When companies use a _____,they already know the specific products or service they want and need to obtain price estimates or bids from vendors.
A) request for quotation (RFQ)
B) net present value (NPV)
C) request for proposal (RFP)
D) return on investment (ROI)

Question

Quizplus · Accepted Answer

A request for quotation (RFQ) is used by companies who already know the specific products or services they need and are seeking price estimates or bids from vendors. A request for proposal (RFP) is used when a company wants vendors to propose solutions to a problem or need they have. Net present value (NPV) and return on investment (ROI) are financial calculations used to assess the profitability of an investment.

When Companies Use a _____,They Already Know the Specific Products