During the RFP Stage, B2B Buyers

question 1

Multiple Choice

During the RFP stage, B2B buyers

• A)recognize obstacles that the firm must work around.
• B)revise their need recognition analysis.
• C)invite suppliers to bid on supplying what is requested.
• D)proceed to vendor analysis.
• E)negotiate contract terms.

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Definitions:

Necessity

A good or service that is essential for survival and basic well-being, often implying inelastic demand with respect to price changes.

Price Elastic Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with a higher elasticity indicating a greater response.

Dental Floss

A thin thread used to remove food and dental plaque from between teeth in areas a toothbrush is unable to reach.

Price Elasticity

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.