Commercialization

Commercialization or commercialisation is the process of introducing a new product, service 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 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).

Commercialization or commercialisation is the process of introducing a new product, service 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 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). == Process== Commercialization is sometimes confused with sales, marketing, or business development; however it integrates elements of each while extending beyond them—ranging from identifying commercializable opportunities to achieving long-term commercial success. The commercialization process has three key features: The funnel: It is essential to evaluate many ideas to identify one or two commercially viable products or businesses. A stage-based process: commercialization is a stage-wise process, and each stage has its own key goals and milestones. Early stakeholder involvement: it is vital to involve key stakeholders early, including customers to validate assumptions, reduce uncertainty, and improve the likelihood of commercial success. ==References== Jolly, Vijay K.(1997): Commercializing New Technologies: Getting from Mind to Market; Harvard Business School Press. [Note: a new edition was due in early 2009.] ==Further reading== Clemens, F. et al. (2003): Xelibri: A Siemens Mobile Adventure; case study of WHU School of Management, Vallendar, Germany; distributed by ECCH Collection, England and USA. Dibb, S. et al. (2001): Marketing – Concepts and Strategies; Fourth European Edition Houghton Mifflin; Boston. Jobber, D. (2001): Principles & Practice of Marketing; Third Edition McGraw-Hill; London. Kotler, P. et al. (1996): Principles of Marketing; Fourth European Edition Prentice Hall; Harlow (UK). Lancaster, G. and Massingham, L. (1999): Essentials of Marketing; Third Edition McGraw-Hill; London. ==See also== Commodification New product development Technology Transfer

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