Commercialization - Definition
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What is Commercialization?
Commercialization is a process that involves introducing new products or new production methods in the market. Commercialization generally involves product/service development, sales, marketing, distribution, customer support, and other key functionalities.
Commercialization often comprises of the following components:
- The idea generation phase also referred to as the funnel.
- The business development phase which involves knowing the ultimate goals and how to achieve each milestone.
- Stakeholder involvement and this may include the customers.