Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product?
A) test marketing
B) idea screening
C) business analysis
D) marketing strategy development
E) concept testing

Based on the scenario being described within the question it can be said that the product is in the business analysis stage. This stage focuses on reviewing historical data and identifying all of the business needs and decisions that must be taken before introducing a new product into the market. This is done in order to make sure that the product will perform as efficiently as possible.

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BenitoMarin BenitoMarin · Answer 2 · 2020-03-29T23:53:29+02:00

Answer:

The correct answer is letter "C": business analysis.

Explanation:

The New Product Development is the process a venture engages at the moment of introducing a new good or service into the market. It follows eight (8) steps: idea generation, idea screening, concept development, and testing, business analysis and development, product development, test marketing, commercialization, and product introduction.

In the business analysis process, the company measures future firm profitability by conducting researches on consumer patterns. The business idea is already finalized by this stage but it is necessary to gauge the impact of the product in the market.