Sourcing glossary
RFQ
Also known as: Request for Quotation, Request for Quote, 견적 요청서
A written request that asks several suppliers to quote price, MOQ, lead time and terms against the same product specification, so their offers can be compared like for like.
A useful RFQ states the exact specification (materials, dimensions, finish, packaging, labelling), target quantities, the Incoterm and port you want prices on (for example FOB Ningbo), required certifications and the date you need the goods. Vague RFQs get vague quotes that cannot be compared — one supplier quotes a thinner material, another leaves out packaging.
Ask every supplier to quote in the same format and to state their MOQ, sample cost and production lead time. The lowest unit price is often the one with the most exclusions. See how to negotiate MOQ for using quotes as a starting point for negotiation.
Related terms
Part of Finding Suppliers.