What is a RFQ?
Definition
Request for Quote - a procurement document requesting price quotes for well-defined products or services. RFQs are used when requirements are clear and price is the primary differentiator, unlike RFPs which evaluate comprehensive capabilities."
Why This Matters
A Request for Quote is appropriate when requirements are clearly defined and price comparison is the primary decision factor. For complex software selection, an RFQ provides insufficient information for proper evaluation. Reserve RFQs for well-defined purchases where capabilities are standardized and pricing differentiation is the key criterion.
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.
Request for Proposal
RFP Fundamentals
RFP stands for Request for Proposal—a formal business document used to solicit vendor proposals for products or services.
Procurement Process
RFP Fundamentals
The end-to-end process of identifying needs, evaluating vendors, negotiating contracts, and procuring software or services for an organization.
Pricing Section
RFP Fundamentals
RFP section requesting detailed cost breakdown including licensing models, implementation fees, training costs, support tiers, customization charges, and renewal rates.
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.
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Related RFP Templates
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