What is the first step after vendor partners have been selected and finalized?

The appropriate first step after vendor partners have been selected and finalized is to communicate with all vendors involved in the Request for Proposal (RFP). This action is essential for several reasons.

First, it ensures that all selected vendors are informed officially that they have been chosen to move forward in the process. This communication helps to set clear expectations regarding the next steps and timelines. It also fosters a positive relationship from the outset, as vendors are typically eager to begin collaboration once they know they have been selected.

Additionally, informing all vendors involved in the RFP allows for proper documentation and record-keeping, presenting an opportunity to provide feedback to those vendors that were not chosen, which can be valuable for maintaining goodwill. It also allows for transparency in the selection process.

On the other hand, initiating a payment process, preparing a media plan, or communicating the budget allocation would generally follow this initial communication. These steps are contingent on having established open lines of communication and confirming the vendor's involvement. Therefore, initiating contact with the chosen vendors lays the critical groundwork for all subsequent actions in the partnership.