Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Home
  • Business Management & Operations
  • Operations, Project, & Supply Chain Management

Competitive Bid - Explained

What is a Competitive Bid?

Written by Jason Gordon

Updated at June 26th, 2021

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

Table of Contents

What is a Competitive Bid?Academic Research on Competitive Bids

What is a Competitive Bid?

Competitive bids refer to prices that a vendor, supplier, or service provider quotes to a firm for its goods or services. 

When a firm needs a large volume of goods or is seeking professional services, it may send out an offer or an appeal in the form of a request for proposal (RFP). Requests for proposal are commonly used in construction projects, technology projects, infrastructural programs and projects, pension fund management, and other business related activities. As part of the RFP, the applicant company will provide its best price at which it can provide or procure what is outlined in the RFP. 

Back to: OPERATIONS, LOGISTICS, & SUPPLY CHAIN MANAGEMENT

Academic Research on Competitive Bids

Panel content



competitive bid

Was this article helpful?

Yes
No

Related Articles

  • Wireframe - Explained
  • Just in Time Inventory System - Explained
  • National Customs Brokers and Freight Forwarders Association - Explained
  • Hub and Spoke Structure - Explained



©2011-2021. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand