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п»їDifference Between Purchase and Buy.
June 22, 2011 Posted by koshal.
Purchase vs Buy.
Difference between purchase and buy is an interesting topic to look into as many would say they both mean the same. Do you buy a mobile from the market or you purchase it? This is a conundrum not many would be able to answer. Generally speaking, both words mean the same thing which is the actual act of buying though there are some who feel that purchase is a more formal word while buy is a term that is casual and normally applies to anything you buy either from the market or online these days. However, can you buy a thing without purchasing or purchase without buying it? This is a puzzle that most of us have no answer. However, one thing is certain. There has to be a difference between purchase and buy or why would we have two different terms for the same act.
What does Purchase mean?
Purchase is used to refer to a contractual agreement such as purchase of property or a purchase order from a company to a supplier. You do not buy land; you purchase it along with an agreement. This means that you purchase everything, but you do not buy everything.Then there are differences pertaining to usage of these two words. For example, government always places purchase orders, and never buys. Look at the following example.
The government has decided to purchase anti-missile tanks from the US .
Here, you see that instead of using the word buy, the word purchase has been used. It is mainly due to the fact that the subject is the government. When government is used there should be a formality in the sentence. As a result, purchase, the word that is more formal, has been used. The very fact that in letters of complaint as when a product is not working properly or has developed a snag, we use the word purchase and not buy tends to prove that there is a sense of formality in the word purchase which is missing in buy.
What does Buy mean?
When it comes to the word buy, it is also used to mean obtain in exchange for payment. Look at the following examples.
I bought some saris from the sale.
I should buy some meat for dinner.
In both these examples, the word buy is used. However, if you look at the situations given in those examples, you will see that both refer to everyday, normal situations. Thus, the word buy is used in a very informal manner. There are other amusing uses of these two words. You do not buy into an argument rather than purchase. You congratulate your son on his smart buy and not purchase. In jurisprudence, it is always purchase and not buy that is used.
What is the difference between Purchase and Buy?
• Buy and purchase have same meanings though they are used in different contexts and their usage is also different.
• Purchase is considered more formal than buy and is a word used more in contractual agreements than buying an ice-cream or a mobile from the market.
• You purchase everything, but you do not buy everything.
Buy and Purchase.
Buy and Purchase.
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This week we answer a question from Julio in Peru. He writes:
Question:
I would like to know the difference between BUY and PURCHASE and when to use each of them. -- Julio, Lima, Peru.
Answer:
Thanks for asking about these words. As you know, "buy" and "purchase" can be used in similar sentences. They can both be used either as a noun or a verb.
One difference between them is how formal they sound. Compare the following sentences. Put "buy" or "purchase" in the space.
I would like to ______ a new home.
She wants to _____ a hamburger.
Like most English speakers, I would say "purchase" for the home and "buy" for the hamburger. You probably wonder, why does English have two words with exactly the same meaning?
History of the words.
We can understand this better with a little history. English developed from the languages of Germanic tribes of Northern Europe. Words from that time are what we call Anglo-Saxon. In the year 1066, William the Conqueror and his forces began to take over England. William was from Normandy, in France. For the next 300 years, everyone in English courts and in government spoke French. English was a language for everyday use.
As a result, French had a great effect on the English language: about 10,000 French words were added to English. We still use many of them today. As you might suspect, English speakers use the French words for more formal situations and the Anglo-Saxon words for common ideas and things.
One way you can tell the difference between the French words and the Anglo-Saxon words is their length. Anglo-Saxon words, like “buy,” are often short, while “purchase” and other French words are longer.
Buy.
Julio asked how to use "buy" and "purchase." We usually use "buy" as a verb. For example,
I will buy food for the party.
It is not so common to see "buy" as a noun, but you do find it in cases like this:
The police stopped a drug buy on the street.
Purchase.
We often use the verb "purchase" for when legal documents are involved, such as in:
The government purchased a new contract for 1,000 airplanes.
And you should use "purchase" when you need a noun form, as in:
You made a smart purchase when you bought gas before the price went up.
In summary, try to use "buy" for simple actions, and "purchase" for more formal exchanges of money for goods.
And now, I will ask you to do something. Please send your questions about English to us by email: learningenglish@voanews.com.
And that's Ask a Teacher for this week.
I’m Jill Robbins.
Dr. Jill Robbins wrote this story for Learning English. George Grow was the editor.
Words in This Story.
formal – adj. related to serious or official speech and writing.
hamburger – n. a flat, usually round piece of ground beef that is cooked and served usually in a roll or bun.
conqueror – n . a person who takes control of a country or city through the use of force.
Anglo-Saxon – n. the language of the Anglo-Saxons.
summary – n. a brief statement of the main points of something.
Difference Between | Descriptive Analysis and Comparisons.
Key difference: Procurement is a broad term that includes designing, sourcing, processing, negotiating and fixing standards, whereas buying is a simple concise term that incorporates giving money for a particular goods or product. It can even be said that buying is a single aspect of procurement.
The terms, Buying and Procurement are quite similar in nature. They both mean to acquire something against payment of money or goods. However, there is a significant difference between the two, mainly in the context of the terms.
Dictionary.com defines buy as:
To acquire the possession of, or the right to, by paying or promising to pay an equivalent, especially in money; purchase. To acquire by exchange or concession: to buy favor with flattery. To hire or obtain the services of: The Yankees bought a new center fielder. To bribe: Most public officials cannot be bought. To be the monetary or purchasing equivalent of: Ten dollars buys less than it used to.
Whereas, procurement is defined as:
The act of procuring, or obtaining or getting by effort, care, or the use of special means: The organ procurement procedure is very complicated. The act of obtaining equipment, materials, or supplies: The secretary of defense argued in favor of increasing the budget for procurement.
The main difference between the two terms is the fact that buying is considered a casual informal term, whereas procurement is considered as a more formal business term. Buying is a process in which we partake everyday. We go out and buy stuff, whether the stuff is small and cheap or big and expensive. However, the term procurement is mainly used in business.
Procurement entitles the acquisition of goods, services or works from an external source. It is a vast service, of which buying is a part. In procurement, the staff tries to find the correct goods and services at the right and affordable price, ensure the quality of goods, and if they meet the purchaser’s requirement of quality, quantity, time, and location. In addition, procurement also incorporates aspects of specifications development, value analysis, supplier market research, negotiation, marketing, buying activities, administration of contract, and control of inventory, traffic, receiving and stores.
Procurement is a broad term that includes designing, sourcing, processing, negotiating and fixing standards, whereas buying is a simple concise term that incorporates giving money for a particular goods or product. It can even be said that buying is a single aspect of procurement.
Comparison between Buying and Procurement:
Buying.
Procurement.
Buying is to obtain something in exchange for money or goods.
Procurement is the act of procuring, or obtaining or getting by effort, care, or the use of special means.
Difference Between | Descriptive Analysis and Comparisons.
Key difference: Essentially, both the terms mean to acquire something against money. However, buying is considered a general term, which is most commonly used to refer to everyday goods and commodities. However, purchase is considered to be more of a formal term than buy.
Buying and Purchasing are two terms that are often used interchangeably. The words essentially have the same meaning, but they do differ in context. However, in modern usage of the terms, they are considered as synonyms.
Dictionary.com defines buy as:
To acquire the possession of, or the right to, by paying or promising to pay an equivalent, especially in money; purchase. To acquire by exchange or concession: to buy favor with flattery. To hire or obtain the services of: The Yankees bought a new center fielder. To bribe: Most public officials cannot be bought. To be the monetary or purchasing equivalent of: Ten dollars buys less than it used to.
Whereas, purchase is defines as:
To acquire by the payment of money or its equivalent; buy. To acquire by effort, sacrifice, flattery, etc. To influence by a bribe. To be sufficient to buy: Twenty dollars purchases a subscription. To acquire (land or other property) by means other than inheritance. To buy something.
Essentially, both the terms mean to acquire something against money. However, there is some difference between the terms, specifically regarding the context of the terms. Buying is considered a general term, which is most commonly used to refer to everyday goods and commodities. However, purchase is considered to be more of a formal term than buy. Purchasing is often used to refer to contracts and big products, whereas buying is inferred for small products. For example: вЂI purchased a piece of land’ or вЂThe government purchased a huge defense contract.’ However, вЂI bought a new phone.’ Still, it must be noted that in daily usage, the terms are synonymous. For example: I bought a new book. I purchased a new book.
Comparison between Buying and Purchasing:
Buying.
Purchasing.
Buying is to obtain something in exchange for money or goods.
Purchasing is to obtain something in exchange for money or goods.
What’s the Difference Between Procurement and Purchasing?
Procurement is often mistaken for purchasing, and the two terms are often used interchangeably. But those two functions are actually quite distinct—in their intent, the tasks they cover, the people involved, and, most notably, what they accomplish.
If you ask a layman about the difference, you may get a reply that purchasing and procurement are one and the same. But, if you ask the same question to a procurement officer of an enterprise, you’ll get a significantly longer answer as to how and why there’s a world of differences between purchasing and procurement.
It is true that a few organizations prefer to use one term over the other, but failing to learn the key differences between purchasing and procurement can make an organization overlook key components that have the potential to break an organization’s bottom line.
Now, let’s dive deeper into the concept of †procurement vs purchasing ’, and see how they differ from each other.
What is Procurement?
Procurement refers to the process of identifying, shortlisting, selecting, and acquiring suitable goods or services or works from a third-party vendor through a direct purchase, competitive bidding, or tendering process while ensuring timely delivery of the right quality and quantity.
An end-to-end procurement process consists of the steps listed below:
Surveying the market Spotting potential suppliers Creating an approved list of vendors Spotting internal needs Creating a purchase order online Requesting proposals and evaluating quotations Selecting the right supplier and negotiating effectively Receiving goods and performing quality checks Developing and managing contracts Obtaining invoice approvals and fulfilling payment terms Establishing a good supplier relationship.
What is purchasing?
Purchasing is the set of functions associated with acquiring the goods and services that an organization requires. Purchasing is a small subset of the broader procurement function. This process includes activities like ordering, expediting, receiving, and fulfilling payment.
Listed below are the steps in the purchasing process:
Obtaining a purchase requisition Requesting proposals and evaluating quotations Dispatching official purchase orders Receiving products and services Checking the quality of delivered items Effecting payment to vendors.
Procurement vs. purchasing: similarities and differences.
Procurement and purchasing are two processes that are done during the process of acquiring goods and services for an organization. However, they vastly differ in their method and approach. This table represents the difference between procurement and purchasing:
Procurement.
Purchasing.
In addition to the list of differences mentioned above, procurement vs. purchasing includes another major difference. Purchasing focuses on short-term goals such as fulfilling the five rights in a transaction (right quality, right quantity, right cost, right time, and right place), whereas procurement management focuses on strategic, long-term goals like gaining a competitive advantage or aligning itself with corporate strategy or goals.
Guide to choosing the best procurement software that suits your business.
The impact of an e-procurement solution.
Whether you look at it as purchasing or procurement, there are a number of stakeholders involved–from internal parties like employees in different departments to external people like vendors and contract negotiators. Irrespective of their differences mentioned in the procurement vs. purchasing table, both processes demand meticulous documentation. They both comprise a complex web of procedures.
A single purchasing cycle might last for weeks, whereas a whole procurement cycle can last for months or even repeated if a suitable bid is not found. If performed manually, both activities will have a common detriment of efficiency. Just the process of revising every document, evaluating every bid, and reviewing every invoice will cause too much delay.
A comprehensive digital procure-to-pay solution, on the other hand, allows organizations to store all purchasing and procurement-related files in one centralized database. While a shared network drive can fulfill this purpose, cloud-based procurement software like Kissflow’s Procurement Cloud can automate tasks offer a level of convenience and efficiency that a manual system simply can’t match.
Recommended Reading:
Top 6 Challenges in Procurement and How to Overcome Those 5 Advancements in Procurement Technology Needs to Adopt Now How Manual Processes Are Killing Your Procurement Efforts.
Procurement or purchasing, who is the winner?
In the battle between procurement vs. purchasing, there is no clear winner.
Companies should pick an approach based on their unique needs. Small businesses may choose to purchase with an intention of keeping the process clean and simple, whereas enterprises may prefer a full-fledged procurement process just to make it a core part of their corporate strategy.
Whatever approach you choose to follow, manual tools like paper forms, spreadsheets, and Word documents will end up doing more harm than good. Cloud-based procurement software like Kissflow improves productivity by standardizing strictly regulated processes like procurement and purchasing.
Thinking of revamping your purchasing or procurement process? Take a look at the list of benefits an ideal procurement software can offer your procurement team and help you create painless procurement processes from start to finish–PR to invoicing and payment.
Difference Between Buy and Purchase.
Main Difference – Buy vs Purchase.
Both buy and purchase mean to pay money and acquire something. Although many people assume that buy and purchase have the same meaning, there are subtle differences in their meanings. Buy is a common word that can be used in any context whereas purchase is a formal word, which is not generally used in spoken context . This can be termed as the main difference between buy and purchase.
Buy – Meaning and Usage.
Buy is an irregular verb which means to obtain something in exchange for payment. Buy is a general word which is used in both written and spoken language. It is more commonly used with goods and commodities we buy every day. The past tense and past participle of buy are bought.
He bought a new car.
Did you buy her a gift?
He can buy anything he wants.
I buy fish from the fishermen.
Where do you buy fresh vegetables?
Purchase – Meaning and Usage.
Purchase also has a similar meaning to buy. It means to acquire something in exchange for money. But this verb is not generally used in everyday language. This verb is mostly used in formal, business or technical contexts. Moreover, we don’t use purchase in relation to small goods and commodities we buy every day. It is often used to refer to big products and contracts.
The company purchased a new building.
The government purchased a new defense contract.
The millionaire purchased a yacht.
He chose the purchase very carefully.
The phone is guaranteed for one year from the date of purchase.
Note that purchase can also be used as a noun.
Difference Between Buy and Purchase.
Part of Speech.
Buy is a verb.
Purchase is a noun and a verb.
Buy is an irregular verb.
Purchase is a regular verb.
Context.
Buy can be used in both formal and informal context.
Purchase is not used in informal context.
Products.
Buy is generally used with small products.
Purchase is generally used with large products.
Past Participle.
Past tense and past participle of buy are bought.
Past tense and past participle of purchase are purchased.
“Image 1” by Darwin Yamamoto from New York, USA – Flickr Uploaded by czar, (CC BY 2.0) via Commons Wikimedia.
“Image 2” (Public Domain) via Pixbay.
About the Author: Hasa.
Hasa has a BA degree in English, French and Translation studies. She is currently reading for a Masters degree in English. Her areas of interests include literature, language, linguistics and also food.
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