What is Commercialization?

Commercialization Definition

Commercialization is the process of bringing new products or services to market. The launch or commercialization of a new product is considered the final stage of new product development (NPD). At this point production, distribution, marketing, sales, customer support, and other key functions are needed to ensure commercial success.

What is Commercialization

FAQs

Why do you commercialize a product?

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

What is Commercialization in new product development?

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

Why is commercialization of technology necessary?

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

What are the challenges for 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

The Cost
of
Mistakes

Delivering new products to market is challenging. And It is difficult to see the cost impact of one or more mistakes.

Try our calculator to estimate the impact on your business. Input your business details, select a challenge, and see the real-world cost impact as validated by our customers.