RFQ
Definition
A document asking vendors for a price quote on a clearly-defined good or service. Used when the buyer already knows what they want and is comparing on price.
The specification is already closed
An RFQ arrives when the buyer believes the technical question is settled and only commercial terms remain. The document describes what they want in enough detail that vendors are expected to differ on price and delivery, not approach. Differentiation arguments land badly here because the evaluation has no column for them.
What to check before quoting
Read the specification for whose product it describes. RFQs are frequently written from one vendor's datasheet, which means the requirement list quietly encodes a preferred supplier. If the specification fits a competitor's architecture and not yours, the price you submit is the only thing you control and the outcome is largely decided.
An RFQ you cannot shape is a price auction
If the specification cannot be influenced and your differentiation has nowhere to appear, qualify hard. Winning on price a deal you cannot deliver profitably is not a win.
Related terms
Further reading
- How to Tell If You're Column Fodder — and What to Do About It
- Bid or No-Bid: The 5-Minute RFP Qualification Checklist
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