Thesis Final Report (long)

Thesis Final Report (long) - Understanding Haggling in Open...

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Understanding Haggling in Open Air Markets: A Study on Buyer-Seller Interactions in Sunday Bazaar, Karachi. THESIS Prepared By Aaqib Qasim (0935194) Behjut Fatima (0935186) Hassan Imran (0935189) Nisha Jaffer (0935154) Shayan Razzak (0935207) Advisor Ms. Wajeeha Fatima Javed A project in partial fulfilment of the award of Masters of Business Administration
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Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology SZABIST 2
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TABLE OF CONTENTS LETTER OF TRANSMITTAL ................................................................................................... i ACKNOWLEDGEMENTS ........................................................................................................ ii ANTI PLAGIRISM DECLARATION ...................................................................................... iii EXECUTIVE SUMMARY ....................................................................................................... iv LIST OF FIGURES .................................................................................................................... v LIST OF TABLES ..................................................................................................................... vi CHAPTER 1 INTRODUCTION ..................................................................................................... 1 1.1 Background of the Study ...................................................................................................... 1 1.2 Research Problem ................................................................................................................. 2 1.3 Objectives of Study ................................................................................................................ 2 1.4 Significance of the Study ...................................................................................................... 2 1.5 Limitations of the study ......................................................................................................... 3 1.6 Structure of the Report ........................................................................................................... 3 CHAPTER 2 LITERATURE REVIEW .......................................................................................... 5 2.1 Defining Haggling ................................................................................................................. 5 2.2 Motives and Needs ................................................................................................................. 6 2.3 Haggling in Retail Markets .................................................................................................... 7 2.4 Open Air Retail Markets ........................................................................................................ 8 2.4.1 Bazaars and their Origin ................................................................................................. 8 2.4.2 Worldwide Flea Markets ................................................................................................. 8 2.4.3 Pakistani Perspective ...................................................................................................... 9 2.5 Culture and Haggling ............................................................................................................. 9 2.6 Haggling and Decision Making ........................................................................................... 10 2.7 Outcomes of Haggling ......................................................................................................... 11 2.7.1 Rewards ......................................................................................................................... 11 2.7.2 Punishments ................................................................................................................. 11 CHAPTER 3 RESEARCH METHODOLOGY ............................................................................ 13 3.1 Research Design ................................................................................................................... 13 3.2 Sampling Techniques ........................................................................................................... 13 3.3 Sample Size .......................................................................................................................... 13 3.4 Data Analysis ....................................................................................................................... 14 CHAPTER 4 FINDINGS AND ANALYSIS ................................................................................ 15 4.1 Customer Findings ............................................................................................................... 15 4.2 Retailer Findings .................................................................................................................. 20 4.3 Proposed Haggling Framework ........................................................................................... 25 4.4 Explanation of the Proposed Haggling Framework ............................................................. 28 4.4.1 Motives of Haggling ..................................................................................................... 28 4.4.2 Factors Leading to Haggling ......................................................................................... 32
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4.4.3 Outcomes of Haggling ................................................................................................. 45 CHAPTER 5 CONCLUSION ....................................................................................................... 50 CHAPTER 6 RECOMMENDATIONS ....................................................................................... 52 BIBLIOGRAPHY ......................................................................................................................... 53 APPENDIX A: Dates of Interviews and Observations ................................................................ 60 APPENDIX B: Customer Interview Transcripts .......................................................................... 65 APPENDIX C: Retailer Interview Transcripts ........................................................................... 138 APPENDIX D: Observations Transcripts .................................................................................. 153 b
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LETTER OF TRANSMITTAL Ms. Wajeeha Fatima Javed Thesis Supervisor MBA Thesis SZABIST, 90 Clifton, Karachi Date: 9 th April, 2011 Ms. Javed, Enclosed is our Final MBA Thesis entitled “Understanding Haggling in Open Air Markets: A Study on Buyer-Seller Interactions in Sunday Bazaar, Karachi,” due on 9 th April, 2011. The purpose of this study was to explore and understand the motives behind haggling so as to develop a haggling model based on it. This is the final part of our thesis which includes the accepted research proposal, literature review, the research methodology, the findings and analysis, conclusion and our recommendations. The researchers also hope that this study proves beneficial for further researches to be conducted. Any queries regarding this report will be highly appreciated. Sincerely, Aaqib Qasim Behjut Fatima Hassan Imran Nisha Jaffer Shayan Razzak April 9 th , 2011 i
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ACKNOWLEDGEMENTS First of all, the researchers would like to thank Almighty Allah for providing us with the opportunity and the required level of commitment. Secondly, this important accomplishment could not have been achieved without the support and guidance of a certain few individuals.
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