Please Define the Following Key Terms

question 44

Short Answer

Please define the following key terms.
-Cornelia

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Definitions:

Commercialization

The process of bringing a new product or service to the market, involving activities such as production, marketing, and sales to generate profit from the innovation.

New-Product Development

The act of conceptualizing, developing, and introducing a novel product or service to the marketplace.

Screening and Evaluation

The process of assessing various options or candidates based on set criteria to identify the most suitable choices.

Simulated Test Markets

Experimental marketing techniques that replicate the conditions of a full-scale market test for products or services in a controlled environment.