Cost rolls up recursively through the bill of material. A purchased part gets costing from vendor POs and receivers; an assembly carries the sum of everything that goes into it, at every level.
Enter a quote using price, a target margin, or a target markup.
Quote below your competitor with confidence that you're still making money.
Also quote with minimum quantities and tiered pricing.
BOM based quoting has an inherent issue when you want to change your BOM for production after issuing a quote. Therefore each part can have a dedicated quoting BOM that is separate from the production BOM.
Engineering can revise the production BOM as often as the product needs it without moving what you quote from. Substitutions, added steps and design changes do not re-cost open quotes or the next quote you write.