LOMA 291 Module 3 Lesson 2 with
complete solutions rated A+
idea screening - correct answer ✔✔An activity in which a team quickly and inexpensively
evaluates new product ideas to separate workable ideas from those that have little or no
potential.
comprehensive business analysis - correct answer ✔✔An evaluation of all the factors that are
likely to affect the design, production, pricing, marketing, and sales potential of a new product.
market analysis - correct answer ✔✔An evaluation of all of the environmental factors that
might affect product sales, including target market characteristics, economic conditions, legal or
regulatory requirements, and tax considerations.
product design objectives - correct answer ✔✔In a comprehensive business analysis,
specifications of an insurance product's basic characteristics, features, benefits, issue limits, age
limits, commission and premium structure, and operational and administrative requirements.
feasability study - correct answer ✔✔In a comprehensive business analysis, research designed
to determine the operational and technical viability of producing and selling a product.
marketing projection - correct answer ✔✔In a comprehensive business analysis, preliminary
sales and financial forecasts that include estimates of potential unit sales, revenues, costs, and
profits for a proposed product.
product proposal - correct answer ✔✔A document used to present a product idea to an internal
team that decides whether to allocate company resources toward developing the product idea.
complete solutions rated A+
idea screening - correct answer ✔✔An activity in which a team quickly and inexpensively
evaluates new product ideas to separate workable ideas from those that have little or no
potential.
comprehensive business analysis - correct answer ✔✔An evaluation of all the factors that are
likely to affect the design, production, pricing, marketing, and sales potential of a new product.
market analysis - correct answer ✔✔An evaluation of all of the environmental factors that
might affect product sales, including target market characteristics, economic conditions, legal or
regulatory requirements, and tax considerations.
product design objectives - correct answer ✔✔In a comprehensive business analysis,
specifications of an insurance product's basic characteristics, features, benefits, issue limits, age
limits, commission and premium structure, and operational and administrative requirements.
feasability study - correct answer ✔✔In a comprehensive business analysis, research designed
to determine the operational and technical viability of producing and selling a product.
marketing projection - correct answer ✔✔In a comprehensive business analysis, preliminary
sales and financial forecasts that include estimates of potential unit sales, revenues, costs, and
profits for a proposed product.
product proposal - correct answer ✔✔A document used to present a product idea to an internal
team that decides whether to allocate company resources toward developing the product idea.
