Market research is the continuous process of collecting and analyzing data on products, services, business practices and vendor capabilities to satisfy agency needs. When you conduct market research you learn about the market to make informed and suitable decisions and choices about the acquisition of goods and services. Market research is a critical tool for contracting officers needing to find qualified small business vendors.
Market research is the foundation for building an effective solicitation and a successful contract. It is the most important methodology a contracting officer can use to find small business vendors. And, small businesses are critically important to promoting competition in the procurement process and growing the overall economy.
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