Market Research on Fast Food

MARKET RESEARCH

WHAT IS MARKET RESEARCH?

A continuous process of collecting and analyzing data on products and services, capabilities, and business practices within the market to satisfy your customer’s needs.

DO I HAVE TO DO MARKET RESEARCH?

Market research is required before: Developing new requirements documents; Soliciting offers expected to exceed $100,000; Soliciting offers expected to be less than $100,000 when adequate information is not available and circumstances justify its cost; and Soliciting offers for acquisitions that could lead to a bundled contract.

IN REAL LIFE WE:

Review the marketplace by looking at ads, magazines, newspapers, yellow pages, television, compare goods at various stores; Talk to co-workers or friends about their knowledge and experience with restaurants, doctors, repairmen; and Do Internet searches for vacations, know where the best deals are for game software, and know which fast food restaurants have the best specials this week. We must use these same skills to enhance our business judgment in contracting. We must change our acquisition practices by increasing our market research efforts, and use our abilities to tailor solicitation and contract clauses and terms and conditions for commercial contracting to the maximum extent practicable. We must do a better job of documenting our market research results in contract files.

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WHEN IS MARKET RESEARCH PERFORMED?

It starts with a description of need (prior to the RFC) Continues throughout the acquisition process Until the product is no longer useful or services end Level of market research performed will depend on various factors (acquisition value, urgency, complexity, past experience, and past market research results).

HOW CAN I USE MARKET RESEARCH?

Use it to comply with Federal mandates and acquisition reform principles (commercial item, performance-based service contracts, environmental requirements, etc.). Use it to locate capable sources (including preferential programs)...