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Business Analysis

Following things are required to be done while conducting a business analysis: -

1. estimate likely selling price
2. estimate sales volume
3. estimate profitability and breakeven point

Beta Testing and Market Testing

The purpose of Beta testing is to determine how the product performs in an actual user environment. It is critical that real customers perform this evaluation, not the firm developing the product or a contracted testing company. The steps followed are as follows: -

1. produce a physical prototype or mock-up
2. test the product in typical usage situations
3. make adjustments where necessary
4. produce an initial run of the product and sell it in a test market area to determine customer acceptance.

Technical Implementation

Following things are needed to be done in this step: -
1. New program initiation
2. Resource estimation
3. Requirement publication
4. Engineering operations planning
5. Department scheduling
6. Supplier collaboration 7. Resource plan publication
8. Program review and monitoring
9. Contingencies - what-if planning

Commercialization

Finally commercialisation means completion of product research. This means: -

1. launch the product
2. produce and place advertisements and other promotions
3. fill the distribution pipeline with product
4. critical path analysis is useful at this stage

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* Contributed by: -
Vidhu Goyal,
Graduate from IMT Ghaziabad, Batch of 2006,
Currently working with Max New York Life in Gurgaon.