Global Best Practice - Market Research: Research, Analysis & Intelligence
- Market Research
The market research process is essential for providing relevant and current information for the public procurement professional to consider when making a decision about procuring commodities or construction. Some of the reasons the market research process may be initiated include bench-marking, competitive analysis, decisions about salary, decisions about outsourcing, managing risk, and becoming a more informed entity. Public procurement professionals are responsible for conducting the market research process, which involves the three specific activities of market research, market analysis, and market intelligence. This practice describes the purpose behind conducting market research to ensure it aligns with entities' objectives and goals. It also outlines the essential elements of the market research process, research, analysis, and intelligence. Knowing when and how to conduct market research with due diligence is critical for the success of a public procurement professional to make the best decision when procuring a commodity.