Commercialization is the process or cycle of introducing a new product or production method into the market. The actual launch of a new product is the final stage of new product development, and the one where the most money will have to be spent for advertising, sales promotion, and other marketing efforts. In the case of a new consumer packaged good, costs will be at least $10 million, but can reach up to $200 million.
Commercialization is often confused with sales, marketing or business development. The Commercialization process has three key aspects:
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