Bid Strategy Assignment Example | Topics and Well Written Essays - 750 words

Bid Strategy - Assignment Example Key among the factors to consider is the opportunity background. Gilly Vending, Inc. must investigate the background of the opportunity before making any bid decisions. By investigating the background of the opportunity, it becomes possible to determine the potential of the prospect thus determine the chances of profitability. In investigating the background of an opportunity, Gilly Vending, Inc. must look into the financial records and history of the opportunity (Kukar-Kinney & Close, 2010). This way, the company determines the liabilities and opportunities the bid may present. After considering such factors, Gilly Vending, Inc. will determine the lucrativeness of the bid thus makes an appropriate decision, one that safeguards its desire for sustained profitability. Reputation with the customer is yet another factor that fortunately stems out of investigating the opportunity backgrounds. Gilly Vending, Inc. has an established market. As such, it has esteemed customers and competitors among many others. Before making a bid decision therefore, Gilly Vending, Inc. must consider it relationship with the new business opportunity. This may help either expand the company’s market share or eliminate a competition. Furthermore, the nature of the relationship and the reputation of the opportunity will influence the terms and conditions of the new contract. Such are therefore fundamental factors that Gilly Vending, Inc. must consider in order to enter into a profitable agreement with its new opportunities (Federal Service Desk, 2013). Competition is a fundamental factor that often influences the operations of a business. Gilly Vending, Inc. has numerous competitors in the industry. The competitors influence the activities in the market. This implies that they may influence the demand on the bid based on its lucrativeness thus influence the cost of the transaction. As such, Gilly Vending, Inc. must act systematically with an elaborate understanding of the