Define the term 'quote lifecycle' in CPQ.

The definition of 'quote lifecycle' in the context of CPQ (Configure, Price, Quote) encompasses the various stages that a quote undergoes from its initial creation until it is fulfilled or finalized. This lifecycle typically includes several key phases: generating the quote, reviewing and approving it, sending it to the customer, and finally, closing the deal. Each stage is critical, as it not only helps in tracking the progression of the quote but also ensures that all necessary information is collected and managed effectively along the way.

Focusing on the other options, while they reference relevant sales processes, they do not accurately capture the comprehensive progression of a quote itself. Tracking customer interactions pertains more to customer relationship management rather than the specific journey of a quote. Similarly, the phases a sales representative goes through when preparing a quote focus more on the individual sales rep's actions rather than delineating the lifecycle of the quote itself. Lastly, the timeline for closing a deal involves broader transactional dynamics and timing, rather than the specific stages of a quote from initiation to completion. Thus, the understanding of 'quote lifecycle' as the stages a quote goes through is fundamental in CPQ for managing quotes effectively within a sales process.