ABSTRACT
The consumers have varied
influences that affect their buying decisions and among these are the pricing
tactics and strategies of the marketing firm. Most consumers are utility
maximizes; many of them always look for value-to-cost when they make buying
decision. In some situations, consumers extensively involve in haggling in
order to justify economic value to their purchase. The traditional open
native/localmarket structure which differs from the conventional markets,
departmental stores, etc. encourages haggling in all traditional market
settings in Africa and Nigeria in particular.
Haggling is a common feature in these markets as consumers use it to
assert their rights to bargain and participate fully in the selling process.
Haggling usually occurs in markets and major open markets especially in
consumer buying situations where core-value purchases are involved, even “Ogi
or Akamu” which is not high value purchase also attract haggling. This
determines the final price agreed between the parties and the nature of the
offer package that will be provided for that price. Price haggling is concerned
with communication processes that take place between the two parties to arrive
at a mutually acceptable bargain. Most consumers widely articulated that when
making purchases in open markets, the haggling price arrived at may determine
their repeat purchases and selected retail traders in the subsequent purchases.
Furthermore, in recent times, it has not been ascertained whether the issue of
price haggling or negotiation is suitably effective for our marketing system.
Thus, this study evaluated the effects of price haggling as a strategy for
consumer buying at selected traditional markets in Ibadan. This study sought
to: (i) assess the effects of price haggling on consumers’ decision making,
(ii) determine the effects of price haggling on consumers’ repeat patronage,
(iii) ascertain the effects of price haggling on open market system and (iv)
examine the effects of price haggling and negotiation on consumer/seller
relationship.The descriptive and survey design were used. The population of the
study was 1276 registered traders from the five (5) major traditional markets
in Ibadan, Oyo State, Nigeria. The sample of 305 was selected using the Taro
Yamane formula. Convenience sampling technique was used to select the
respondents from each of the selected markets. Data was collected using the
questionnaire research instrument. A pilot study was conducted and responses
tested with Cronabch’s Alpha, giving a coefficient of 0.81, indicating the
reliability of the instrument. Validity of instruments was measured using
content validity. Both descriptive and inferential statistics were used in data
analysis. The statistical tools used in the study were the Ordinary Least
Square (OLS) linear regression and Kolmogorov-Smirnov Z-test Statistics. These
were done with the aid of the Statistical Package for Social Sciences (SPSS
17.0) software. The study revealed that
price haggling has a significant effect on consumers’ buying decision making,
is significantly effective on consumers’ repeat patronage, has positive effects
on open market operation and has significant effects on consumer/seller
relationship. It was recommended that
improvement should be made on the haggling process that will ensure trust,
fairness and justified price for product purchase, and Sellers should set
retail price range which has a minimum and maximum price of goods, thereby
creating a situation where no party in the haggling process is or feels
cheated.
TABLE
OF CONTENTS
Title
Page
Table
of Contents
List
of Figures
List
of Tables
Abstract
CHAPTER ONE:
INTRODUCTION
1.1 Background of the Study
1.2 Statement of Research Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Significant of the Study
1.7 Scope of the Study
1.8 Limitations of the Study
References
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.1.1 Operational Definition of Terms
2.2 Conceptual Framework
2.2.1 The Price as an Element of Marketing
Variable
2.2.2 Meaning and Definition of Price
2.2.3 Price Haggling
2.2.4 History and development structure of price
haggling activities
2.2.5 Price Haggling Strategies
2.2.6 Rules of Price Haggling
2.2.7 Merits and Demerits of Price Haggling
2.2.8 Factors Responsible for Price Haggling
2.2.9 Price Haggling and Fixed Price Strategy
2.2.10 Barriers to Effective Price Haggling
2.2.11 Price Haggling and Consumer Decision Making
2.2.12 Price Haggling and Consumer Price Sensitivity
2.2.13 Price Haggling and Choice of Buyers
2.2.14 Price Haggling and Customer Relationships
2.2.15 Price Haggling Model
2.2.16 Consumer Decision Making
2.2.17 Factors Affecting Consumer Buying Decision
2.2.18 Buying Situation and Its Causes
2.2.19 Pricing Issues and Characteristics in
Different Prevailing Markets Context
2.3 Theoretical Framework
2.3.1 Haggling/Bargaining Theories
2.3.2 Future Theoretical Development
2.4 Empirical Review
2.5 Summary of Literature Review
2.6 Gaps in Literature
References
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Area of the Study
3.4 Population of the Study
3.5 Sample Size Determination
3.6 Sample Size of Consumers
3.7 Sampling Techniques and Method
3.8 Sources of Data Collection
3.9 Instrument for Data Collection
3.10 Validity of Research Instrument
3.11 Reliability of Research Instrument
3.12 Method of Data Analysis and Presentation
References
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND
INTERPRETATION
4.1 Introduction
4.2 Data Presentation
4.2.1 Questionnaire Distribution and Response
4.2.2 Profile of Respondents
4.2.2.1 Gender
4.2.2.2 Age
4.2.2.3 Occupation
4.2.2.4
Religion
4.2.2.5 Marital Status
4.2.3 Line of Product
4.2.4 Sales Level Per Day
4.2.5 Data Presentation Based on Study Objectives
4.2.5.1 Effects of Price
Haggling on Consumers’ Buying Decision making
4.2.5.2 Effects of Price
Haggling on Consumers’ Repeat patronage
4.2.5.3 Effects of Price
Haggling on Open Market Operation
4.2.5.4 Effects of Price
Haggling on Consumer/ Seller Relationship
4.3
Test of Hypotheses
4.3.1 Test of Hypotheses One
4.3.1.1 Analysis of Data
from Consumers
4.3.1.2 Analysis of Data
from Traders
4.3.1.3 Decision
4.3.2 Test of Hypothesis Two
4.3.2.1 Analysis of Data
from Consumers
4.3.2.2 Analysis of Data
from Traders
4.3.2.3 Decision
4.3.3 Test of Hypothesis Three
4.3.3.1 Analysis of Data
from Consumers
4.3.3.2 Analysis of Data
from Traders
4.3.3.3 Decision
4.3.4 Test of Hypothesis Four
4.3.4.1 Analysis of Data
from Consumers
4.3.4.2 Analysis of Data
from Traders
4.3.4.3 Decision
References
CHAPTER FIVE: SUMMARY OF
FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Introduction
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendations
5.5 Contribution to Knowledge
5.6 Suggestions for Further Study
Bibliography
CHAPTER
ONE
INTRODUCTION
1.1
Background of the Study
The
aim of marketing is to meet and satisfy target customers’ needs and wants
better than competitors. Successful marketing requires that companies fully
connect with their customers. This calls for adopting a holistic marketing
orientation which means understanding customers and gaining a full turn-around
view of both their daily lives and the changes that occur during their
lifetimes so that the right products are marketed to the right customers in the
right way. These consumers have varied influences that affect their buying
decisions and among these are the pricing tactics and strategies of the
marketing firm (Kotler and Armstrong 2007:5).
Brassington and Pettitt (2003:392)
defined price as the value that is placed on something. Usually, the price is
measured in money, as a convenient medium of exchange that allows price to be set
quite precisely. This is not necessarily always the case.However, goods and
services may be bartered, or there may be circumstances where monetary
exchanges are not appropriate.
Zeithaml (1998:17) noted that from
the buyer’s perspective, price represents the value they attach to whatever is
being exchanged. Up to the point of
purchase, the marketer has been making promises to the potential buyer about
what this product is and what it can do for that customer. The customer is
going to weigh up those promises against the price and decide, whether it is
worth paying.
There is much competition for
consumers’ disposable income. This is reflected in both the range of different
product markets available for them to spend in and the variety of products
competing in any one market. Consumers also have a great deal of discretion
over whether they spend or not. There are very few real necessities and, on
many occasions consumers buy because they want to, rather than because they
need to (Achumba 2001:17).
Also, as a result of the fact that
consumers are largely buying to please themselves, their assessments of
competing products in most markets is often informal, non-rational or emotional
or even none existent. McCarthy and Perrault (2005:172) stated that
psychological factors can play a much greater role than analytical skills. Even
where hard product information is provided, the consumer does not necessarily
make the effort to digest it properly or retain it. Price too, as has already been pointed out,
may be interpreted variously, depending on the individual customer.
Most consumers are utility maximizers;
many of them always look for value-to-cost when they make buying decisions. In
some situations, consumers are extensively involved in haggling in order to
justify economic value for their purchase. Stanton and Sommers (1985:17) opined
that in Business to Business (B2B) markets and major open markets in consumer
buying situations where high-value purchases are involved, haggling usually
takes place. This determines the final price agreed between the parties and the
nature of the offer package that will be provided for that price. Price
haggling, according to Lysons (1993:215), is concerned with communication
processes that take place between the two parties to arrive at a mutually
acceptable bargain.....
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