What process is characterized by soliciting responses from sellers to fulfill a customer need?

The process of soliciting responses from sellers to fulfill a customer need is known as "Request Offers." This practice involves reaching out to potential suppliers or contractors to gather proposals, bids, or quotations for specific products or services that an organization requires. It is a crucial step in procurement and contract management because it allows the buyer to compare different options, assess capabilities, and determine the best fit for their needs.

Through this process, organizations can effectively evaluate potential vendors based on factors like price, quality, delivery timelines, and other criteria that are essential for making informed decisions. By formally requesting offers, the organization can set clear expectations and guidelines for what they require, ensuring that sellers understand the scope and specifications of the need.

While forming a contract involves the legal agreement once a seller has been chosen, planning negotiations refers to preparing for discussions to finalize terms with a chosen vendor. Price analysis, on the other hand, focuses specifically on examining costs and may occur after offers are received and analyzed but does not directly involve soliciting responses from sellers. Each of these processes plays a role in contract management but specifically, "Request Offers" is the step focused on gathering input from potential vendors.