RFP
Definition
RFP: A Request for Proposal is a formal document organizations use to solicit bids from vendors for a defined project or purchase. RFPs specify requirements, evaluation criteria, timelines, and terms. Responding to RFPs is resource-intensive, so startups must qualify which RFPs are worth pursuing based on fit, competition, and win probability.
Example Usage
“We only respond to RFPs where we influenced the requirements or have an internal champion; our win rate jumps from 10% to 40%.”
Common Misconceptions
Related Terms
RFQ
A Request for Quote is a procurement document requesting pricing for specific goods or services. Unlike RFPs which evaluate solutions broadly, RFQs as...
RFI
A Request for Information is a preliminary document organizations use to gather information about vendors and solutions before issuing formal RFPs. RF...
Procurement
Procurement is the department or process responsible for purchasing goods and services on behalf of an organization. In enterprise sales, procurement...
Enterprise Sales
Enterprise sales involves selling to large organizations with deal sizes typically exceeding $100K annually. These sales feature long cycles, multiple...
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