A request for quotation asks suppliers to provide pricing and commercial terms for a clearly specified requirement.
How it works in retail
It typically states products or services, quantities, specifications and expected delivery conditions. Comparable requirements make responses easier to evaluate.
A retail example
A boutique sends the same packaging specification and quantity to several suppliers and asks for prices and lead times.
What to keep in mind
A unit price without delivery, quality and payment assumptions may be misleading. Resolve differences in the quotations before comparing totals.
Examples are illustrative. Terminology and measurement conventions can vary by business and market.