Quotation Management—A Fundamental Tenet of B2B Industrial Marketing
There are five basic elements of a good quote management system:
1. Number of quotes produced.
2. Cost to prepare a quote.
3. Hit rate—the percentage of quotes won of total prepared and submitted.
4. Reasons for not winning quotes.
5. A record of quotes submitted, pending (still active and being evaluated), cancelled, won, and lost.
The number of quotes produced is a measure of a business’ success in advertising and promotion and of its sales force generating and converting inquiries into quotes. The companies reported as few as a couple dozen quotes per year to over 2,500. Three of the four top quote producers that indicated producing more than 2,500 quotes annually are envelope ...
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