Product Development and Commercialization (Essay Sample)

Product Development and Commercialization
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Product development and commercialization
In order to observe a steady growth and success of a firm, this stage of innovation and improving the already existing products is key to it. To maintain the stiff competition in the market when the product’s life cycle is reduced, customers and suppliers have to be integrated to shorten the time in the market. Here, it involves two processes, the strategic process and operational process. (Palma, 2020.
Strategic process
It takes into consideration where to derive products, production and the strategies to market where customers’ need is determined through a research. After this, ideas are developed to determine the value and acceptance of the said products on the consumers. A team is thereafter formed, that which has perfect knowledge to link particular customers and the suppliers. This is important as the firm establishes the roles after knowing all the relative weaknesses and strengths of various individuals to be involved in this process. The team therefore is tasked with examining any hindrance to access particular resources to be used in the new products specifically. Enhancement of product rollout issues that could otherwise tamper with the development at this stage is looked into. Market and promotion planning is therefore carried out and logistics in order to avoid poor sales strategy. Is the network flow of the new product going to be effective after the commissioning team involved? Profitability study or guideline is carried out thereafter. What is the