Marketing Essentials

Section 2: The Purchasing Functions

After You Read Online Action

Key Terms and Concepts

1. A buyer should stay abreast of industry trends by reading general business publications, attending trade shows, and hiring resident buying services.
2. Consignment goods are paid for when they are purchased from the reseller. Memorandum goods are paid for when purchased from the supplier, but the price of unsold goods may be refunded to the reseller.
3. Advantages include timely supplier information, reduction of costs, and ease. Disadvantages include potential privacy issues and unknown companies.

Academic Skills

4. Vendor A cost = $486.57. Vendor B cost = $478.60. Vendor B is a better deal.
5. Letters should include the problem and the action requested.