Describe the different modes for purchase of a product
Answers
Answer:
digital banking, cash on delivery,barter system are different modes for purchasing of a product.
Answer:
The four major types of purchase are:
(i) Standard Purchase: This is the most basic and common method of purchase. In this method, the buyer is provided with all the purchase details like the price, quantity, delivery date, and payment terms.
(ii) Contract Purchase: In this method, the buyer raises a purchase offer
that includes the offered price, quantity, and date of delivery to the item provider. Once it is accepted it becomes a legal contract.
(iii) Blanket Purchase: In this method, item details are provided but the quantity and delivery details remain unknown. This method is mostly used in the purchase of an item in large quantities.
(iv) Planned purchase: In this method, there is a constant supply of items for the long-term where the delivery dates are not provided in advance.