RFQ
Definition
RFQ: A Request for Quote is a procurement document requesting pricing for specific goods or services. Unlike RFPs which evaluate solutions broadly, RFQs assume the solution is already defined and focus on competitive pricing. RFQs are common for commoditized products, implementation services, or when specifications are clear.
Example Usage
“After winning the RFP, procurement sent an RFQ to finalize pricing for the 3-year contract with volume discounts.”
Common Misconceptions
Related Terms
RFP
A Request for Proposal is a formal document organizations use to solicit bids from vendors for a defined project or purchase. RFPs specify requirement...
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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