Market Research Basics
This is the process of collecting and analyzing information to support acquisition decisions.
What is market research?
This federal regulation governs administrative requirements, cost principles, and audit requirements for federal awards to non-Federal entities.
What is 2 CFR 200 (Uniform Guidance)?
FAR Part 10 is titled this and provides guidance on how agencies must prepare to meet procurement needs.
What is Market Research?
This type of internal memo can be used to summarize market research findings.
What is a Market Research Report or Memorandum for Record (MFR)?
You receive one response to a Sources Sought Notice. What must you document before proceeding with a sole source?
What is justification of the limited response and explanation of efforts made to obtain competition?
True or False: Market research is only required for contracts over the Simplified Acquisition Threshold.
What is False?
Under § 200.320, entities must conduct this before awarding noncompetitive contracts.
What is a cost or price analysis and/or market research?
This outcome can be achieved by using market research to identify capable sources, refine overly restrictive requirements, and select contract types that encourage broader participation.
What is promote competition?
You’re buying a customized training video under a 2 CFR 200 grant. What determines if it’s a product or a service?
What is the nature of the work (customization level, deliverable, and relationship to agency objectives)?
This type of market research is done to understand current and future vendor capabilities.
What is strategic market research?
For procurements over the simplified acquisition threshold, this type of competition is required.
What is full and open competition?
Market research must be conducted for acquisitions over this threshold.
What is the Simplified Acquisition Threshold (SAT)?
This tool allows agencies to compare pricing data from previous federal procurements.
What is the Contract Opportunities or GSA eLibrary / Prices Paid Portal?
After issuing an RFP, you realize the requirements were overly restrictive and you received few or no competitive offers. What should you do next?
What is cancel the solicitation, reassess and revise the requirements based on additional market research, and reissue a more competitive RFP?
The two main types of market research are ___ and ___.
What are strategic and tactical?
This documentation is required when using sole-source procurement.
What is a written justification?
FAR 10.002 states market research should also be done under this contract management circumstance.
What is before modifying contracts to meet requirements?
This government-wide tool helps identify small businesses by NAICS code.
What is SBA’s Dynamic Small Business Search (DSBS)?
You find that only one vendor meets a spec written 5 years ago. What could be the market research problem?
What is outdated requirements limiting competition?
The contracting officer may use market research conducted within 18 months before the award of any task or delivery order if the information is still current, accurate, and relevant.
Name one key reason market research is important in the pre-solicitation phase.
What is identifying sources / refining requirements / ensuring competition / avoiding unnecessary costs?
Under 2 CFR 200.320(c), a noncompetitive procurement may only be used when one of four specific conditions are met. Name one.
What is (1) the item is available only from a single source, (2) public exigency or emergency, (3) federal awarding agency approves, or (4) after solicitation, competition is inadequate?
Name at least two techniques recommended by FAR to conduct market research.
What are RFIs, industry days, internet research, or agency databases?
This document, often required for high-dollar-value acquisitions, summarizes how market research supports acquisition strategy and justifies key decisions.
What is an Acquisition Plan?
You must justify using a sole-source vendor under a grant. Which 2 CFR section outlines the criteria and documentation needed?
What is § 200.320(c)?