Whenever a company is engaged in selling products, it is common practice to send a quotation to clients who are requesting for one. Normally product quotations are shared when the product comes in bulk, or when there is an interest to purchase from a supplier. A product quotation is a reply when a client forwards a request for quotation form. But it is important to take note that your quotation must be given in estimates since as a business owner or vendor, you know that prices for your products or services go up and down every now and then and as the economy of the country changes, you have to change the prices as well. So, product quotation is usually valid for a certain period of time. To know more about this let us discuss this further below. And if you need to start working on a quotation for your client, we’ve got a list of product quotation samples that are downloadable for free on this page.

6+ Product Quotation Samples

1. Product Quotation Template

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2. Product Price Quotation Template

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3. Product Quotation Quote Attributes

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4. Sample Product Quotation

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5. New Product Quotation Request

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6. Basic Product Quotation

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7. Safety Product Quotation Request

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What Is a Product Quotation?

Whether you run a small or large business, it’s nothing new when a client would want to ask for a quotation of the products you are selling. A quote (or “quotation”) is usually a document that includes a fixed price for a product or a service/job. It can also be given verbally. A quotation is sent from a supplier to a potential buyer. A product quotation is a proper document that states the estimated cost for products purchased from a supplier. For a client, to request for product quotation gives them an opportunity to make a comparison from one similar product from different suppliers. Even though we all want the best and cheapest price, the quality of service offered would sometimes make a difference when deciding whom to transact business with. And for suppliers or vendors, it is quite important that you are able to reply as soon as you can once a client asks for a quotation from you. This would highly matter since one of their deciding factors is how relevant and immediate you are able to respond.

How To Create a Product Quotation?

Once a customer reaches out to you, immediately work on your product quotation. Normally, you need to first double-check the requirements needed by the client so you are able to reply comprehensively. Remember, writing winning quotes for the product you are selling is important, as this generates new business and helps your company grow. So this is a chance you should take and make sure you are able to close the sale. Now, each product quotation may be slightly different from the rest since details about the product, price, and other requirements are uniquely their own. To start creating a product quotation, here are several details you should be able to include in this document.

1. Contact Information

A formal product quotation should be addressed to the client, so their name/business name, address, and contact details must be indicated in the document. And don’t forget your contact information. That said, if you use company letterhead, you may not need to include it.

2. Control Number and Date

In some cases, quotations have their own unique control numbers so you may opt to include this. Don’t forget to include the date you send the quote to the client. The date of issue is important because quotes are usually limited-time offers.

3. Product Quotation

Now, this is the main section of the document where you need to write down in detail the description of the product, quantity, and the equivalent price/rate per item. In case you are quoting for a project, you can also divide up the products and services according to different project stages. You may want to separate labor and materials costs. Then, add the total cost including any taxes if applicable.

4. Terms And Conditions

If the prices of the products are subject to change without prior notice, then it is quite important to include this in your terms and condition. There are cases that prices are bound to increase or decrease. If not, you may opt to set a deadline of the effectivity of the price you have quoted to the client to give them time to decide.  Make sure to indicate when you are able to supply the products since some products still need to be prepared or if you have these on hand.

5. Payment Terms

Also, include how you want to be paid and when. If a deposit is part of your company policy, then indicate how many percent is needed.

6. Additional Information

This section is for any other details you want to include. Notes are a good place to detail timelines and expected completion dates. You can also summarize the project scope.

FAQs

What Is a Request For Quotation?

A request for quotation or RFQ is a document where it details the buyer’s requirements for a quotation and payment process of a product or service.

What Is the Purpose of a Price Quotation?

The main purpose of a price quotation is to protect the supplier/vendor in case there is a fluctuation in the price of the product. This is why a quote’s price is only valid for a certain time. This document will also serve as proof should any disputes happen in the future between parties.

What Is a Pricing Strategy?

This is a method used to establish the best and most accurate price for a certain product or service.

A product quotation can offer several benefits to a company, for one your company is protected whenever there is a change in the price due to the market trend and other economic factors. And you are able to use this document as proof of the prices offered in case there are future disputes. To make it easier for you to prepare a product quotation, don’t forget to download our free templates above!

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