Konigle

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

Frequently Asked Questions

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.