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Market Research and Strategy

In: Business and Management

Submitted By Nizzami
Words 794
Pages 4
Abstract

This paper discusses what arrangementsa firm should take to be more competitive in the federal acquisition market.

Market research is the continuous process of scientifically gathering, recording, and examining data about customers, competitors, and market conditions, to support organizations make superior business decisions about the improvement and marketing of new or prevailing products and services.Market research data can be used to figure the acquisition strategy, to decide the type and content of the product explanation or statement of work, to improve the support strategy, the terms and conditions encompassed in the contract, and the assessment factors used for source selection. Market research is important to boost the possible use of commercial items and services, and non-developmental items to meet organization needs.Market research, done initial in the acquisition process, also provides information about commercial observes that you can use to form the acquisition strategy, support and check plans, product description, evaluation factors, and much more.Market research has two stages: market surveillance and market investigation. Market surveillance is acontinuing process and includes all the activities that acquisition staffs perform continuously to keep themselves up-to-date of technology and product developments in their areas of proficiency and capability. Market investigation, which involves more broad research, is directed in response to a definite materiel need or need for services.The two categories of market research are primary research and secondary research. Primary research involves the collection of data that does not presently exist or is absent to an organization. Secondary research includes the collection, investigation, and summarization of prevailing data derived from third-party research organizations or other sources.…...

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