What is vendor quotation in SAP MM-PUR - Purchasing?

SAP Term: vendor quotation

• Component: MM-PUR

• Component Name: Purchasing

• Description: An offer from a vendor to a purchasing organization to supply materials or perform services subject to predefined terms and conditions.

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• Key Concepts: 
  A vendor quotation is a document sent by a vendor to a customer in response to a request for quotation (RFQ). It contains the vendor's offer for the requested goods or services, including the price, delivery terms, and payment terms. The customer can then accept or reject the offer. 
  
  How to use it: 
  In SAP, vendor quotations are created in the Purchasing module (MM-PUR). The customer sends an RFQ to the vendor, who then creates a quotation in response. The quotation is then sent back to the customer for review. If accepted, the customer can create a purchase order based on the quotation. 
  
  Tips & Tricks: 
  When creating a vendor quotation in SAP, make sure to include all relevant information such as pricing, delivery terms, and payment terms. This will ensure that the customer has all of the necessary information to make an informed decision. 
  
  Related Information: 
  Vendor quotations are closely related to purchase orders. A purchase order is created when a customer accepts a vendor's quotation. For more information on purchase orders in SAP, please refer to the SAP Help documentation.