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Thesis Final Report (long)

7 ps of bazaars product place price promotion

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Unformatted text preview: 7 Ps of Bazaars Product Place Price Promotion Physical Evidence People Processes Negative Outcomes (Punishments) Individual Factors o Demographics o Age o Gender o Income o Religion and Culture o Psychographics o Lifestyle o Personality o Self Concept o Psychological o Attitudes & Beliefs o Motivation o Social Seller o Feeling of Resentment o Time Consuming o Greed Seller o Increased reputation and credibility o Increased sales o Dynamic Pricing o Long Term Relationship Buyer o Social recognition o Sense of achievement o Saving cost 27 4.4 Explanation of the Proposed Haggling Framework 4.4.1 Motives of Haggling Although there has been limited amount of research on what motivates people to bargain, the researchers were able to generate customer as well as retailer insights regarding bargaining and haggling behaviour. These insights have given the researchers a base to assess the bargaining behaviour exhibited by people according to various individual and macroeconomic factors. Also, through these insights the researchers are also able to ascertain reasons on why people indulge in the negotiation process in a bazaar setting. The researchers have not only covered the buyers’ perspective but also the retailers’ perspective of the bargaining process in order to reaffirm some aspects of the research. Also, since bargaining is two sided process, where negotiation takes place on both sides, it was important to analyze the buyers as well as the retailers. The reasons and motives of bargaining, however, differ from individual to individual depending on the nature and personality of the customers and also their surroundings. The motives that lead to haggling at Sunday bazaar are explained in the following paragraphs: The main motive that has been identified for haggling at Sunday bazaar is saving . The retailers quote an inflated price to the customers because they know that negotiations / bargaining would be done from the customers end as it is a part and parcel of any bazaar. As one respondent said ‘ the item they quote as being of Rs. 400 is actually of Rs. 200, so you need to bargain here ’ (Respondent 47, Interview, February 20, 2011) . This means that customers are bound to bargain at Sunday bazaar because the retailers are smart enough to quote a really high price over which hagglers end up saving cost and non-hagglers end up paying more. When a retailer was asked as to why they charge inflated and different prices from each customer, the response was that ‘Being a salesman isn’t easy; it is based on the customer. We have to see what the nature of the customer is, at what point will he agree to, what he is thinking and what he understands. I will give you the price based on analyzing your personality’ (Retailer 1, Interview, February 27, 2011)....
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7 Ps of Bazaars Product Place Price Promotion Physical...

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