On day to day encounters in B2B business, we are accustomed to receiving request for proposal (RFP) from client interested in product of service.
RFP ia a document which is an overview of offerings and costs from several bidders at once.
If a bidder participates in RFP it answers questions about the products methodology costs and services which will fulfill the companies needs.
By not adhering RFP we as a company alienating the very the business that could best serve our needs.
One must have a clear distinction between RFP and RFQ ( Request for Quotation).
In this case RFQ is a detailed document that drills down the exact specifications required by the company unlike RFP, which allows flexibility of the vendor to establish the document/requirement using stipulated specifications.
RFQ specifically requires specific points to the vendor to assess it’s ability to meet the goal.
Example: Say for example, The Indian Railways issues a request for proposal for financing, maintaining , operating, constructing and designing a high speed railway networking . Interested parties would submit proposals meeting the requirements outlined the guidelines of RFP.