Buyer power refers to the influence that customers have over a business's pricing and terms. When buyers have many options or can easily switch to competitors, they can demand lower prices or better quality. This power can significantly affect a company's profitability and market strategy. Factors that increase buyer power include the availability of alternative products, low switching costs, and the importance of the buyer to the seller. For example, in industries like retail or technology, where consumers can choose from numerous brands, buyer power tends to be higher, compelling companies to remain competitive.