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Commercialization

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Commercialization is a multi-faceted process, commonly mistaken for sales[3], marketing, or business development. It involves the methodical progression of an idea or product through various stages, from conception to market launch. This process, often described as a funnel, includes identifying potential profitable products or businesses, setting specific objectives and milestones for each stage of development, and involving key stakeholders such as customers early on. Critical decisions during commercialization concern the timing, location, target audience, and strategy of product launch. These decisions can be influenced by factors like potential market cannibalization, product enhancements, and prevailing market conditions. The success of commercialization largely hinges on a well-planned action plan, an effective marketing mix[1], and the identification of a primary consumer[2] group through research and test marketing.

Terms definitions
1. marketing mix. The marketing mix is a strategic tool used by companies to effectively market and sell their products and services. Developed in the late 1940s and popularized in the 1960s, it includes the four original elements, or '4 Ps': Product, Price, Place, and Promotion. Products are the goods or services offered by the company, while price is the amount customers are expected to pay. Place relates to how the product is distributed and accessed by customers, and promotion involves communicating the value of the product to potential customers. The marketing mix has evolved to include three additional components for services: people, process, and physical evidence, known as the extended mix. This strategy is crucial for a company's success as it helps leverage strengths, mitigate weaknesses, and enhance competitiveness. It also aids in achieving marketing objectives through internal collaboration and alignment. The marketing mix is adaptable and can be optimized for various industries and digital marketing efforts.
2. consumer. A consumer, in simple terms, is an individual who purchases goods or services for their personal use and not for resale or commercial purposes. They play a significant role in the economy as their demand for products motivates manufacturers to produce. This dynamic influences production, distribution, and consumption processes. Consumers also have certain rights, established by President John F. Kennedy, that include safety, information, choice, redressal, and representation. These rights protect them from hazardous goods and unfair practices. In today's digital age, consumers are evolving into 'prosumers', actively participating in product creation. Consumer behavior, therefore, has a profound impact on marketing strategies, leading to personalized marketing and mass customization.
Commercialization (Wikipedia)

Commercialization or commercialisation is the process of introducing a new product or production method into commerce—making it available on the market. The term often connotes especially entry into the mass market (as opposed to entry into earlier niche markets), but it also includes a move from the laboratory into (even limited) commerce. Many technologies begin in a research and development laboratory or in an inventor's workshop and may not be practical for commercial use in their infancy (as prototypes). The "development" segment of the "research and development" spectrum requires time and money as systems are engineered with a view to making the product or method a paying commercial proposition.

The product launch of a new product is the final stage of new product development – at this point advertising, sales promotion, and other marketing efforts encourage commercial adoption of the product or method. Beyond commercialization (in which technologies enter the business world) can lie consumerization (in which they become consumer goods, as for example when computers went from the laboratory to the enterprise and then to the home, pocket, or body).

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