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Product Commercialization

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Product Commercialization - By Neil Maclure

Product Commercialization - By Neil Maclure

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  • Full Name Full Name Comment goes here.
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  • One of the primary reasons for business failure is the lack of a commercialization plan which features relevant marketplace research. This presentation provides the necessary steps which MUST be used to limit risk.
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  • Thank you for this informative presentation that explains the basics of commercialization cycle, and introduces key concepts and terminology. Valuable to any innovator who is learning how to push their product or method into the marketplace.
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Product Commercialization Product Commercialization Presentation Transcript

  • ProductCommercialization- Neil Maclure
  • Product Commercialization Commercialization : 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 effortsThe 3 key aspects of Commercialization :1. Ideation Stage - It is essential to look at many ideas to get one or two products or businesses that can be sustained long-term2. Business Process Stage - It is a stage-wise process and each stage has its own key goals and milestones3. Engage Stage - It is vital to involve key stakeholders early, including customers
  • Product CommercializationThe Commercialization Process Commercialization of a product will only take place, if the following three questions can be answered: 1. When - When the company has to decide on the introduction timing 2. Where - Where the company has to decide where to launch its products 3. Whom - To Whom the primary target consumer group will have been identified earlier by research and test marketingFlow to Product Commercialization Key Questions to Answer • Is there a Product? • Can the Product Win in this Marketplace ? • Is Entry Worth It? [Customer & Market Data is Key] • How will we reach your target customer? • How will the Customer become aware of our product? • How will the Customer buy it? • How will we deliver it?
  • Product CommercializationThe Commercialization Action Plan a. Develop the Marketing Mix : The marketing mix is a broad concept which includes several aspects of marketing which all inquire to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution. b. Address the 7 Key P’s 1. Product [Tangible / Intangible] 2. Place 3. Price 4. Promotion 5. People 6. Process 7. Physical Environment c. Design the Product pre-launch planning and preparation • Product business case development and general business planning • Commercial roadmap including launch planning, detailed resources and budgets • etc
  • Product CommercializationThe Commercialization Action Plan d. Budgeting e. Managing the Product launch and Post-launch Management • Direct sales into strategic buyers and opinion leaders • Contracting of distributors and other commercial partners • Ongoing management, expansion and optimization of the channel • Support marketing activities, including conference participation and materials • Manage in-field support, professional education and clinical specialists • Oversee customer service, warehousing and product import
  • Product CommercializationThe Product Lifecycle
  • Strategic Product Management Plan [NM Working Example]
  • Product Profitability Analysis [NM example]
  • Product – Go-To Market [NM example]
  • ToProduct Assessment Selection [NM example]
  • Product Performance Analysis [NM example] Including workshops and interviews to  Establish roles and activities Load time review  Identify non-value add activity (such as double- entry), and  Identify key barriers to efficient or effective loading time. Including review of whether • It is fit for purpose in relation to processes that lead into it, Review of • what are the user-centered strengths and technology weaknesses, and • are the current metrics it provides, useful for management decision-making and improvement. Including • Identification of all core product management Process mapping functions • Stakeholder identification end to end • Dependencies and chokepoints Including • Product. Simplify and/or prioritize the Providing complexity of products/ itineraries. recommendations • Queue response time. Up skill and produce for consistent tools to reduce queue of unresolved questions approach to • System difficult to use. Recruitment to include product loading systems use, expand viewing function and enable feature to include copy and paste.