What is 'sealed bid' in SAP MP-APP-DPE - Dynamic Pricing Engine?

sealed bid - Overview

• Component: MP-APP-DPE

• Component Name: Dynamic Pricing Engine

• Description: Bid where respondents may not view the amounts of other bids. All other bid information is visible.

sealed bid - Details

• 
  Key Concepts: 
  A sealed bid is a type of pricing strategy used in the Dynamic Pricing Engine (DPE) component of the SAP Marketplace Application (MP-APP). It is a process in which buyers submit bids for goods or services without knowing the bids of other buyers. The highest bidder wins the auction and pays the price they bid. 
  
  How to use it: 
  In order to use the sealed bid pricing strategy, buyers must first register with the DPE. Once registered, buyers can submit their bids for goods or services. The bids are then evaluated by the DPE and the highest bidder is determined. The highest bidder then pays the price they bid for the goods or services. 
  
  Tips & Tricks: 
  When submitting a sealed bid, it is important to consider all factors that may affect the outcome of the auction. This includes researching market prices, understanding competitors’ strategies, and considering any potential risks associated with bidding too high or too low. 
  
  Related Information: 
  The sealed bid pricing strategy is just one of many pricing strategies available in the DPE component of MP-APP. Other pricing strategies include dynamic pricing, fixed price, and reverse auctions. Each strategy has its own advantages and disadvantages, so it is important to research each one before deciding which one is best for your business needs.