What does Market Research in requirements development aim to achieve?

Market Research in requirements development primarily aims to understand the availability of goods and services. By conducting market research, organizations gather valuable information about potential suppliers, their capabilities, and the products or services they offer. This understanding helps ensure that the requirements specified by the organization can be effectively met by the available market options.

This process involves analyzing trends, competitive landscapes, and the types of products or services that are currently offered in the marketplace. This information is crucial for making informed decisions about sourcing and for ensuring that the requirements are aligned with what is realistically available, which in turn enhances the likelihood of successful procurement outcomes.

In contrast, while identifying financial opportunities and assessing contractors’ qualifications are important aspects of procurement processes, they are not the primary focus of market research during the requirements development phase. Similarly, determining compliance with regulations is essential for overall procurement integrity, but market research specifically targets understanding market capabilities rather than regulatory compliance.