Step 3: Market Research
Step Three in the Service Acquisition process, Market Research, is primarily the responsibility of the requiring activity, but is best done by the multi-functional team (MFT). It identifies providers of the type of service to acquire. This can inform you of how other organizations, both public and private, define and acquire these services. Good Market Research builds a solid foundation for your acquisition strategy and will help shape how you structure your performance requirement. Service methods and providers are always changing, therefore Market Research is a continuous process.
The following are key outcomes of Market Research:
- Identify market trends that affect your service
- Identify how other activities are acquiring services similar to yours
- Identify what leverage you may have in the market
- Identify the extent of competition and small business opportunities
- Determine whether this service can be obtained as a Commercial service
- Capture all your analysis in a Market Research Report that will support your requirements and acquisition strategy development
To assist in your Service Acquisition Training, watch the Step Three overview video above.