A.

Commercialization is a process that involves introducing new products or new production methods in
the market. Commercialization generally involves product/service development, sales, marketing,
distribution, customer support, and other key functionalities.

Commercialization often comprises of the following components:

The idea generation phase also referred to as the funnel.

The business development phase which involves knowing the ultimate goals and how to achieve each
milestone.

Stakeholder involvement and this may include the customers.

Commercialization includes three different stages: The ideation stage, the business process stage, and
the stakeholder stage. These stages include brainstorming, deciding if there is enough demand for a
product at the right price point, and understanding of the company will be able to benefit its
stakeholders by selling the product.

Commercialization involves taking a product or service and making it widely available to a broader
audience. For businesses, the goal is to create such products for less than they are sold to the public.
Product costs include production, distribution, marketing, sales, and customer support.

b.