Definition of commercialization - SS2 Government Past Questions and Answers - page 1
What is commercialization?
The process of creating a new idea
The process of turning an idea into a profitable business venture
The process of manufacturing a product
The process of turning an idea into a profitable business venture
What is the goal of commercialization?
To create a new idea
To generate revenue and profits
To satisfy the needs of customers
Which of the following is NOT a part of the commercialization process?
Developing a marketing strategy
Manufacturing the product
Establishing distribution channels
What does commercialization involve?
Setting prices
Creating new ideas
Building prototypes
Define commercialization in simple terms.
Commercialization refers to the process of turning a new idea, product, or service into a profitable business venture by identifying potential customers, developing a marketing strategy, setting prices, and establishing distribution channels to sell the product or service in the market.
What is the ultimate goal of commercialization?
The ultimate goal of commercialization is to create a sustainable business that generates revenue and profits while satisfying the needs of customers.