Question

A _____ is initiated by a group of consumers and enables a customer to bid on specific products or make a request for quotation (RFQ) at a common place for selling products.

Answer 1

buyer-side marketplace

Step-by-step explanation:

Buyer-side marketplace is where a buyer usually make demand for certain products at a place where such products are sold. Here, a single or small number of large buyers are involved whereas cost and time are reduced same with purchasing processes, which are greatly managed by the buyers. There is also the implementation of uniform pricing in this type of market model. The advantage of buyer side market place to the seller is little or no maintenance cost.