Product Commercialization

Product Commercialization - 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 efforts

The 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-term 2. Business Process Stage - It is a stage-wise process and each stage has its own key

goals and milestones

3. Engage Stage - It is vital to involve key stakeholders early, including customers


The 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

marketing

Flow 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 Commercialization The 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


The 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


The Product Lifecycle

Strategic Product Management Plan [NM Working Example]

Product Profitability Analysis [NM example]

Product – Go-To Market [NM example]

Product Assessment Selection [NM example] To

Product Performance Analysis [NM example]

Load time review

Including workshops and interviews to Establish roles and activities Identify non-value add activity (such as double-

entry), and Identify key barriers to efficient or effective

loading time.

Review of technology

Including review of whether • It is fit for purpose in relation to processes that

lead into it, • what are the user-centered strengths and

weaknesses, and • are the current metrics it provides, useful for

management decision-making and improvement.

Process mapping

Including • Identification of all core product management

functions • Stakeholder identification end to end • Dependencies and chokepoints

Providing recommendations for consistent approach to product loading

Including • Product. Simplify and/or prioritize the

complexity of products/ itineraries. • Queue response time. Up skill and produce

tools to reduce queue of unresolved questions • System difficult to use. Recruitment to include

systems use, expand viewing function and enable feature to include copy and paste.