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A deal transaction is a type of activity that elements of buying, selling, and marketing. The overall process involves the presentation of an opportunity to purchase products, identify the terms that relate to that purchase, and then move through the payment process to complete the transaction. Activity of this type serves as the driving force behind all types of commerce, allowing buyers and sellers to come together and engage in events that ideally are for the benefit of both parties.
The process of a deal transaction actually begins with the efforts of the manufacturer of a good or service to attract the attention of consumers. During this phase, the emphasis is on informing potential customers of the benefits associated with the product in question. Assuming that this marketing effort is successful, the attention of consumers is gained and at least a percentage of the targeted consumer market will express interest in acquiring the good or service offered.
After gaining the attention of consumers, the deal transaction moves into the process of structuring the terms of the purchase. During this phase, buyer and seller come to an agreement on the cost of the product and also how payment will be tendered. Depending on the exact nature of the transaction, this may involve some degree of negotiation between the two parties, ultimately arriving at a price that is acceptable to everyone involved. At the same time, options for providing the payment to the seller are discussed, with the buyer settling on the mode of payment that he or she considers the most appropriate for the type of transaction taking place.
A final component in any deal transaction is the actual tendering of the payment. This involves both parties in order to successfully complete the process. Buyers must initiate the form of payment, using one of the methods accepted by the seller. Sellers in turn acknowledge receipt of payment, then proceed to release the good or service to the buyer. The duration of this phase will vary, depending on the type of payment rendered and the nature of the product that is purchased. For example, an online deal transaction involving the purchase of a software product and payment by way of a credit card will often result in the immediate ability of the buyer to download the purchased product. By contrast, a payment in the form of a check may require several days to clear the seller’s account, with the seller not releasing the purchased product until the payment is verified.
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