Which document may be used to gather information from vendors during market research?

The correct answer, Request for Information (RFI), is commonly used as a tool in the market research phase of procurement. An RFI is designed specifically to collect descriptive information about potential vendors' products, services, and capabilities. Organizations utilize RFIs to better understand market offerings and gather insights that help in decision-making and strategizing for future procurements.

Using an RFI allows issuers to evaluate multiple suppliers without committing to a specific purchase or contract. It facilitates the identification of which vendors can meet the organization's needs, what solutions they offer, and how they differentiate themselves from competitors. Additionally, RFIs can outline areas of interest and allow vendors to showcase their expertise, innovation, and alignment with the organization’s goals.

Other methods, while useful, serve different purposes. For instance, a Request for Quotations (RFQ) is primarily focused on obtaining price quotes for specific products or services after a need has been established. Two-step sealed bidding and sealed bidding processes are generally applied for procurement but are used under distinct circumstances and typically involve formal bidding and negotiations rather than initial market research. Thus, while all these documents have their valuable roles in procurement, the RFI is specifically targeted for collecting comprehensive insights during the exploratory phases of market analysis.