Steve, a retiree, wants to open a day care facility for dogs with his savings. After deciding on the services that he would be providing to his customers, he calculates costs versus the demand and the profit he could make depending on the volume of sales. After extensive deliberation, Steve decides to take credit from the bank for opening the facility as the initial investment required is too high. Steve is currently in the _____ stage of the new-product development process.
A)commercialization
B)business analysis
C)idea generation
D)test marketing

Question

Quizplus · Accepted Answer

Steve is in the business analysis stage, where he is evaluating the costs, demand, and potential profits of opening a daycare facility for dogs. He is also exploring financing options such as taking credit from the bank.

Steve, a Retiree, Wants to Open a Day Care Facility