Thesis Final Report (long)

Also covering the overall cost was important in the

Info iconThis preview shows pages 35–38. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Also, covering the overall cost was important in the price determination process. Different retailers have different margin over rates and this depends on the type of products they are selling. On some goods, retailers earn up to 100% profit but most retailers gain a profit of 25% to 30% on a regular basis. According to most of the retailers the best time to get a good bargain is in the morning because retailers want a good start of their day and there are few customers to deal with at that time. Some retailers give better rates in evening as they have to clear out their stocks and recover as much investment as possible. Most of the retailers who were interviewed said that they are able to retain their customers. Some retailers are even able to retain customers from old Sunday bazaar and are given lower prices. Some retailers have fixed clients like boutique owners who always come to their shop. Retailers buy goods from different places like wholesale markets, used markets and importing goods from abroad. Most retailers also sell their goods in other malls, bazaars or stalls on streets. Their opinion is that bargaining takes place at these places too but not as much as at Sunday bazaar. Retailers think that there are differences in operating at Sunday bazaar and other places. At malls, retailers’ charge a comparatively higher price and less bargaining takes places but the turnover of customers is less. 4.3 Proposed Haggling Framework The researchers have constructed a framework of Haggling in an Open Air Market as shown in Figure 4.3-1. This dynamic framework consists of the motives of haggling in a bazaar setting, the factors that influence these motives and the negative or positive outcomes that further influence the motives of haggling in such set-ups. Various motives and needs have been identified for a person to engage in the haggling process that varies from individual to individual. These include different motives, individual factors and other factors. The motives and needs as shown in the figure are the 25 dominant drives that lead an individual to the haggling process in an open air bazaar set- up. Some factors have been identified that influence the haggling process that leads to people haggling differently. The outcomes gained from the haggling process are either positive or negative. Positive outcomes include the successful negotiation between the buyer and the seller that leads to the sale of goods by maximizing their own interests. Negative outcomes occur when prices increase for buyers, profits decrease for the seller or the buyer goes to competition and there is no sale of goods. 26 Figure 4-7 Haggling Framework Buyer Price Discrimination Feeling of Resentment Paying More than Expected Bitter Experiences Time Consuming Motives Saving Achievement Social Recognition Power Entertainment Curiosity Independence Vengeance Positive Outcomes (Rewards) HAGGLING Other Factors Economic Natural Environment Technological Political Risk Situational Market Factors 7 Ps of Bazaars...
View Full Document

{[ snackBarMessage ]}

Page35 / 177

Also covering the overall cost was important in the price...

This preview shows document pages 35 - 38. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online