Quick answer
Do not compare prices until you know the suppliers are quoting the same thing.
Specification, packaging, quantity, Incoterm, lead time and payment terms should be normalized before a low unit price is treated as a real advantage.
Product specification
Make the physical product comparable first.
If suppliers are quoting different materials, packaging or tolerances, a price comparison is not meaningful.
Commercial terms
Capture the numbers around the unit price.
Logistics scope
Know exactly where the supplier's responsibility ends.
“FOB” without a named port and “DDP” without a named delivery place are incomplete for comparison.
Quality and timing
Price is only useful if the product can arrive as required.
Comparison workflow
Standardize, normalize, then calculate.
Put every quote into the same fields
Use a template so missing terms are obvious.
Normalize currency and quantity
Do not compare a 500-unit quote with a 3,000-unit quote without considering the quantity effect.
Normalize Incoterms
Add the buyer-paid costs required to reach the same destination point.
Compare effective cost and risk
Review MOQ, lead time and cash exposure beside the normalized cost.
Master checklist