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Commercialization - Essay Example

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Market Commercialization Name of Student University Introduction Commercialization is a process which includes the introduction of a new product and production method into the market. One of the major elements would be product development and commercialization through techniques like taking advantage of the progress in technological factors and imagining opportunities from the application of technology…
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Download file to see previous pages... The accomplishment of various objectives and goals of the organization will be done through excellent commercialization techniques (Environment.fi, 2012). Commercialization includes technological services like linking of technological delivery and endorsements (Harzing & Noorderhaven, 2000; Cai, 2000). In order to commercialize new product development the technology used must match with the specifications and requirements (Santamaria & Ni, 2008). Commercialization of a new product allows the company to create differentiated products with and against the customer’s choices along with various values dimensions (Narotama, n.d.). To gain maximum value from the products and product developments services commercialization helps in gaining high return on investment from product development and also attain a market position relative to its competitors (Shirani, 2009). External Factors Responsible for Commercialization in the International Markets Cost: The cost of the raw materials and labor is required for the manufacturing of a new product and whether these factors would turn out to be costly or cheap or huge determinants for the success of the new product development. Materials and technology: The availability of the raw materials and technology influence the product design. Customer Requirements: The customer tastes, preferences and requirements influence the product design. The changes in the product design are done accordingly to the customer wants and requirements. Culture: Culture plays an important role in the determination of the new product launch. The culture of a particular country plays an important role in determining the success of new product launch. Environment factors: While designing a new product, factors like whether the materials (Edgell, Ruf & Agarwal, n.d.) can be recycled or they are environment friendly or not are important determinants for new product development. Company Image and Identity: Perception of the brand image among the customers plays an important role in the new product development process and the product design. Competitors: The impact of the brand image of the competitors needs to be considered while executing a new product development process. Government rules and regulations: The government rules and regulations play an important role in the development and commercialization of new product. Internal Factors Responsible for Commercialization Changing Market Dynamics: The standardization of the product design would be affected by changing market dynamics and would be established which would lead to an increase in the organizational outcome. Dominant Product Design: Dominant design would be defined as establishing a standard which would be inherent to the overall industry standards. Network Externalities: Network externalities would be existent only in those products where the perceived customer utility is available and the success of the product depends upon the taste of the existing customers and the easy availability of the complementary products (Morrello, 2013). Commercialization Models: A commercialization model is prerequisite for the companies ...Download file to see next pagesRead More
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