Description
FAR Part 10 mandates the agency perform market research during the acquisition planning phase. Detail Market Research procedures, the benefits of Market Research and how the results are document in the contract file.
Explanation & Answer
Attached.
Running head: MARKET RESEARCH
1
Market Research
Student’s Name
Professor’s Name
Course Title
Date
MARKET RESEARCH
2
Market Research
Market research denotes a continuous process of acquiring data on the capabilities of
suppliers, characteristics of products, and the business activities that surround such actions. In
addition, it includes data analysis to ensure smart decisions for acquisition. Therefore, FAR Part 10
(Market Research) is governed to assess market practices and ascertain the availability of
commercial goods and services. The process of market research is procedural and has a plethora of
benefits.
Procedures
1. Acquisitions start with an illustration of the Government's needs to facilitate market
research activities.
2. Market Research is implemented to determine the availability of non-developmental
or commercial items to fulfil the needs of the Government (“Acquisition.Gov,”
2020). The scope of market research varies, based on various factors such as
complexity, urgency, past experience and estimated value of dollar. The process of
conducting research should include the process that wou...
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