Reasons for commercialization - SS2 Government Lesson Note
Commercialization is undertaken for various reasons, some of which include:
- · To generate revenue and profits: The primary reason for commercialization is to generate revenue and profits from a new idea, product, or service.
- · To meet customer needs: Commercialization enables companies to develop and market products or services that meet the needs and desires of customers, thereby increasing customer satisfaction and loyalty.
- · To gain a competitive advantage: Commercialization can help a company gain a competitive advantage by introducing new and innovative products or services that are not currently available in the market.
- · To expand the business: Commercialization can also be used to expand the business by entering new markets or expanding existing ones.
- · To create employment opportunities: Commercialization of new products or services can create job opportunities, which can help boost the local economy and provide a source of livelihood for people.
- · To gain returns on investments: Investors invest in new ideas, products, or services with the hope of earning a return on their investment. Commercialization is necessary to generate revenues and profits that can provide returns to investors.