CORe Exam Dumps | A firm issues an RFQ for specialty electronics to be used within a new product line. Internal needs are

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HBX.CORE.v2024-11-30.q151
Question 143

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Question 143/151

A firm issues an RFQ for specialty electronics to be used within a new product line. Internal needs are assessed and specifications are prepared by engineering. The bid is sent to five current suppliers, all of whom are familiar with the firm's supply chain. However, only two of these suppliers respond, and their quotes are much higher than expected. Which of the following is the MOST likely explanation for what occurred?

A. The internal needs were not adequately addressed.

B. The specifications were too narrow.

C. The suppliers were not qualified.

D. The specifications were too broad.

Correct Answer: B

When only two suppliers respond to an RFQ and their quotes are much higher than expected, it is likely that the specifications were too narrow. Narrow specifications can limit the number of suppliers who are capable of meeting the requirements, reducing competition and driving up prices. Reviewing and potentially broadening the specifications can attract more suppliers and result in more competitive pricing.
References
* ISM (Institute for Supply Management). Effective RFQ Process Management.
* CIPS (Chartered Institute of Procurement & Supply). Developing Specifications and Requirements.

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