What is RFP vs RFQ?
Definition
RFP (Request for Proposal) evaluates comprehensive vendor capabilities including product features, security, and implementation support, while RFQ (Request for Quote) requests pricing for predefined requirements. Use RFPs for complex software selection requiring detailed evaluation; use RFQs when specifications are clear and price is the primary decision factor."
Why This Matters
Using appropriate document types prevents confusion and wasted effort. RFQs work for standardized purchases with price-focused decisions. RFPs suit complex evaluations requiring comprehensive vendor information. Document type mismatches reduce evaluation effectiveness.
RFP vs RFQ vs RFQ
RFPs evaluate comprehensive capabilities and solutions, while RFQs request pricing for well-defined requirements. RFPs involve detailed vendor responses, demos, and multi-criteria scoring. RFQs focus primarily on cost comparison when product specifications are already determined.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
RFI
RFP Fundamentals
Request for Information - a preliminary document gathering basic vendor capabilities and qualifications before the formal RFP.
Procurement Process
RFP Fundamentals
The end-to-end process of identifying needs, evaluating vendors, negotiating contracts, and procuring software or services for an organization.
Vendor Selection
Vendor Management & Evaluation
The systematic process of evaluating and choosing software vendors based on product capabilities, security compliance, implementation support, company stability, and pricing.
Procurement Lifecycle
Pricing & Total Cost
The end-to-end process for acquiring software including needs assessment, requirements definition, RFP creation, vendor evaluation, contract negotiation, implementation, and ongoing management.
Showing 6 semantically related terms ·Browse all 200 terms
Related RFP Templates
Explore our top RFP templates - all 75 templates include questions about rfp vs rfq