Loma 291 Module 3 Lesson 2 (2023/2024) Already Passed

idea screening {Ans: An activity in which a team quickly and inexpensively evaluates new product ideas to separate workable ideas from those that have little or no potential.}comprehensive business analysis {Ans: An evaluation of all the factors that are likely to affect the design, production, pricing, marketing, and sales potential of a new product.}product proposal {Ans: A document used to present a product idea to an internal team that decides whether to allocate company resources toward developing the product idea.}market analysis {Ans: An evaluation of all of the environmental factors that might affect product sales, including target market characteristics, economic conditions, legal or regulatory requirements, and tax considerations.}product design objectives {Ans: In a comprehensive business analysis, specifications of an insurance product's basic characteristics, features, benefits, issue limits, age limits, commission and premium structure, and operational and administrative requirements.}feasability study {Ans: In a comprehensive business analysis, research designed to determine the operational and technical viability of producing and selling a product.}marketing projection {Ans: In a comprehensive business analysis, preliminary sales and financial forecasts that include estimates of potential unit sales, revenues, costs, and profits for a proposed product.}