Commercialization

Commercialization

'Commercialization' is the process or cycle of introducing a new product or production method into the market. The actual launch of a new product is the final stage of new product development, and the one where the most money will have to be spent for advertising, sales promotion, and other marketing efforts.

Commercialization is often confused with sales, marketing or business development. The Commercialization process has three key aspects:

1. The funnel. It is essential to look at many ideas to get one or two products or businesses that can be sustained long-term
2. It is a stage-wise process and each stage has its own key goals and milestones
3. It is vital to involve key stakeholders early, including customers