RFQ vs. RFP: What's the Difference?

Both RFQ and RFP are procurement documents used to solicit offers from potential vendors. The main difference between the two is that an RFQ is a request for a price quote, while an RFP is a request for a proposal. An RFQ is used when a company knows exactly what product or service it wants and is requesting it specifically. Conversely, an RFP is used when a company is seeking new solutions or ideas to a problem and is requesting vendors to submit proposals on how they can meet the company's needs.

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RFQ

RFQ stands for Request for Quotation.

RFQ stands for "Request for Quotation." It is the process by which an enterprise solicits price quotations from a group of potential suppliers or service providers. These days people b2b websites usually have a RFQ button on their websites, allowing a business to request a quote for a product or a service from the website itself.

Published: August 14, 2023
Updated: November 8, 2024

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