In the Four Step Process for Market Research, which is the second step?

In the Four Step Process for Market Research, which is the second step?

• A. Market surveillance
• B. Investigation
• C. Identification
• D. Procurement

Answer: (B)

In this four-step market research sequence, after you clearly define what you need, you move into Investigation. This stage is all about gathering facts about the market: understanding supplier capabilities, pricing, lead times, quality, terms, and potential risks. It’s the step that builds the evidence you’ll use to compare options and make informed choices. Without this information, you can’t accurately assess suppliers or negotiate effectively. After Investigation comes Procurement, where you select and contract with suppliers, and then Market surveillance, which is ongoing monitoring of market conditions and supplier performance. The other steps are earlier or later in the cycle, not the immediate next action after identifying the need.

In this four-step market research sequence, after you clearly define what you need, you move into Investigation. This stage is all about gathering facts about the market: understanding supplier capabilities, pricing, lead times, quality, terms, and potential risks. It’s the step that builds the evidence you’ll use to compare options and make informed choices. Without this information, you can’t accurately assess suppliers or negotiate effectively. After Investigation comes Procurement, where you select and contract with suppliers, and then Market surveillance, which is ongoing monitoring of market conditions and supplier performance. The other steps are earlier or later in the cycle, not the immediate next action after identifying the need.