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Request for Proposal (RFP)
An RFP (request for proposal) is a business document publicly announcing a project, its requirements, and aims, and it is used to solicit proposals or bids from qualified suppliers for business solutions for an organization or government agency. The RFP lists the contract terms and the bidding process details. It comprises a clear and concise description of project goals and expected results, the project timeline, the window for evaluation, the notification or selection date, and a project completion date. The RFP process helps evaluate the project feasibility of submitted bids, the bidder’s financial health, and their ability to successfully undertake and handle the project to completion.
What Small and Midsize Businesses Need to Know About Request for Proposal (RFP)
A well-documented RFP process can help SMBs secure more competitive bids, ultimately resulting in securing the most ideal contractor for the project.
Related terms
- Marketing-Qualified Lead (MQL)
- Account Planning
- Marketing Channel
- Channel Partner
- Chief Sales Officer (CSO)
- Digital Commerce
- Cost Optimization
- Sales-Qualified Lead (SQL)
- E-Business
- Sales And Operations Planning Systems Of Differentiation
- Account Executive (AE)
- Sales Analytics
- SFA (Sales Force Automation)
- Direct Channel
- Commerce Platform Servers
- CPGA (Cost Per Gross Add)
- Average Selling Price (ASP)
- Category Management
- Account-Based Marketing (ABM)
- Business Rule Engines (BRE)
