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You are on step 6 of 11 steps.

Click for slide: Is early market engagement the right approach? Click for slide: Ensure the key issues have been addressed Click for slide: Carry out discussions with suppliers Click for slide: About market sounding Click for slide: Skills required Click for slide: Shaping the requirement Click for slide: Questions to consider Click for slide: PINs Click for slide: Talking to suppliers Click for slide: Using consultants Click for slide: Contexts
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What you need to do

Working from the high-level criteria for the project, market sounding can help shape the requirement so that procurement is focused on what the market can deliver.

A poorly framed requirement can present major risks to the project.

Points to consider

The following areas are key:

  • keeping options open: avoiding the tendency to 'zero in' on particular options; allowing suppliers the freedom to suggest ways forward
  • considering business models: looking at all the options for how the arrangement between customer and supplier might work (organisationally, financially, in relation to risk management etc)
  • considering how the way market subsectors work within the target market might affect the project
  • considering whether the requirement might usefully be split in particular ways

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