a market consisting of schools, universities, hospitals, charities, clubs and similar organisations which buy goods and services for use in the production of their own goods and services.
What is the meaning of government market?
Definition. A government market is one which includes purchases by governmental units—federal, state, and local—that procure or rent goods and services in carrying out the main functions of the government.
How do institutional and government markets differ from business markets?
Institutional markets consist of schools, hospitals, nursing homes, and prisons that provide goods and services to people in their care. Government markets tend to favor domestic suppliers, require them to submit bids, and normally award the contract to the lowest bidder.
What is an example of an institutional market?
Institutional markets are entities such as cafeterias in state and local government buildings, schools, universities, prisons, hospitals, or similar organizations. These institutions are becoming more interested in buying local food, which provides a new marketing opportunity for a medium to large-scale farm.
How does the government use market research?
Market research is a common business practice used by government buyers and commercial firms. Central to the reforms are the mandates to maximize the acquisition of commercial items and services, and to acquire those items in a manner similar to that used by the commercial business sector.
What is market research in government contracting?
Market research is the continuous process of collecting and analyzing data on products, services, business practices and vendor capabilities to satisfy agency needs. Market research is also a critical tool in helping contracting officers find qualified small business vendors.
Do government agencies use market research?
Government agencies use market research and trend analysis as a critical component to determine best practice for acquisition planning, while commercial organizations use it to position themselves to bid on those contracts. Research has a high impact on government planning and the procurement process.
What government agency can provide you with resources for market research?
Research the Federal Market | GSA.
How do you pitch a business to the government?
- Understand what's involved.
- Know where to look.
- Review everything.
- Send a summary.
- Keep it clear.
- Check your website.
- Be proactive.
- Research your audience.
How do I sell my product to the government?
- Find available opportunities with the government relevant to their business.
- Make necessary preparations for bidding on a GSA contract.
- Submit an offer.