Examples Of Technology Commercialization Process

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Technology Commercialization processes: According to Booz, Allen and Hamilton provide insight into the knowledge of product evolution and commercialization over the historic periods. Product commercialization consists of eight levels of product and service model. Phase 1: Exploratory/ Idea Generation: Commercializing ideas are screened according to process set up by the inventor or the company to fit it purpose. The development and the approved process is started if the creator or the company has chosen to continue the in-house development program. At this stage the application prototype is further developed into a functioning product prototype. In order to fit the product that is being developed for the intended market, exploratory…show more content…
During this narration, the creator or company business case for the new product concept is set-up, while the feasibility of the technology transfer towards a ‘real world’ application will be tested for commercialization purpose and the extent to which market related factors are unknown and difficult to acquire during the entry process. Some organization asks a committee to identify the market size, product cost, development time and costs, manufacturing costs and rate of restitution. They then evaluate the success rate against general criteria such as do we cause the people, resources and skills to make it succeed and does it deliver more value to customers than competitors (Kotler…show more content…
Not to mention helping to get a modest measure of buzz. Kotler, Armstrong, Saunders and Wong (2001) agree with Bowie and Buttle (2002), by highlighting that organization will cause to launch a prototype to try out the marketplace. Prototypes must perform safely under normal usage and must also be budgeted within the previously mentioned budgeted costs in the Business Analysis stage (Kotler, et al, 2001) Stage 6: Product Development Provided the technical aspects can be perfected without alterations to post- prototype products, contributing towards a smooth stages are vital. According to Akraine, in this phase, “The production department will establish plans to make the products. The marketing department will make plans to distribute the product. The finance section will provide the finance for bringing out the new

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