buyer

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Buyer

The person or company that takes ownership of some asset in exchange for some monetary remuneration. Buying may take any of several forms. In a cash purchase, the buyer gives cash or a cash equivalent immediately in exchange for the asset. In a credit sale, the buyer takes ownership immediately in exchange for future payment, often with interest.

buyer

a purchaser of a GOOD, SERVICE or FINANCIAL SECURITY. A broad distinction can be made between purchasers of goods and services such as raw materials, components, plant and equipment which are used to produce other products (referred to as ‘industrial buyers’) and purchasers of products for personal consumption (referred to as ‘consumers’).

The distinction between the two groups is important in terms of the application of appropriate MARKETING STRATEGIES. In general, industrial buyers, mainly purchasing/procurement officers, are involved in the purchase of ‘functional’ inputs to the production process, usually in large quantities and often involving the outlay of thousands of pounds. Their particular concern is to obtain input supplies which are of an appropriate quality and possess the technical attributes necessary to ensure that the production process goes ahead smoothly and efficiently. In selling to industrial buyers, personal contacts, the provision of technical advice and back-up services are important. Buyers of consumer goods, by contrast, typically buy a much wider range of products, mainly in small quantities. Purchases are made to satisfy some physical or psychological need of the consumer. Thus, it is important for marketers to understand the basis of these needs and to produce and promote BRANDS which satisfy identifiable consumer demands. In this context, ADVERTISING and SALES PROMOTION are important tools for shaping consumers’ perceptions of a brand and establishing BRAND LOYALTY. See BUYER BEHAVIOUR, BUYING CENTRE, BUYING PROCESS, PURCHASING.

buyer

a purchaser of a GOOD or SERVICE. A broad distinction can be made between purchasers of items such as raw materials, components, plant and equipment that are used to produce other products (referred to as ‘industrial buyers’) and purchasers of products for personal consumption (referred to as ‘consumers’).

In general, industrial buyers (in the main purchasing/procurement officers) are involved in the purchase of ‘functional’ inputs to the production process, usually in large quantities and often involving the outlay of thousands of pounds. Their particular concern is to obtain input supplies that are of an appropriate quality and possess the technical attributes necessary to ensure that the production process goes ahead smoothly and efficiently. In selling to industrial buyers, personal contacts, the provision of technical advice and back-up services are important.

Buyers of consumer goods, by contrast, typically buy a much wider range of products, mainly in small quantities. Purchases are made to satisfy some ‘physical’ or ‘psychological’ need of the consumer. Thus, it is important for suppliers to understand the basis of these needs and to produce and promote BRANDS that satisfy identifiable consumer demands. In this context, ADVERTISING and SALES PROMOTION are important tools for shaping consumers’ perceptions of a brand and establishing BRAND LOYALTY. See PRODUCT DIFFERENTIATION.

References in periodicals archive ?
Although official sales won't start there until early April, Hakimian already has a listed of wannabe buyers.
That has made many sellers slow to wake up to the new reality of what buyers are willing to pay.
Buyers deploying SCF can maintain that suppliers will now realize a reduction of the 4 percent financing cost of goods sold to it, thus resulting in lower prices.
In internal succession, buyers will sometimes consider the purchase only if the selling CPA has already successfully transitioned client relationships and responsibilities to other firm members, including the buyer.
The closing was set for February 2006, but because their first-time home buyer program gave them access to nontraditional financing, setting up the financial paperwork took a bit longer than expected.
The ruling's underlying purpose is to provide guidelines to determine whether an employer acquired ownership of a residence as the property is ultimately transferred from an employee to a third-party buyer during the course of the home purchase program.
Finally no-lapse illustrations should advise buyers to look at current-assumption products as well because, as a trade-off for the guarantee, those products may provide a greater death benefit under acceptable assumptions, allow more premium flexibility and build greater cash value.
But they also liked to deal with buyers who kept their promises: "She's very honest, open to new ideas and you know exactly where you stand" and "created good relationships with suppliers by being totally honest and never promising things she can't deliver".
That helps protect buyers from paying for clients who die, close or sell their businesses, or relocate.
According to research conducted by Providata Automotive, the numberone concern of young male buyers is vehicle insurance costs.
Growers are now able to find potential buyers with just a mouse click.
The company's "growth is on target," and since going live in November we estimate we are already closing in on $1 million in tenders from buyers," says Fullerton.