The procurement project team may utilize any of (or a combination of) the following methods to conduct market research:
- Acquire information about products, trends, product availability, business practices, product/service reliability and prices.
- Perform a Porter's Five Forces Industry Analysis and/or a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis to identify opportunities.
- Contact knowledgeable individuals in government and industry regarding market capabilities to meet requirements.
- Review the results of recent market research undertaken to meet similar or identical requirements.
- Conduct unbiased industry briefings or pre-solicitation discussions with potential suppliers to discuss requirements and obtain recommendations.
- Analyze the purchase history of requirements to determine the level of competition, prices and performance results.
- Research technical analysis publications.
- Publish a formal RFI to survey the market on the complete and final requirements.
- Research the status of applicable technology and the extent and success of its commercial application.