Search results
Results From The WOW.Com Content Network
Request for quotation. A request for quotation ( RfQ) is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific products or services. RfQ generally means the same thing as Call for bids (CfB) and Invitation for bid (IfB). [1]
Financial quote. A financial quotation refers to specific market data relating to a security or commodity. While the term quote specifically refers to the bid price or ask price of an instrument, it may be more generically used to relate to the last price which this security traded at ("last sale"). [1] This may refer to both exchange-traded ...
Sales quote. A sales quote allows a prospective buyer to see the costs that will be involved for desired work. Many businesses provide services that cannot have an upfront price because the costs involved can vary. This can be due to the materials used, which can differ depending on the individual needs of the customer, and the necessary manpower.
Cost estimate. A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost ...
Configure, price, quote (CPQ) software helps sellers quote complex and configurable products. [1] An example could be a maker of heavy trucks. If the customer chooses a certain chassis (the base frame of a motor vehicle), the choice of engines may be limited, because certain engines might not fit a certain chassis.
If the same seller issued a price quote of "$5000 FOB Miami", then the seller would cover shipping to the buyer's location. International shipments typically use "FOB" as defined by the Incoterms standards, where it always stands for "Free On Board". Domestic shipments within the United States or Canada often use a different meaning, specific ...
The common law of business balance, often expressed as "you get what you pay for", is the principle that one cannot pay a little and get a lot. That is, paying a cheap price will not guarantee the buyer will receive a product of high quality value. In other words, a low price of a good may indicate that the producer compromised quality.
Value-based pricing. Value-based price (also value optimized pricing and charging what the market will bear) is a market-driven pricing strategy which sets the price of a good or service according to its perceived or estimated value. [1] The value that a consumer gives to a good or service, can then be defined as their willingness to pay for it ...