Final answer:
A platform initiated by consumers for bidding on products or requesting quotations in a common selling space is known as a buyer-side marketplace.
Step-by-step explanation:
A marketplace where a group of consumers initiate the process, enabling a customer to bid on specific products or make a request for quotation (RFQ) at a common place for selling products, is called a buyer-side marketplace. This type of marketplace allows buyers to express their needs and invite sellers to offer their products or services. This facilitates a market interaction between potential buyers and sellers, with the supply and demand dynamics influencing the eventual transactions.