buying process

buying process

the various stages involved in a buying (PURCHASING) decision. In the case of industrial buying this requires the identification of the need to purchase a good or service, the development of a strategy for the handling of the purchase, the specification of the requirement, the search for suppliers, the evaluation of supplier's offerings, final negotiations, the award of the contract, operationalization of the supply relationship and subsequent feedback and control of the arrangements. For example, if an organization is purchasing an IT system, this buying process may have been initiated by the operations director. The IT department will then be asked to specify a system, usually in consultation with potential users. Once this is done, a buyer or contracts manager on the purchasing department may be asked, with support from technical staff, to identify suppliers, solicit proposals, and negotiate best value for this contract. Once the purchase is made, the operational staff will work with supplier staff to secure the inputs. The purchasing staff will usually check that the value which they negotiated is actually delivered.

In consumer buying, the process may be very quick, such as in an impulse buy, or may take longer depending on the importance of the purchase. For bigger purchases, a consumer will go through the stages of need awareness, information search, evaluation of alternatives, purchase and post-purchase evaluation.

References in periodicals archive ?
We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk.
The TV Buying Process Is Changing Rapidly — A majority (52 percent) of respondents strongly agree that TV buying is transforming, and virtually everyone (94 percent) at least somewhat agrees
Hippo Insurance is linking with Neptune Flood to provide quick flood insurance as part of the home insurance buying process. Home telematics maker Roost partnered with a Montana-based insurer to offer free monitoring devices for homeowners.
The website SiouxFallsMortgage.loans, that's .loans not .com, has been operating for a little over a month and it is already improving the home buying process for people looking to purchase in the Sioux Falls, SD area.
Unless you can purchase a house using only cash, it will be a deciding factor in the home buying process. Most lenders will not consider a buyer with a FICO credit score below 620.
NuORDER's cloud-based wholesale lifecycle tool will streamline Nordstrom's buying process and help the retailer evolve its merchandising approach.
Commenting on customer behaviour in the GCC, De Feuardant said: "Our research suggests that digital is the way forward, especially in the GCC car buying process. Furthermore, it takes car buyers in the GCC 900+ digital touchpoints to buy a car, with 67 per cent of UAE buyers not loyal to a specific brand.
In so doing, reps simplify the buying process, which, in turn, increases the chances that buyers will make higher-value purchases and decreases the chances that buyers will regret their purchases later on, it says.
For Chris, the buying process was quick and simple thanks to the help of the Urban Union team.
Financial services company BOK Financial has implemented a partnership with digital lending platform Roostify to give customers more control of their home buying process while allowing loan officers to utilize the latest technology to process loans more easily, the companies said.
Head of Consumer Secured Lending, OCBC Bank, Ms Phang Lah Hwa said, "While technology, customer savviness and behaviour have changed significantly over the years, the home loans business has largely stayed the same - banks have essentially just fulfilled one aspect of the entire home buying process, which is to provide a loan.
Cane farmers burning crops due to low priceLAHORE:Low price and delay in buying process have perturbed sugarcane producers as the millers are not ready to start the process before late December or early January.Though sugar mills started crushing season on the pressure of the provincial government and because they are bound to crush all cane produced by the growers as per the law, the buying process has still not started, forcing small farmers to sell their produce to big growers or middlemen at throwaway prices.