What is Commercialization?

Customers can choose from a greater range of items as a result of commercialization, while businesses can produce more income, improve efficiency, and cut expenses. It’s a crucial procedure because it involves strategic and tactical considerations. They have an impact on a product’s and a company’s overall performance.

Source: https://sendpulse.com/support/glossary/commercialization

The process of commercialization can be broken down into six parts. They enable businesses to decide on production levels and processes, as well as distribution networks and marketing strategies. The six parts of commercialization in new product development (NPD) are:

• Specify the offer
• Align the product with the heart of your business
• Determine who your oranization/company want to reach
• Promote the service or product
• Make a sales strategy
• Predict the outcomes of the product’s commercialisation

Source: https://sendpulse.com/support/glossary/commercialization

Technology commercialization assists in the creation of new start-up businesses and the expanding of existing companies’ product lines. Because commercialized technology are usually used in production processes rather than sold to consumers, commercialization boosts business-to-business (B2B) exchanges. Entrepreneurs have more chances as a result of commercialization, as well as the creation of support networks. It is these types of supportive ecosystems that we observe in the world’s most prosperous locations.

source: http://rfs-llp.com/technology-commercialization

The key obstacles and challenges of the commercialization process, according to a past study, are connected to marketing, human resources, technical resources, financial resources, the business environment, and the commercialization process planning and management.

Source: https://www.emerald.com/insight/content/doi/10.1108/MRR-08-2016-0192/full/html