Scenario:
To keep this question focussed: This is regarding a single buyer for a single, one off straightforward purchase (service or goods), with a handful of possible sellers.
Background:
It recently occurred to me that I have to purchase a service from a small business. I know that when I approach a company to ask what they would do it for, they will give me a much higher price than the minimum they'd be happy to accept, and it's up to me to barter them down. A very crude price finding strategy, and also requires a certain personality that I really just don't have.
Potential solution:
I would like to approach them and say the following:
I am not a fan of bartering, and instead I will ask a few companies for a quote and go with the cheapest. So if you could just tell me the lowest price you would be happy with, and it's the cheapest quote I get, I will accept it.
Question: Does this price finding strategy have a name? Has it been analyzed? If so, is it effective? Is there a better formulation or a recommended "similar" alternative?
Thank you.
