What is outlined as the first step in conducting market research?

The first step in conducting market research involves consulting knowledgeable individuals. This is crucial because these individuals often possess valuable insights and expertise about the market, industry trends, potential suppliers, and new technologies. Engaging with experts allows for a deeper understanding of the market landscape and can help identify specific needs or gaps that could inform procurement strategies.

While attending trade shows, reviewing industry reports, and publishing contracts online can all contribute to subsequent stages of market research, they are not primary or initial steps. Trade shows can provide exposure to new products and networking opportunities, industry reports may offer data and analysis, and publishing contracts can increase visibility for potential bidders, but these actions do not begin the research process. The foundational knowledge gained from consulting experts is critical for shaping the direction of a market research initiative.