MCS 1000 Lecture Notes - Lecture 10: Cross-Functional Team, Virtual Reality, Business Analysis
13 Jan 2018
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Business analysis- the stage of the new product process that involves specifying the product features and marketing strategy making financial projections needed to commercialize the product. Last checkpoint before significant capital is invested in creating a prototype. Prototype full scale operating model of the product under development. Development the stage of the new product process that involves turning the idea on paper into a prototype. Market testing exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy. Test marketing involves offering a product for sale on a limited basis in a defined area for a specific time period. Standard test market company develops product and sells it through normal distribution channels in a number of test. Producer sells the products to distributors, wholesalers, and retailers. Controlled test market contracting the entire test program to an outside service. Public is used, and they are placed into a simulation of the actual process.
