Buying decision making process Essay Example | Topics and Well Written Essays - 500 words

Buying decision making process - Essay Example Product specification: Product specification may be defined as statement of need by the consumer. It states what the consumer wants to buy and what the supplier is required to offer. Specifications may be simple or complex depending upon the nature of the product. The success of the buying depends much on his / her correct statement to buy the product. Some times the product specification may be used as form of contract to buy in bulk or regular quantity. Supplier selection: Supplier selection is one of the basic and crucial decisions that a buyer has to take considering supplier’s many performance and relationship factors. A number of criteria may be used for evaluation of supplier like reliability of the source, correctness and competency of design, capacity of the product, production rate, quality control, lead time, trouble shooting facilities, etc. A questionnaire covering major and important factors is recommended to facilitate evaluation of supplier. Commitment: No commitment is a state of wish and hope and may lead to illusion. Commitment throws responsibility on supplier to supply the correct product as per agreed specification on time, render after sales service etc. The commitment brings not only development but success of the supplier for strengthening long business relationship, opening for repeat purchases etc. The supplier takes challenges to test himself / herself and brings self-discipline through commitment. Participation (decision making): Participation or decision making is nothing but the behavior of the train operating company of buying and using the rolling stock. The train operating company can buy the rolling stock through established commercial process like direct advertising in news papers, magazines etc. inviting tenders, through sales person or authorized agent / representative etc of the supplier company of