11.5 Market research

11.5.1 The purpose of market research

When little or no knowledge exists for the desired IT product, service or solution or available supplier resources, market research helps identify:

  • Products, services or solutions available in the marketplace to address the business problem.
  • Appropriate requirements based on how others have procured similar solutions.
  • Realistic cost estimates and schedules.
  • Customary practices such as warranty, financing, discounts for the IT product, service or solution.
  • Distribution and support capabilities of potential suppliers including alternative arrangements and cost estimates.
  • Availability and status of potential supplier sources.
  • Lessons learned and implementation pitfalls and/or resolutions.
  • The best deals/prices that have been obtained by other customers when acquiring the IT product, service or solution.