CPIM Practice Exam

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What purpose does a request for quote (RFQ) serve?

Secures a contract from a vendor
Initiates an audit process
Solicits vendor responses for price quotations
Finalizes purchase agreements

The correct answer is: Solicits vendor responses for price quotations

A request for quote (RFQ) serves the vital purpose of soliciting vendor responses specifically focused on price quotations for goods or services. When a company issues an RFQ, it is essentially inviting multiple suppliers to provide their pricing and terms, allowing the organization to evaluate different options. This competitive bidding process not only helps in acquiring cost information but also enables companies to assess the vendors' capabilities and compare offers, ensuring that they can make informed purchasing decisions. By gathering multiple quotes through an RFQ, businesses can achieve better pricing, negotiate favorable terms, and ensure they select a supplier that meets their quality and delivery requirements. This process is essential for fostering competition among vendors and ensuring that the company's procurement process is transparent and fair.