The Process by Which Buyers Ask a Number of Potential

question 142

Multiple Choice

The process by which buyers ask a number of potential suppliers to submit price quotes on a proposed purchase or contract,of which the lowest will be accepted,is called:

• A)specification.
• B)competitive bidding.
• C)noncompetitive bidding.
• D)competitive pricing.

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Definitions:

Insurance Company

A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment, or hardship in exchange for premium payments.

Key Account Management

A strategic business approach focusing on building and maintaining strong relationships with a company's most important customers.

Team Selling

A sales strategy where a group of company representatives work together to sell a product or service, leveraging their combined expertise.

Mutually Beneficial

A situation or agreement in which all parties involved gain benefits, fostering a cooperative and advantageous relationship.