Buyer
Encyclopedia
- For the occupation in the fashion industry, see Buyer (fashion)Buyer (fashion)In the retail industry, a buyer is an individual who selects what items will be stocked in a store, based on his or her predictions about what will be popular with shoppers. Retail buyers usually work closely with designers and attend trade fairs and fashion shows to observe trends. They may work...
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A buyer is any person who contracts to acquire an asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
in return for some form of consideration
Consideration
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from...
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When someone gets characterised by their role as buyer of certain assets, the term "buyer" gets new meaning:
A "buyer" or merchandiser is a person who purchases finished goods, typically for resale, for a firm, government, or organization. (A person who purchases material used to make goods is sometimes called a purchasing agent.)
In product management
Product management
Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle....
, buyer is the entity that decides to obtain the product.
A buyer's primary responsibility is obtaining the highest quality goods at the lowest cost. This usually requires research, writing requests for bids, proposals or quotes, and evaluation information received.
See also
- CustomerCustomerA customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...
- Purchasing agent
- Agent
- BrokerBrokerA broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal...
- MerchantMerchantA merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
- Buyer's rightsBuyer's rightsBuyer's rights refers to the right that a person has to take a percentage of goods that have been bought for another person. This percentage is typically 10%, however, it can increase if the buyer has to travel far to retrieve the goods....