Final answer:
A buyer-side marketplace is a consumer-initiated platform where customers can bid on products or request quotations in a central location, leveraging the global reach of the internet and modern communication technologies to facilitate business-to-business transactions. So the correct answer is option 4.
Step-by-step explanation:
A market initiated by a group of consumers that enables a customer to bid on specific products or make a request for quotation (RFQ) at a common place for selling products is known as a buyer-side marketplace. Participants in such marketplaces can access a wider array of products, often from different vendors, in a centralized location.
This system capitalizes on the effects of technology and globalization shifts, allowing business-to-business interactions and increasing the competition among suppliers.Buyer-side marketplaces are a part of the evolving market economy landscape, where economic decisions are increasingly decentralized and businesses interact directly with private individuals or other businesses based on demand.
These markets are designed to be efficient, utilizing modern communication technologies to connect buyers and suppliers globally. This has transformed markets, leading to increased competition and the necessity for suppliers to have a comparative or absolute advantage to succeed.