How Businesses Identify Purchasing Options - Explained
How do Businesses Identify Purchase Options?
Written by J. Mance Gordon
Updated at April 17th, 2024
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
How do Businesses Identify Purchase Options?
Business search for purchase options very similarly to individual consumers. Some of the methods for identifying options include:
- Internet - The internet holds a wealth of potential purchase options. It often connects business directly with distributors. This lowers the price of purchases based upon the sale of the purchases (bulk purchases).
- Salespeople - Businesses are often approached by sales agents from business who seek to supply products to other businesses.
- Purchasing Agents - The purchasing agents within one business may consult purchasing agents from other businesses regarding product suppliers.
- Competitive Bids - The business may put out a request for proposal or request for bid from the public. This is particularly common with governmental organizations.
Related Topics
- Business to Business (B2B) Definition
- Business to Consumer (B2C) Definition
- Business to Government (B2G) Definition
- Business Customers are Different from Consumers
- What Drives Purchase Decisions?
- Types of Purchase Decisions
- Who Makes Purchase Decisions?
- Role of the Business Buying Center
- Identifying Options for Purchase
- Benefits/Detriments of B2B Relationships
- What is Included in a Business Relationship?
- What are Kickbacks a Bad Thing?