Your company has submitted a tender with a price of 2 million with a profit markup and mark up of 10 % for a certain project

a) The job was awarded for the lower bid (1.9 million) what profit and overhead markup would you need for your company to stay competitive?

b) one of the contractors has submitted the tender with the tender price of 1.7 million the contractor is very confident that he can do the job with a small profit at that price

Explain the reason behind this scenario?

What you should do to remain competitive? (Detailed answer if possible)