Good question. There's no good answer.

The solution is usually to dig through as many choices as possible and find something probably mediocre, and stick with it.
Things that are fungible and easily substituted and searched for, are pretty easy. Resistors and capacitors, say. That's pretty well a solved problem, these days.
More complicated things, you are generally stuck with the same old fashioned process that you've always been stuck with. Call up some distributors and representatives, have a guy come out in person and talk about your application, and have them suggest something. Get some idea of pricing for your target quantity and schedule.
Then repeat until you're fed up or out of time, pick the best one and go with it.
Often times, engineers will disregard all of this shit, because it is, and just go with what they're already familiar with, even if it's a sub-standard solution.
For chipsets and stuff like that, specifically... you might be lucky if you can even tell that a manufacturer makes the thing you're looking for! Many of these SoCs and stuff are only available under tight NDA and $10,000 organization membership!
Tim