Multiple Choice Question Answer | Introducing A New Product Into The Market Is Called _____.

The correct answer of this mcq is D) "Commercialization", as Commercialization is a process of bringing new products or services or ideas into the market to gain profits or financial return. During New Product-Development Process, commercialization requires co-ordination of different departments such as production, distribution, marketing, sales, human resource management, customer care representative service, etc., to achieve a commercial success.

Commercialization is considered to be the final phase of new product-development process. Proper commercialization plan should be prepared before the product is ready to launch. Company needs to test the product before releasing into the market. Check the strategic and tactical strategies so that the short-term and long-term plans will come through i.e., product will satisfy customers needs and create superior customer value, product is acceptable by the audience and it is beneficial for the society.

Advantages of Commercialization

1. Through commercialization, a new growing can promote its products to more customers and increase its sales and profits.

2. Overall, the efficiency of producing products and quality of products are improved by implementing new ways of producing, distributing and pricing with lower cost which ultimately increased the revenue for the company's business. For example, a new product will reach to more customers at lower cost if commercializing of product take place i.e., through online store, new product can be sold with discounted price.

3. Customers have better choices to buy a new quality product at reasonable price rather than buying old products with high prices.

4. It encourages innovation in the market and more new products or services (which have probably better quality and cheaper prices) with improved features are introduced in the market.