A project manager needs to select a vendor for a new project. Before proceeding, they review industry publications, attend trade shows, and study competitor offerings to understand current market trends and potential suppliers. Which vendor evaluation technique is the project manager employing?
The project manager is utilizing market research, which involves gathering and analyzing information about industry trends, competitor products, and potential suppliers to make informed decisions during vendor selection. This approach helps in understanding the overall market conditions and identifying suitable vendors. Other options like Request for Information (RFI) and vendor site visits involve direct interactions with potential vendors but do not encompass the broader analysis of the market landscape that market research provides.
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What are the steps involved in market research for vendor selection?
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How does market research differ from a Request for Information (RFI)?
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Why is market research important in vendor selection?