RFP — Request for Proposal
Definition: A formal document buyers send to vendors describing requirements and asking for detailed proposals, pricing, and timelines.
Example
Enterprise IT teams send RFPs to 3-5 CRM vendors before a $500K purchase. Winning RFPs is its own discipline.
When you'll hear it
RFP shows up most often in board meetings, quarterly business reviews, and strategy off-sites. When someone uses it, they're usually referring to request for proposal — and they expect the room to already know what that means.
FAQs
What does RFP stand for?
RFP stands for Request for Proposal.
What does RFP mean in business and finance?
A formal document buyers send to vendors describing requirements and asking for detailed proposals, pricing, and timelines.
Where will I hear RFP used at work?
RFP comes up most often in board meetings, quarterly business reviews, and strategy off-sites. It's used as shorthand for request for proposal, so people assume you already know the term.