commercialization (noun, com-mer-cial-i-za-tion, \ kəˈmɜːrʃəlaɪzeɪʃn \)
Definition: is the process of introducing a company’s new good or service to the market as it represents one of the final stages of the product development cycle. This process is divided into several phases starting with the product’s introduction, followed by mass manufacturing, and finished by consumer adoption. The success of the commercialization stage relies on the cooperation and efficiency of the manufacturing, distribution, marketing, and sales departments and usually requires a detailed plan to be carried out.
In a Sentence:
- The sales of our latest product line are discouraging and can be blamed for the mistakes we’ve made during its commercialization. Even though the initial presentation was a success, the marketing campaign that followed was clearly inefficient.
- Thanks to how many hours we dedicated to the commercialization phase, the first shipment of our products was sold out within a week. It feels good to know that your hard work has paid off in such a major way.
Synonyms and related words: institutionalization, bureaucratization, departmentalization, digitalization
