Dictionary of Procurement Terms

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  • Market Research

    Collecting and analyzing information about capabilities within the market to satisfy agency needs. The results of market research are used to arrive at the most suitable approach to acquiring, distributing, and supporting goods and services.

  • Market Segmentation

    A strategy whereby a business divides the total market into groups of people who have relatively similar product needs. (Ferrell & Hirt, 2002)

  • Market Share

    1. The percentage of total market output produced by a single firm. 2. The ability of a business entity to capture a large segment of a particular market. 3. A company’s percentage of the total market in which it is a dominant player. (Ferrell & Hirt, 2002)

  • Market Supply

    The total quantities of a good that sellers are willing and able to sell at alternative prices in a given time period. (Schiller, 2000)

  • Market Survey

    An attempt to determine whether there are qualified sources capable of satisfying the specific requirements for supplies, services, or construction. May range from written or telephone contacts with knowledgeable experts regarding similar requirements, to consultation of technical or scientific journals, to ​solicitations for information or planning purposes only.

  • Market Testing

    A service contracting technique that refers to the use of public-private competitions to compare or benchmark in-house service delivery approaches and costs against the private sector. (Ferrell & Hirt, 2002)

  • Market Value

    The price which a product, service, or property might be expected to bring if offered for sale in a fair market, i.e., a market that is not prone to fluctuations.

  • Market-Based Pricing

    A pricing strategy that sets the value of a product from the market prospective and is based on ​supply and ​demand.

  • Market-Oriented Pricing

    Price setting that occurs when prices are defined according to the range of the quality of the product or service provided by the Supplier.

  • Marketable Securities

    Temporary investment of “extra” cash by organizations for up to one year in U.S. Treasury bills, certificates of deposit, commercial paper, or Eurodollar loans. (Ferrell & Hirt, 2002)

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