MANAGEMENT

Detailed explanation-1: -The process used to test a business concept is called a . answer choices. feasibility analysis.

Detailed explanation-2: -One of the most critical stages of the entrepreneurial process is the development and testing of a business concept. The concept is tested by means of an analytical tool known as feasibility analysis, which tests the product/service, the customer, the benefits, and the distribution in the marketplace.

Detailed explanation-3: -A feasibility study starts with a preliminary analysis. Stakeholders are interviewed, market research is conducted, and a business plan is prepared. All of this information is analyzed to make an initial “go” or “no-go” decision. If it’s a go, the real study can begin.

Detailed explanation-4: -Feasibility analysis involves assessing your new business idea in detail to determine if it will be viable. This can build on any initial research you’ve already done.

Detailed explanation-5: -Essentially, a feasibility test is a thorough assessment carried out prior to starting any market research project to get an idea of how achievable the project is. Done properly, it will give you the foundations you need to build a successful qualitative market research project.