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What does it mean to request a quote?

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What does it mean to request a quote?

A request for quotation is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. To receive correct quotes, RFQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service.

Why do companies make you request a quote?

When a company needs to procure some product or service from outside suppliers, it issues a Request for Quote and sends it out to the potential suppliers eliciting quotation for a product or service. A Request for Quote is also known as Calls for Bid or Invitation for Bid.

What does RFQ RFP mean?

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Request for Proposal
As a supplier, you’ve probably seen requests for information, quotations, or proposals during the process of trying to gain business with corporations and government organizations. The next phase in the procurement process, involves either a Request for Quotation (RFQ), or a Request for Proposal (RFP).

What is SAP RFQ?

SAP MM – Request for Quotation (RFQ)

How do you respond to a quote request?

Express thanks to the suppliers for replying your proposal request. Explain that you received a lot of quotations and you’re going to select the one that fits your terms. Give a timeline on when you’re going to get back to them with a definite response. Thank them for their time.

What is the difference between a Request for Quotation RFQ and a request for proposal RFP?

While an RFQ is a request for quote, an RFP is a request for proposal. An RFQ is sent when you know exactly what product/service you want, and you really only need to know the price. An RFP is sent when it’s more complicated and you want to evaluate many factors besides price before making a decision.

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How do you respond to a request for a quote?

How to respond to a quote request and win the job

  1. Call first. The initial call is your potential customers’ first impression of your business.
  2. Leave a voicemail.
  3. Follow up in the app or dashboard.
  4. Call again out of hours.
  5. Complete the project with professionalism.
  6. Request a review.

How do I request a quote on Alibaba?

Step 1. Go to https://sourcing.alibaba.com/ or sign into Alibaba.com > My Alibaba > Buying Request Hub > RFQ markets. Step 2: View recommended RFQs or search using keywords. Step 3: Click “Quote Now” and use your free monthly 20 access rights to RFQs.

Is Alibaba RFQ free?

Yes, the Alibaba RFQ service is free to use. However, you can pay an extra sum to receive additional questions, and speed up the process.