Explore BrainMass
Share

Explore BrainMass

    Define the term reverse auction

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Define the term reverse auction, and list three ways that procurement through a reverse auction would benefit an organization.

    © BrainMass Inc. brainmass.com October 10, 2019, 4:54 am ad1c9bdddf
    https://brainmass.com/business/e-commerce/define-the-term-reverse-auction-483406

    Solution Preview

    Solution:
    Reverse auction refers to an auction in which two or more sellers put their items up for bidding and complete for the price with which a buyer offers to accept. In other words, the buyer puts up a single price or range of prices and lets sellers bid for that price or price range. In reverse auction, the buyer may have an ...

    $2.19