When must agencies conduct Market Research?

When considering the timing of market research, it is essential to understand that agencies are encouraged to engage in market research not just to comply with legal requirements, but as a fundamental part of the acquisition process. Conducting market research before developing new requirements allows agencies to gather essential information regarding available products, services, and vendor capabilities.

This initial market research helps in identifying potential suppliers, assessing competition, and determining market trends, which can significantly influence the formulation of requirements. Additionally, ongoing market research is beneficial throughout the contract lifecycle to ensure that agencies stay updated with the latest offerings, technology advancements, and changes in pricing or service conditions. This proactive approach aids in making more informed decisions, ensuring contract effectiveness, and maximizing value for taxpayers.

Therefore, the idea of conducting market research as needed during the development of new requirements and continuously throughout the acquisition process aligns with the best practices in procurement, promoting efficiency and effectiveness in federal contracting.