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Compare bidding and auction.
The major differences between bidding and auction are as follows −
Bidding
Buyer buys the commodity by offering a bid/price.
It includes competitive offer for a product/service.
It shows value/demand for a product/service.
The main aim is to win the contract/bid that put for an auction.
It creates competition to increase demand for a commodity.
For organisations, bids are allotted for lower bid with proper quotations and paper works.
Auction
It is held to get better value for goods/service sold.
It is the process of buying/selling.
Bidders are allowed to place the bid and highest bidder will be allotted the goods/services.
The main aim is to get best/highest price for a good/service.
The marketing plan is to increase the commodity value.
The companies/organisations will auction their commodity to determine its value and demand.
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