Final answer:
During the business case analysis phase of new-product development, companies address crucial questions about market opportunities, brand impact, costs, production processes, output, pricing, and labor, all framed within the context of market structure and competition.
Step-by-step explanation:
The stage in the new-product development process where a company seeks to answer questions about market opportunity, brand impact, and costs to bring the product to market is typically during the business case analysis phase. This critical step involves a deep dive into questions such as:
- What product or products should the firm produce?
- How should the firm produce the products (i.e., what production process should the firm use)?
- How much output should the firm produce?
- What price should the firm charge for its products?
- How much labor should the firm employ?
These decisions are influenced by the production and cost conditions that each firm faces, as well as the market structure which can affect how much market power a firm has, the similarity of the product compared to competitors, and the ease of market entry for new firms. By carefully analyzing these factors, businesses can develop a comprehensive understanding of their new product's potential and how it fits into the larger market landscape.