Final answer:
The correct term for the process of determining whether a lead is a viable prospect is lead qualification. This step in the sales process assesses the potential customer's interest, need, and capacity to purchase.
Step-by-step explanation:
The procedure of determining whether a lead is in fact a prospect is known as lead qualification. In the context of business and sales, lead qualification is the process used to determine whether a potential customer, or lead, has a genuine interest in buying a company's products or services and if they have the authority and resources to purchase. This critical step involves assessing the lead's fit with the product or service offering, such as their need for the product, budget, timeframe, and buying authority.
Options like sales conversion, prospect analysis, and lead assessment might be related to this process, but they aren't the specific term for determining if a lead is a prospect. Sales conversion refers more to the process of converting a qualified lead into a paying customer, while prospect analysis might be seen as a more in-depth review of a prospect's potential needs and value. Lead assessment could be part of or synonymous with lead qualification, but the term lead qualification is most commonly used in the sales process.