Certified Professional Public Buyer (CPPB) Practice Test

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In the context of market research, what is meant by ‘market investigation’?

A casual observation of market trends
A detailed examination of potential suppliers or products
A strategic planning process
An informal poll of customer preferences

The correct answer is: A detailed examination of potential suppliers or products

In the context of market research, 'market investigation' refers to a detailed examination of potential suppliers or products. This process involves thoroughly assessing the market landscape, analyzing the capabilities and offerings of various suppliers, and understanding the characteristics and performance of products available. Such a rigorous investigation helps organizations make informed decisions regarding procurement, identify competitive advantages, and evaluate the risks and benefits associated with different suppliers. This approach goes beyond simple observations or informal polling; it requires systematic data gathering and analysis to provide a comprehensive understanding of the market. By engaging in market investigation, buyers can identify the most suitable vendors, products that meet their specifications, and possibly uncover trends that could impact their procurement strategies.