Methods of Buying
There are four methods of buying. These are;
1. Buying by Description or Grade:
Sometimes, goods are bought on the basis of the description of the product, given by the sellers or manufacturers. In this method, there is an unexpressed trust, that the product will meet the standard described by the seller.
A good description states what the goods are, what they’re made of, and what they’re used for.
On the other hand, some goods are sold according to grades. These grades range in order of size or quantity.
For example, eggs are graded by the interior quality of the egg, the appearance, and condition of the eggshell, and the size of the egg.
With regards to size, Grade A eggs are usually the biggest, Grade B is usually mid-size, and Grade C is the smallest. The price drops as the grade drops.
Selling by description, and by grades, are similar because in both cases, emphasis is placed on the quality of the goods.
2. Buying by Sample:
Buying by sample involves allowing the buyer to see, feel, or test a small portion of the actual commodity.
Most perfumes are sold by sample. The seller allows the buyer to test out fragrances, using the store’s paper test strips. The buyer then chooses which perfume he or she likes best.
In Nigeria, customers buying products like garri, mango, oranges, etc, are usually allowed to taste before buying.
In fashion stores, there are usually changing rooms, where you can try on clothes, shoes, etc, before paying for them.
3. Buying by Auction:
With the auction method, customers are given the opportunity of deciding how much to pay for the commodity. Goods are bought by public bidding.
The highest bidder usually buys the goods.
The person appointed to conduct auction sales is called an Auctioneer. The Auctioneer is usually Licensed to perform as an Auctioneer.
4. Buying by inspection:
The inspection method of buying is the most used of all the method of buying. This involves a thorough examination of the products to be purchased. It is one of the most commonly used methods of buying, in Nigeria.
Most goods are sold by inspection in an open market. Inspection is also done by comparing similar products, sold by different traders.