Reverse Auction

The video tutorial explains the concept of auctions in marketing, focusing on reverse auctions. Unlike traditional auctions where sellers offer products to buyers, reverse auctions involve buyers posting requests and sellers competing to offer the best price. This method is commonly used in government contracts due to regulations. The tutorial highlights the importance of understanding different auction types to effectively sell products.

In what context is the reverse auction process commonly used?

What are some of the requirements for using reverse auctions in government contracts?