what is commercialization
Answers
Answer:
The process of managing or running something principally for financial gain...
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Answer:
Commercialization is the process of bringing new products or services to market. The broader act of commercialization entails production, distribution, marketing, sales, customer support, and other key functions critical to achieving the commercial success of the new product or service.
Explanation:
Commercialization requires a carefully-developed three-tiered product roll-out and marketing strategy, that encompasses the following major components:1.The ideation phase
2.The business process stage
3.The stakeholder stage.
*The Commercialization Process
Many people view the ideation stage as the mouth of a funnel. Although many ideas enter the funnel top, only a fraction ultimately make their ways downward towards implementation. Ideation attempts to generate new products and services that meet unanswered consumer demands, and the most functional designs align with the company's business model, by offering high benefits at low cost.
The ideation stage strives to incorporate a marketing philosophy known as "The Four Ps," which stand for product, price, place, and promotion. Often referred to as the marketing mix, companies use this concept to determine the products to create, the price points at which to sell them, the customer base it wishes to target, and the marketing campaigns it will roll out in an effort to move merchandise off shelves.