Definition of commercialization - SS2 Government Lesson Note

Commercialization refers to the process of taking a new idea, product, or service from its development stage and turning it into a profitable business venture.

It involves identifying potential customers, developing a marketing strategy, setting prices, and establishing distribution channels to sell the product or service in the market. The goal of commercialization is to create a sustainable business that generates revenue and profits while satisfying the needs of customers.