When should market research be conducted by agencies?

Market research should be conducted by agencies on an ongoing basis because this approach enables them to stay informed about current market conditions, capabilities of potential contractors, and the latest trends and innovations in the industry. Continuous market research allows agencies to make informed decisions throughout the acquisition process, adjusting their strategies as market dynamics change.

Engaging in regular market research fosters a deeper understanding of availability, pricing, competition, and emerging technologies that can affect buying decisions. This ongoing practice not only enhances the quality of procurement but also promotes efficiency and effectiveness in fulfilling agency requirements.

Conducting market research only when issuing a task order, limiting it to high-value acquisitions, or focusing solely on contractor performance evaluation would undermine the comprehensive understanding agencies need to make strategic decisions. By embracing market research as a continuous activity, agencies ensure they are well-equipped to respond to both immediate and long-term procurement needs.