What term describes individuals with formal authority to select suppliers and terms of purchase?

The correct term for individuals who have the formal authority to select suppliers and determine terms of purchase is "buyers." In the context of business and hospitality, buyers are responsible for evaluating and acquiring goods and services needed for operations. They play a crucial role in sourcing materials, negotiating contracts, and establishing relationships with suppliers based on the organization's requirements.

Buyers typically engage in market research to identify potential suppliers and assess their offerings, prices, and reliability. Their authority is formalized within the company's procurement policy, allowing them to make binding decisions on behalf of the organization within a certain budget and framework.

The other roles mentioned, while they might overlap in some responsibilities, do not specifically capture the formal authority and focus on purchasing decision-making that buyers have. Decision-makers can encompass a broader category of roles, often including those who influence decisions beyond purchasing. Negotiators may focus on the process of negotiating terms rather than making the final decisions on purchases. Managers generally oversee teams and operations and may or may not have specific purchasing authority.