Definition, Meaning & Synonyms

buying-group

noun

/ˈbaɪɪŋ ɡruːp/

Definition

A buying group is an organization that allows several businesses to pool their purchasing resources to gain better pricing and terms from suppliers.

Examples

The local restaurant owners formed a buying group to purchase ingredients at reduced rates.
Joining a buying group can help small businesses compete with larger retailers.

Meaning

Buying groups enable members to increase their purchasing power by leveraging collective buying, often leading to cost savings and improved negotiation terms.