ITPEC FE Morning October 2019 Question 75
ITPEC FE Morning October 2019 — Question 75 of 80
Reverse Auction — a procurement process where suppliers compete by bidding against each other to win a buyer's business.
In a reverse auction, the buyer sets the requirements, and suppliers submit competing bids — typically driving the price down. This is the opposite of a traditional auction where buyers bid prices up.
Why not others:
- (a) B to B is a general e-commerce model (business-to-business), not a specific bidding mechanism
- (b) G to C (Government to Consumer) refers to government services delivered to citizens online
- (d) Virtual mall is an online shopping platform hosting multiple stores, with no auction mechanism
Key rule: Regular auction = buyers compete (price goes up). Reverse auction = suppliers compete (price goes down).
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