Definition§
A buyer is an individual or organization that acquires goods or services in exchange for money or other considerations. Buyers are pivotal players in both the consumer and business markets, each serving distinct functions and possessing unique characteristics based on their roles.
Types of Buyers§
- Consumer Buyer: A consumer who purchases goods or services for their personal use or consumption rather than for resale or use in production.
- Professional Buyer: An individual or entity that is responsible for procuring goods in large quantities, typically on behalf of a business, retailer, or wholesaler.
- Media Buyer: A specialized type of buyer who purchases advertising space or time on media platforms such as TV, radio, online, and print for advertisers.
Examples§
- Consumer Buyer: Jane buys groceries for her household’s weekly use.
- Professional Buyer: John, a purchasing manager for a supermarket chain, acquires large quantities of produce from suppliers for resale to consumers.
- Media Buyer: A media buyer working for an advertising agency who allocates the advertising budget to purchase prime-time television ad slots to promote a new product.
Frequently Asked Questions§
What is the difference between a buyer and a consumer?§
- Buyer: A buyer is anyone who makes a purchase, which can be for personal use, for professional purposes, or on behalf of a company.
- Consumer: A consumer specifically refers to someone who buys goods or services for their own use or consumption.
What role does a professional buyer play in a business?§
- Answer: A professional buyer is responsible for sourcing products, negotiating prices and terms, and ensuring the timely delivery of quality products in alignment with the business’s needs and objectives.
How does a media buyer influence advertising strategies?§
- Answer: Media buyers play a crucial role by selecting the most effective media channels, negotiating the best rates, and optimizing the investment to ensure the advertising message reaches the intended audience.
Related Terms§
Customer§
A customer is an individual or business that purchases goods or services from another business. The term is often used interchangeably with ‘buyer’ but generally implies a repeated interaction with the seller.
Procurement§
Procurement is the process of finding, acquiring, and purchasing goods or services from an external source, often through a tendering or competitive bidding process.
Retailer§
A retailer is an entity that sells products or services directly to end consumers, typically in smaller quantities compared to wholesalers.
Wholesaler§
A wholesaler is a business that sells goods in large quantities at lower prices, typically to retailers who then resell the goods to consumers.
Online References§
Suggested Books for Further Studies§
- “Principles of Procurement” by Peter Baily and David Farmer
- “The New Rules of Retail: Competing in the World’s Toughest Marketplace” by Robin Lewis and Michael Dart
- “Strategic Media Decisions: Understanding the Business End of the Advertising Market” by Alvin E. J. Silkin
Fundamentals of Buyer: Marketing Basics Quiz§
Thank you for exploring the nuances of ‘Buyer’ across different facets of the market and engaging with our quiz questions to solidify your understanding!
