Thesis Final Report (long)

Iv list of figures figure 4 1 customer interviews

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LIST OF FIGURES Figure 4-1 Customer Interviews Sample Break-up ....................................................................... 15 Figure 4-2 Preference of Shopping Companion ............................................................................ 16 Figure 4-3 Preference of Shopping Companion from Family ....................................................... 16 Figure 4-4 Bargaining: Men Vs. Women ...................................................................................... 18 Figure 4-5 Pros of New Sunday Bazaar ........................................................................................ 21 Figure 4-6 Cons of New Sunday Bazaar ....................................................................................... 22 Figure 4-7 Haggling Framework ................................................................................................... 27 v
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LIST OF TABLES Table 2.2-1 Motives Identified (Reiss 2004) ................................................................................... 6 Table 3.3-2 Sample Size ................................................................................................................ 13 vi
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CHAPTER 1 .............................................................. INTRODUCTION 1.1 Background of the Study A merchandize can be sold in many different ways, and two major selling methods have already become part of our everyday life: bargaining and take-it-or-leave-it. Ye (2009) Bargaining or haggling, has been an important characteristic of trade, whether it be open air markets or business-to-business deals. Haggling is defined as a process of price formation which aims at establishing particular prices for specific transactions, acceptable to both buyer and seller, within the “price range” that prevails in the market (Hill 1962). Open air retail markets, commonly known as bazaars are a very important feature of trade in a developing country. Haggling is widely popular in a bazaar setting as prices are agreed upon between buyers and sellers by mutual agreement. Unlike departmental stores or supermarkets, prices are not fixed in a bazaar and information is asymmetric. It is of the essence to determine the dynamics of bazaar trading and in particular the dynamics of haggling to have a better understanding of how these markets function on day to day basis. There has been little research on haggling behaviour, as many of the researches conducted previously have not addressed bargaining behaviour outside the lab setting or the difference in behaviour between genders and age groups within the society (Tanguma et al. 2007). In Pakistan, a developing country where people are very much price sensitive, haggling behaviour can be widely witnessed in local bazaars. Sunday Bazaar in Defence Phase VIII, which is known as DHA Bachat Bazaar, Karachi is the biggest open air market of Asia (Ahmed, 2010). Currently, DHA Bachat Bazaar, also known as Sunday bazaar, has more than 1500 shops where retailers sell a wide variety of products and assortments, from used items to brand new 1
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items. Average footfall on a given Sunday is between forty to fifty thousand shoppers. The dynamics of this bazaar are such that it attracts people from all walks of life no matter what socio-economic background to which they belong (DHA, 2009). 1.2 Research Problem Haggling is a practice that is followed across the world in markets that have no fixed pricing systems. However, there has been no previous research on what constitutes the haggling process, especially in open air retail markets. By studying the interaction and the bargaining process between the buyers and sellers, demonstrated at one of the country’s biggest open air bazaars, the researchers have analyzed the motives behind, and usage of haggling. Based on this information,
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