What is one goal of conducting effective market research?

Conducting effective market research is essential in the contracting process, particularly in government procurement. One of the primary goals of this research is to determine the availability of commercial products or services. This involves understanding what options are currently available in the market that meet the needs of the procurement process. It helps to identify suitable suppliers, assess their capabilities, and evaluate if commercial solutions can meet the required standards effectively.

This goal is crucial because it informs decision-makers about what products or services are on the market that can fulfill their requirements. It also guides them in deciding whether to pursue commercial options or develop specifications that might necessitate custom solutions. By identifying readily available commercial products or services, agencies can leverage existing innovations and technologies, which can lead to cost savings, increased efficiency, and timelier procurement processes.

Insufficient market research would hinder the ability to make informed contracting decisions and could lead to unnecessary expenditures or delays, as agencies might overlook effective existing solutions. Thus, determining the availability of commercial products or services streamlines the procurement process and enhances overall effectiveness.