as correlates of buying behavior Journal of Marketing, 37(2), 71 [Online] Available at: https://doi.org/10.2307/1250057

71 Myers, J H., Stanton, R R., & Haug, A F (1971) Correlates of buying behavior: Social class vs income Journal of Marketing, 35(4), 8 [Online] Available at: https://doi.org/10.2307/1250451

72 Nagle, T., Hogan, J and Zale, J (2016) The strategy and tactics of pricing, 5th Edition, Oreilly Routledge [Online] Available at: https://learning-oreilly- com.ezproxy.bolton.ac.uk/

73 Nait Mohand, N., Hammoudi, A., Radjef, M S., Hamza, O., & Perito, M A (2017) How do food safety regulations influence market price? A theoretical analysis British Food Journal (1966), 119(8), 1687-1704 [Online] Available at: https://doi.org/10.1108/BFJ-12-2016-0594

74 Nelson, P (1970) ―Information and consumer behavior,‖ Journal of Political Economy, 78(2), pp 311–329 [Online] Available at: https://doi.org/10.1086/259630

75 Nilda, C., Erfiza, N.M and Yasqi, M.F (2020) ―Consumers purchasing decisions on local and National Retail Bakery Products based on Price,‖ IOP Conference Series: Earth and Environmental Science, 425(1), p 012023 [Online] Available at: https://doi.org/10.1088/1755-1315/425/1/012023

76 Noble, P M., & Gruca, T S (1999) Industrial pricing: Theory and managerial practice Marketing Science (Providence, R.I.), 18(3), 435-454 [Online] Available at: https://doi.org/10.1287/mksc.18.3.435

77 Northcraft, G.B and Neale, M.A (1986) ―Opportunity costs and the framing of Resource Allocation Decisions,‖ Organizational Behavior and Human Decision Processes, 37(3), pp 348–356 [Online] Available at: https://doi.org/10.1016/0749-5978(86)90034-8

78 Ollinger, M., & Moore, D (2009) Direct and indirect costs of food-safety regulation Review of Agricultural Economics, 31(2), 247-265 [Online] Available at: https://doi.org/10.1111/j.1467-9353.2009.01436.x

79 Orme, J G., & Buehler, C (2001) Introduction to multiple regression for categorical and limited dependent variables Social Work Research, 25(1), 49-61 [Online] Available at: https://doi.org/10.1093/swr/25.1.49

80 Park, Y S., Konge, L., & Artino, J., Anthony R (2020) The positivism paradigm of research Academic Medicine, 95(5), 690 [Online] Available at: https://doi.org/10.1097/ACM.0000000000003093

81 Peris, M., Rubio-Arraez, S., Castelló, M L., & Ortolá, M D (2019) From the laboratory to the kitchen: New alternatives to healthier bakery products Foods, 8(12),

660 [Online] Available at: https://doi.org/10.3390/foods8120660

Summary

In Chapter 5, the author presents a summary of the research outcomes in connection with the study objectives The findings reveal that Government Regulations and Policies exert the most significant impact on Thien An Bakery's pricing strategy Additionally, by leveraging the statistical insights, the author has formulated objective pricing strategies for Thien An Bakery to evaluate and adopt in order to boost the company's market share The author also discusses the challenges and opportunities associated with these pricing strategies

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45 Jesson, J (2001) Cross-sectional studies in prescribing research Journal of Clinical Pharmacy and Therapeutics, 26(6), 397-403 [Online] Available at: https://doi.org/10.1046/j.1365-2710.2001.00373.x

46 Jobber, D., & Shipley, D (2012) Marketing-orientated pricing European Journal of

Marketing, 46(11/12), 1647-1670 [Online] Available at: https://doi.org/10.1108/03090561211260022

47 Kieliszek, M., Piwowarek, K., Kot, A M., Błażejak, S., Chlebowska-Śmigiel, A., & Wolska, I (2018) Pollen and bee bread as new health-oriented products: A review Trends in Food Science & Technology, 71, 170-180 [Online] Available at: https://doi.org/10.1016/j.tifs.2017.10.021

48 Kim, T K (2017) Understanding one-way ANOVA using conceptual figures Korean Journal of Anesthesiology, 70(1), 22-26 [Online] Available at: https://doi.org/10.4097/kjae.2017.70.1.22

49 Kiumarsi, S., Jayaraman, K., Isa, S M., & Varastegani, A (2014) Marketing strategies to improve the sales of bakery products of small-medium enterprise (SMEs) in malaysia International Food Research Journal, 21(6), 2101

50 Klapper, L., Laeven, L., & Rajan, R (2006) Entry regulation as a barrier to entrepreneurship Journal of Financial Economics, 82(3), 591-629 [Online] Available at: https://doi.org/10.1016/j.jfineco.2005.09.006

51 Klemperer, P (1995) Competition when consumers have switching costs: An overview with applications to industrial organization, macroeconomics, and international trade The Review of Economic Studies, 62(4), 515-539 [Online] Available at: https://doi.org/10.2307/2298075

52 Kopalle, P., Biswas, D., Chintagunta, P K., Fan, J., Pauwels, K., Ratchford, B T.,

& Sills, J A (2009) Retailer pricing and competitive effects Journal of Retailing, 85(1), 56-70 [Online] Available at: https://doi.org/10.1016/j.jretai.2008.11.005

53 Kotler et al (2021) Principles of marketing, (Eighteenth, Global ed.), Pearson Education, Limited [Online] Available at: ProQuest Ebook Central

54 Kühn, C and Riedel, M (2014) ―Price setting of market makers: A filtering problem with endogenous filtration,‖ Mathematical Finance, 27(1), pp 251–275 [Online] Available at: https://doi.org/10.1111/mafi.12079

55 Lădaru, G., Siminică, M., Diaconeasa, M C., Ilie, D M., Dobrotă, C., & Motofeanu,

M (2021) Influencing factors and social media reflections of bakery products consumption in romania Sustainability (Basel, Switzerland), 13(6), 3411 [Online] Available at: https://doi.org/10.3390/su13063411

56 Lein, S.M (2010) ―When do firms adjust prices? evidence from Micro Panel Data,‖ Journal of Monetary Economics, 57(6), pp 696–715 [Online] Available at: https://doi.org/10.1016/j.jmoneco.2010.05.011

57 Léo, P., & Philippe, J (2002) Retail centres: Location and consumer's satisfaction The Service Industries Journal, 22(1), 122-146 [Online] Available at: https://doi.org/10.1080/714005055

58 Levinthal, D A., & Wu, B (2010) Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins Strategic Management Journal, 31(7), 780-801 [Online] Available at: https://doi.org/10.1002/smj.845

59 Liozu, S M., Hinterhuber, A., Perelli, S., & Boland, R (2012) Mindful pricing: Transforming organizations through value-based pricing Journal of Strategic Marketing, 20(3), 197-209 [Online] Available at: https://doi.org/10.1080/0965254X.2011.643916

60 Liu, Q., & Zhang, D (2013) Dynamic pricing competition with strategic customers under vertical product differentiation Management Science, 59(1), 84-101 [Online] Available at: https://doi.org/10.1287/mnsc.1120.1564

61 Ma, C., Li, T., Li, C., & He, H (2014) ―Pricing strategy and governments intervention for Green Supply Chain with strategic customer behavior,‖ Journal of Systems Science and Information, 2(3), pp 206–216 [Online] Available at: https://doi.org/10.1515/jssi-2014-0206

62 Marshall, G., & Jonker, L (2011) An introduction to inferential statistics: A review and practical guide Radiography (London, England 1995), 17(1), e1-e6 [Online] Available at: https://doi.org/10.1016/j.radi.2009.12.006

63 Martin, E., IV (1998) Centralized bakery reduces distribution costs using simulation Interfaces (Providence), 28(4), 38-46 [Online] Available at: https://doi.org/10.1287/inte.28.4.38

64 Martinez, M M., & Gomez, M (2019) Current trends in the realm of baking: When indulgent consumers demand healthy sustainable foods Foods, 8(10), 518 [Online] Available at: https://doi.org/10.3390/foods8100518

65 Maruyama, M., & Trung, L V (2007) Supermarkets in Vietnam: Opportunities and obstacles Asian Economic Journal, 21(1), 19-46 [Online] Available at: https://doi.org/10.1111/j.1467-8381.2007.00245.x

66 Maruyama, M., & Trung, L V (2012) In Shultz C J (Ed.), Modern retailers in transition economies: The case of Vietnam SAGE Publications [Online] Available at: https://doi.org/10.1177/0276146711421932

67 Masanet, E., Therkelsen, P and Worrell, E (2012) ―Energy Efficiency Improvement and cost saving opportunities for the baking industry: An energy star® guide for plant and Energy Managers.‖ [Online] Available at: https://doi.org/10.2172/1172002

68 Matsa, D A (2011) competition and product quality in the supermarket industry The Quarterly Journal of Economics, 126(3), 1539-1591 [Online] Available at: https://doi.org/10.1093/qje/qjr031

69 Moorthy, K S (1988) Product and price competition in a duopoly Marketing Science (Providence, R.I.), 7(2), 141-168 [Online] Available at: https://doi.org/10.1287/mksc.7.2.141

70 Myers, J H., & Mount, J F (1973) More on social class vs income as correlates of buying behavior Journal of Marketing, 37(2), 71 [Online] Available at: https://doi.org/10.2307/1250057

71 Myers, J H., Stanton, R R., & Haug, A F (1971) Correlates of buying behavior: Social class vs income Journal of Marketing, 35(4), 8 [Online] Available at: https://doi.org/10.2307/1250451

72 Nagle, T., Hogan, J and Zale, J (2016) The strategy and tactics of pricing, 5th Edition, Oreilly Routledge [Online] Available at: https://learning-oreilly- com.ezproxy.bolton.ac.uk/

73 Nait Mohand, N., Hammoudi, A., Radjef, M S., Hamza, O., & Perito, M A (2017) How do food safety regulations influence market price? A theoretical analysis British Food Journal (1966), 119(8), 1687-1704 [Online] Available at: https://doi.org/10.1108/BFJ-12-2016-0594

74 Nelson, P (1970) ―Information and consumer behavior,‖ Journal of Political Economy, 78(2), pp 311–329 [Online] Available at: https://doi.org/10.1086/259630

75 Nilda, C., Erfiza, N.M and Yasqi, M.F (2020) ―Consumers purchasing decisions on local and National Retail Bakery Products based on Price,‖ IOP Conference Series: Earth and Environmental Science, 425(1), p 012023 [Online] Available at: https://doi.org/10.1088/1755-1315/425/1/012023

76 Noble, P M., & Gruca, T S (1999) Industrial pricing: Theory and managerial practice Marketing Science (Providence, R.I.), 18(3), 435-454 [Online] Available at: https://doi.org/10.1287/mksc.18.3.435

77 Northcraft, G.B and Neale, M.A (1986) ―Opportunity costs and the framing of Resource Allocation Decisions,‖ Organizational Behavior and Human Decision Processes, 37(3), pp 348–356 [Online] Available at: https://doi.org/10.1016/0749-5978(86)90034-8

78 Ollinger, M., & Moore, D (2009) Direct and indirect costs of food-safety regulation Review of Agricultural Economics, 31(2), 247-265 [Online] Available at: https://doi.org/10.1111/j.1467-9353.2009.01436.x

79 Orme, J G., & Buehler, C (2001) Introduction to multiple regression for categorical and limited dependent variables Social Work Research, 25(1), 49-61 [Online] Available at: https://doi.org/10.1093/swr/25.1.49

80 Park, Y S., Konge, L., & Artino, J., Anthony R (2020) The positivism paradigm of research Academic Medicine, 95(5), 690 [Online] Available at: https://doi.org/10.1097/ACM.0000000000003093

81 Peris, M., Rubio-Arraez, S., Castelló, M L., & Ortolá, M D (2019) From the laboratory to the kitchen: New alternatives to healthier bakery products Foods, 8(12),

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My name is Pham Chu Viet Hoang, and I am currently conducting a research study on the "Pricing Strategy at Thien An Bakery"

I kindly request your participation in this survey, which would greatly contribute to the success of my research Your valuable input will help enhance our understanding of the factors influencing pricing strategies at Thien An Bakery Please rest assured that all personal information will be treated with the utmost confidentiality and used solely for research purposes

I understand that your time is precious, and I truly appreciate your willingness to contribute to this study Thank you in advance for your cooperation and support I look forward to receiving your valuable insights

Please answer by checking (X) to the box:

3 What is your monthly income range?

Choose the response below that best represents your perspective The levels are defined as follow:

Strongly agree Agree Neutral Disagree Strongly disagree

1 Bakery costs affect the prices of Thien An Bakery products

2 The cost of ingredients affects Thien An Bakery's prices

3 Product quality is important for deciding prices at Thien An

4 Thien An Bakery's marketing goals affect their prices

5 Thien An Bakery's reputation influences their prices

6 Customer preferences impact Thien An Bakery's prices

7 Competition affects Thien An Bakery's pricing decisions

8 Holidays and special events influence Thien An Bakery's prices

9 How customers react to price changes matters for Thien An

10 Supply and demand affect Thien An Bakery's prices

11 Economic conditions like inflation and income impact Thien An

12 Social trends, like healthy eating, affect Thien An Bakery's prices

13 Online shopping influences Thien An Bakery's pricing decisions

14 New technology in the bakery industry affects Thien An

15 Customer age, gender, and location influence Thien An

16 Food safety rules affect Thien An Bakery's prices

17 Business fees and licenses impact Thien An Bakery's pricing decisions

18 Taxes influence Thien An Bakery's prices

19 Environmental regulations, such as waste management and packaging rules, influence Thien An Bakery's prices

20 Changes in tax policies, such as sales tax or corporate tax rates, influence Thien An Bakery's pricing strategy

21 Do you think bakeries in Vietnam should set their prices based on what their competitors charge?

22 How likely are you to choose a bakery that uses prices like

23 How important are discounts and promotions, like buy-one-get- one-free, when you choose a bakery in Vietnam?

Thank you for your cooperation!

RESEARCH ETHICS CHECKLIST FORM Section I: Applicant Details

1 Name of Researcher (applicant): PHAM CHU VIET HOANG (Student ID:

2 Status (please click to select): Undergraduate

3 Email Address: pch2ocd@bolton.ac.uk

5 Project Title: A study about Pricing Strategy at Thien

Section III: For Students Only:

6 Course title and module name and number where appropriate

Banking University Ho Chi Minh city

7 Supervisor’s or module leader’s name: Dr Ron Smith

8 Email address: r.smith2@bolton.ac.uk

Declaration by Researcher (Please tick the appropriate boxes)

X I have read the University’s Code of Practice

X The topic merits further research

X I have the skills to carry out the research

X The participant information sheet, if needed, is appropriate

X The procedures for recruitment and obtaining informed consent, if needed, are appropriate

X The research is exempt from further ethics review according to current University guidelines

Please answer each question by ticking the appropriate box:

1 Will the study involve participants who are particularly vulnerable or who may be unable to give informed consent (e.g children, people with learning disabilities, emotional difficulties, problems with understanding and/or communication, your own students)?

2 Will the study require the co-operation of a gatekeeper for initial access to the groups or individuals to be recruited (e.g students at school, members of self-help group, residents of nursing home)?

3 Will deception be necessary, i.e will participants take part without knowing the true purpose of the study or without their knowledge/consent at the time (e.g covert observation of people in non-public places)?

4 Will the study involve discussion of topics which the participants may find sensitive (e.g sexual activity, own drug use)? X

5 Will drugs, placebos or other substances (e.g food substances, alcohol, nicotine, vitamins) be administered to or ingested by participants or will the study involve invasive, intrusive or potentially harmful procedures of any kind?

6 Will blood or tissues samples be obtained from participants? X

7 Will pain or more than mild discomfort be likely to result from the study? X

8 Could the study induce psychological stress or anxiety or cause harm or negative consequences beyond the risks encountered in normal life?

9 Will the study involve prolonged or repetitive testing? X

10 Will financial inducements (other than reasonable expenses and compensation for time) be offered to participants? X

11 Will participants’ right to withdraw from the study at any time be X withheld or not made explicit?

12 Will participants’ anonymity be compromised or their right to anonymity be withheld or information they give be identifiable as theirs?

13 Might permission for the study need to be sought from the researcher’s or from participants’ employer? X

14 Will the study involve recruitment of patients or staff through the

2 Exploratory Factor Analysis (EFA) results: