What process is used to make a product ready for the market?

The process of making a product ready for the market is known as commercialization. This phase encompasses a number of essential activities that transform a product concept or prototype into a viable offering that can be sold to customers. Commercialization typically involves refining the product based on feedback, determining pricing strategies, establishing distribution channels, and creating marketing campaigns to promote the product effectively.

In this context, commercialization is crucial as it not only ensures that the product meets market needs but also aligns with business objectives, enabling successful market entry. This process is foundational in the journey from idea to market presence, as it combines the elements of marketing, production, and sales strategy to ensure that the product reaches its intended audience effectively and generates revenue.

While market launch refers to the specific event when a product is introduced to consumers, it relies on the groundwork laid during the commercialization phase. Business development and product testing play significant roles as well, but they are part of broader strategies or processes that lead up to commercialization rather than the finalization of a product's market readiness.