Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 21-30 of 102 results for “M”
  • 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 marketing term for the division of prospective buyers or a targeted market into more approachable groups with common characteristics, traits, or needs.
  • Market Share

    The portion of a market for a good or service controlled by a specific seller.
  • Market Supply

    The amount of a good or service that producers are willing and able to sell at different prices over a specific period of time.
  • 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 perspective 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.
  • Marketing

    The action of promoting and selling a good or service, which includes market research and advertising.