Auction: defined by the Sticky-Marketing.com monthly magazine |
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"Auction" a way of selling something where buyers submit bids for an item and the item is usually sold to the highest bidder. Common way of selling cars, and antiques, more common way of selling to trade (professional) customers rather than the general public, now available on the Internet for all sorts of goods. Often sellers can set a base or reserve price below which the item will not sell though this is often not published the method of auction can make buyers aware. A recent development which has been enabled by the spread of IT is something that could be described as a "bidders auction", where a company purchasing department auctions off its future or current supply contracts. A significant difference to the above is that in a bidders auction the company conducting the auction will likely opt for the lowest bid rather than the highest. Still a little in their infancy larger organisations are using the Internet to allow competing suppliers to submit secret bids in such on-line bidders auctions for supply business. 10/06/2001 Use your browser back button or
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