What is Buyer?

What is the Meaning of Buyer

What is buyer? And what is the types of buyer ? Buyer means all those persons or entities who are buying any goods or services. The buyer can be a big businessman and can also be a person. It is not necessary that only the people of the big business class should be called buyers. Buyer is very important in making any market. In simple language, buyer includes all those by whom any item has been bought on credit or in cash. These can be divided on the basis of market and capacity, but all fall in the same category.

Understanding buyer in business

For any business to run, it is very important to have buyers and sellers in the market. But when there are no buyers of any item, then to whom will the seller sell his item. Let me give you an example of a computer shop to understand the buyer. Suppose you have purchased a computer from a shop, it does not mean that you are not a buyer. You have taken a computer for your personal use, but you do not want to buy any thing for work, so you will be called Individual Buyers. If you have a shop and buy your computer for sale, then your buyer’s category will be different.

Types of buyer

It is mandatory to have a buyer in any business, but on the basis of capacity and category, I am giving you 3 examples of buyer.

1. Individual Buyers

This type of buyer is a small buyer. buyers don’t work for anyone else but work for themselves. These buyers go to any person or organization and buy any item. These buyers are the open owners of their business. They do not take so much risk, buy any item with their capacity and feed their family. Individual Buyers can also be those individuals who have started a business before and have closed and started a new business. If this type of buyer is around you then it is good for you.

2. Strategic Buyers

These buyers can be buyers of the same product. You can understand with the example of a big company or big organization. Suppose if there is a Samsung mobile company, then this company will focus only on the production of Samsung. These are the buyers of the category above Individual Buyers. These buyers usually also want to include those companies in their share which are working on their goods or are ahead of them.

3. Financial Buyers

These types of buyers are bigger buyers than Individual Buyers and Strategic Buyers who are interested in investing more on something or somewhere. These buyers were working for a long time. They have full experience of the market. Big finance companies are examples of these.

Why are Buyer Personas Important

Being a buyer for large and small businesses is essential for any business. Big companies also buy any item for a long time so that they can earn good profit in the coming time. This thing is more that the buyer was classified on the basis of his status and market, but the work of all the buyer is same. It is also necessary for all small and big businesses to have all types of buyers. The buyers of the small category do not take much risk even if they want to. One reason for this can also be that this problem occurs due to less capital or less experience. But to maintain the market, it is also necessary to have all the buyers and sellers.

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