PRICE HAGGLING STRATEGY AND DECISION MAKING OUTCOMES OF BUYERS IN SELECTED OPEN MARKETS IN IBADAN METROPOLIS

Abstract

This study examines the relationship between price haggling strategy and decision making outcomes of
buyers in selected open markets in Nigeria’s largest city, Ibadan. Survey design was adopted and data
was collected through a structured self-administered questionnaire designed on 5-point Likert scale. The
main source of data was primary collection and the target population consisted of registered traders and
consumers of five purposively selected traditional markets (Dugbe, Mokola, Bodija, Aleshinloye, and
Ojoo) in Ibadan, Nigeria. A sample size of 551 comprising of 305 registered traders and 246 consumers
was drawn from the study population. The formulated hypotheses were tested with regression analysis at
0.05 level of significant. Based on the analyzed data, the study found that there is a positive significant
effect of price haggling on buyers repeat patronage in Nigeria. The study further discovered that price
haggling significantly affect buyers/seller relationship in the selected open markets. It is therefore
advised that improvement should be made on the haggling process that will ensure trust, fairness and
justified price for product purchase. When such is done, it could ensure that consumers are able to make
buying decisions faster. The study further recommended that manufacturers should set retail price range
which has a minimum price and maximum price on goods, thereby creating a situation where no party in
the haggling process is or feels cheated.