Commercialization is the final stage in the new product development process, which is the actual introduction and launch of the new product on the market in full scale. This is a costly and risky phase that requires significant investments in production, distribution, sales and promotion.
When making a decision to commercialize, management must determine the strategic parameters: 1) When (timing – whether to be first or wait), 2) Where (place – whether to be a local, regional, national or global launch), 3) Who (target market – which consumer groups to target) and 4) How (marketing mix – what marketing efforts to implement).
