A purchasing procedure that requests vendors to submit products and prices for new technology that satisfies a user's needs exists called a request for proposals.
<h3>Who are vendors?</h3>
A vendor, often known as a seller, is an organisation that offers products or services to a supply chain. A supply chain vendor often produces inventory or stock products and sells them to the chain's next link. These terms now describe a provider of any goods or services.
Anyone who buys and sells goods or services is referred to as a vendor in general. A vendor buys goods and services to resell them to another business or person. The products that large retailers like Target purchase at wholesale costs and resell at higher retail prices are supplied by a variety of different vendors.
A request for proposals is a document that asks prospective suppliers to submit business bids. This request is frequently issued through a bidding procedure by an organisation or company interested in purchasing a good, service, or valued asset.
Hence, A purchasing procedure that requests vendors to submit products and prices for new technology that satisfies a user's needs exists called a request for proposals.
To learn more about vendors refer to:
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