TENDER NOTICE WRITING
What is Tender Notice?
A tender notice (or sometimes called tender announcement) is the publication and circulation of procurement opportunities by the procuring entity in various media like Newspapers, purchasers' own website and government tender bulletin, or in a Tender Portal like MDA Tender Portal, that enable the purchasers reach millions of suppliers, sellers and vendors worldwide. A tender notice shall contain all details like tender eligibility criteria, important dates and guidelines on how to write the tender proposal including the format, details on tender fees and EMD amount, and more. The main objective of wider publicity is to make these opportunities available to a wider supplier community, increase the competition and thus making the procurement process efficient and transparent.
Tender notice format
Tender Notice Format enables as preliminarily designed in the Tender Writing / Publish Request eForm of your Tender all parties to explain and understand the requirements of the tender and check their eligibility, meet deadlines, and specifications and many more as provided herein.
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- Tender document. This document (usually a PDF) contains end-to-end details on the tender. It comes with information on the tender inviting authority, the tender reference number and title, type of work, fees, contact person details, and-all.
- Terms of reference and purpose. This section explains the purpose of the tender, e.g., for a construction tender, details on the type of construction, location, its end goals and other details will be mentioned.
- Format for technical and financial bid. Tenders usually contain two distinct covers, a technical cover and a financial cover. The tender notice will explain how a bidder should write about their technical expertise and experience, and about their company's financial standing and capabilities for undertaking the project.
- Guidelines and Checklists. specify the do's and don'ts. For example, it may specify details on how to name a file, file size and format, where to upload, etc. The Tender Checklist optional. It lists the items that must be submitted with the tender proposal and is an easy go-to list for the bidder.
- Instructions to submit. It contain details on dates, payment of fees, file size etc. In some cases, a cover letter for tender application is also included.
Similar Tender Processes
Based on the nature of the Project (service, procurement or work), a tender notice, also known as tender invitation or tender announcement, may be released as RFP (Request for Proposal), RFI (Request for Information), RFQ (Request for Quotation) or RFT (Request for Tender).
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- A request for Tender and Request for Quotation may be a closed tender where people are invited by a buyer to quote for specific work. From their per-empannelled Vendors or Open Tender. Where any person/company can be invited to submit their Quote or Tender Proposal. A tender notification alerts potential suppliers of open tenders that they then have to register interest in before entering the tendering process.
- Invitation to tender is also a similar process to a tender notification. The major difference is the institution or organisation who created the tender chooses whom to invite, often in the form of a closed tender where they can then publish a Voluntary Ex-Ante Transparency Notice (VEAT) for transparency. Tender notification services provide a vast array of people and companies about an open tender that anyone can apply for.
How to write tender notice?
Drafting a tender notice is a complex and detailed task and must be prepared with care by a qualified Company like MDA that can assure full success of tender from data and information gathering to drafting and publishing. You must ensure that you mention all your requirements and state the terms and conditions clearly in a simple language that everyone can understand. Given below, are steps that can help you to create a tender notice.
Writing a creative Tender notice should be done in two stages. First phase would be gathering all data and information for notice and then creation of the tender notice, while the second phase requires preparing the tender notice document:
Phase 1 – Data and Information Gathering
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- Write down the requirements of the tender clearly.
- Decide on the eligibility criteria of the participants.
- Note down the tender documents that you would need from the applicants.
- Identify the prior experience that the tender applicants would require for successfully completing your tender contract.
- Set bid opening date and bid closing date.
- Decide on the Tender and EMD.
Phase 2 – Tender Notice Drafting
Our creative tender Notice is designed to lay emphasis on high-quality standards at the best deals. The basic structure of Tender Notice shall be provided with the main sections to maintain consistency and convenience as provided below.
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- Short description of the tender offer followed by a table of contents for easy reference.
- Table of contents which mentions eligibility requirements for a tender, important dates, documents to be submitted, evaluation criteria, any EMD to be paid, process of submission and general terms and conditions.
- Guidelines for creating of technical and financial bid. A format must be provided for submitting the bids and is typically in a table. (Note – For financial bids, check the BOQ the tender authority uploads with the tender notice document).
- Checklist for technical and financial documents to be submitted (optional) to ensure that there are less chances of applicants missing any documents while applying.
- Tender Cover Letter to highlight the unique proposition of each bidder, and a form for tender acceptance letter that the companies can fill in and submit on the tender acceptance date.
FREQUENT ASKED QUESTIONS
Market Research Essentials
What is RFQ?
RFQ, abbreviation for Request for Quotation, also known as an Invitation for Bid (IFB), is a business process in which a company or public entity solicits suppliers, including sellers, vendors and / or contractors to submit their quote for the purchase of specific goods or services or bid for the chance to fulfil certain tasks or projects. Syn. Call for Bids (CFB) and Invitation for Bid (IFB).
How does Market Research work?
Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation. It also informs product differentiation, which is used to tailor advertising.
A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analysed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.
It is a critical component in the Research and Development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.
Market Research Methods used
Face-to-Face Interviews
From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.
Market research and surveys were adapted from these early techniques.
Focus Groups
A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.
Afterward, the group is asked for feedback on their perceptions of the product, the company's brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.
Phone Research
The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.
Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.
Survey Research
As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.
Online Market Research
With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.
This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.
Main Types of Market Research
The main types of market research are Primary Research and Secondary Research.
1) Primary research.
Primary Research includes focus groups, polls, and surveys and generally falls into two categories: exploratory and specific research.
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- Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
- Specific research delves more deeply into the problems or issues identified in exploratory research.
2) Secondary research.
It includes academic articles, infographics, and white papers. All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.
Secondary research can include population information from government census data, trade association research reports, polling results, and research from other businesses operating in the same market sector.
NOTE: Qualitative research gives insights into how customers feel and think, while Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.
Benefits of Market Research
Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.
Market research is also important for developing a company's advertising efforts. For example, if a company's market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.
NOTE: Market research only works when subjects are honest and open to participating.
Example:
Let 's give this example of Market Research to make you better understand its importance and benefits. Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don't currently have.
For example, a company that's considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan. If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.
What is Online Market Search?
During an Online market research, we uses the same strategies and techniques as traditional primary and secondary market research. Off course, in this global digitalisation era, this Market Research is prepared and is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.
What are Paid Market Research Surveys?
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What Is a Market Study?
A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product's price, location, competition, and substitutes as well as general economic factors that could influence the new product's adoption, for better or worse.