A request for quotation (RFQ) is a document that solicits detailed pricing and terms for specific products and services from potential suppliers, ensuring a standardized process for evaluating quotes.
Use an RFQ when you've clearly defined your requirements for goods or services, and when competitive pricing is the primary factor in your decision-making.
RFQs are ideal in situations where specifications like quantity and quality are fixed, allowing businesses to compare vendors effectively to get the best value.
Differentiating RFQ, RFP, and RFI is crucial because each serves a distinct purpose; RFQs focus on pricing, while RFPs and RFIs cater to broader assessments.
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