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 ?
An artful buyer can learn all the "secrets" of your building in 15 minutes when left alone with the maintenance man.
Having met these standards, the casting must be accepted by the buyer.
Strategic buyers, for example, usually seek to increase market share, gain access to new types of customers, market areas, and products.
The NAR says that a Realtor's innate concern for a buyer's well-being will deter him from steering the borrower to Citicorp (and recouping his $2,500 investment) unless it's also a good deal for the buyer.
Henry Shao, CEO of Movoto comments: "We're excited to launch in Monterey, San Benito and Santa Cruz counties because we believe Movoto is the first company to offer local home buyers a complete end-to-end solution for finding and buying a house using the web.
Most of these buyers are using little or no debt financing.
Many sellers will conduct due diligence on their own practices in advance of a sale, including reviewing contracts to determine if they are assignable, financial records to ensure there are no conditions that a buyer will find undesirable, the malpractice or employee claims history, and that all policies and procedures are in accordance with laws and standards of practice.
Subsequently, the employer sells the property to a third-party buyer.
While his most recent development, the 88 Greenwich Street Residences, is catering to a wide spectrum of buyers who are all equally focused on getting what they want.
She said she doesn't offer ``crazy things'' like Botox or a car in the garage, but instead puts cash on the table in the form of paying buyers back 20 percent of her commission, or helping arrange creative financing for buyers who have a hard time qualifying for a loan.