Market Survey
As part of the market observation, I chose to visit Kavi Nagar market which is the nearest market to the campus. The market place was full of customers and sellers. Buyers were of different categories based on their age, gender and purchasing power. There were various sellers selling the same commodity. Broadly, the composition of sellers were 2-3 food joints, 3-4 florist shop, 1 toy store, 1 salon, 3 kirana stores, 2-3 mobile retailers, 2 cyber cafes, 3-4 fruit and vegetable vendors, 1 property dealer, 2-3 stationary stores and some street hawkers.
The different observations regarding the buyers and sellers are
Buyer’s behaviour: They usually when entered the shop, inquired for the product or services which he/she wanted and then asked for the prices. Compared different options available and chose the best fit for them. Buyers were seen bargaining where the shop was not fixed price shop like vegetable vendors, mobile retailer showrooms. The stores like stationary shops, food joints, salon, toy stores were the fixed price stores. The requirements and expectations of buyers were different in different categories. The kirana shops were crowded mostly with people of middle and senior aged people. Toy shop had parents buying toys for children. The youth was mostly seen in the florist shops, food joints and salon. When we talked to different customers, their responses were different. For example the customer coming out from a mobile store was happy as he had been given discount of 10%. The other couple coming out of florist shop was frustrated as they were given some stale flower bouquet.
Seller’s behaviour:
According to my observation, there was a tough competition among the similar selling product shops. Some stores were over crowded with customers and some were empty. We inquired different sellers to know their strategies to win the market. The