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 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.