Which term describes the method of obtaining regulatory approval for a new product?

The method of obtaining regulatory approval for a new product is best described as the Commercialization Process. This process encompasses various steps that include not only the development and design of a product but also the necessary compliance with regulations and standards before a product can be launched in the market.

In the context of commercialization, obtaining regulatory approval is a critical step as it ensures that the product meets health, safety, and efficacy standards set by the relevant authorities. This approval is essential for the product to be legally marketed and sold, thereby influencing the overall success of the business.

While the other terms mentioned may relate to aspects of bringing a product to market, they do not specifically capture the focus on regulatory approval. For instance, a Compliance Strategy involves adhering to laws and regulations, but it is broader and not solely about obtaining approval for a new product. Similarly, the Market Entry Strategy refers to how a company plans to sell and deliver its product, and a Risk Management Framework focuses on identifying and mitigating risks rather than specifically obtaining regulatory approval. Thus, the Commercialization Process is the most comprehensive term that includes the critical aspect of regulatory approval in the journey of a new product from conception to market launch.