What is supplier quotation in SAP MM-PUR-SRC - Product Sourcing?

SAP Term: supplier quotation

• Component: MM-PUR-SRC

• Component Name: Product Sourcing

• Description: A document by a potential supplier specifying the cost of goods or services the supplier can provide within a specified period. In Sourcing and Procurement, a business object created by potential or existing supplier or by a purchaser responsible on behalf of a supplier as a response to a request for quotation RFQ or a sourcing project.

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• Key Concepts: 
  A supplier quotation is a document sent by a supplier to a buyer in response to a request for quotation (RFQ). It contains the supplier's offer for the goods or services requested, including pricing, delivery terms, and other conditions. The buyer can then accept or reject the supplier's offer.
  
  How to use it: 
  In SAP, the supplier quotation process is part of the product sourcing component (MM-PUR-SRC). The buyer creates an RFQ and sends it to potential suppliers. The suppliers then respond with their quotations. The buyer can compare the quotations and select the best one. Once the buyer has accepted a quotation, they can create a purchase order based on it.
  
  Tips & Tricks: 
  When creating an RFQ, make sure to include all relevant information such as delivery terms, payment terms, and any other conditions. This will help ensure that suppliers provide accurate quotations. Additionally, make sure to include a deadline for when suppliers must submit their quotations. This will help ensure that you receive all of the quotations in time for comparison and selection. 
  
  Related Information: 
  For more information on supplier quotations in SAP, please refer to the SAP Help Portal: https://help.sap.com/viewer/product/SAP_ERP_MM/6.0/en-US/f9f3d7a8f2b14e8c9a7d3c2b3e5f9a1d.html