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Identify and discuss the concept of time to market with respect to the commercialization plan and value creation. - Admission Essay Example
Pages 3 (753 words)
Commercialization Name: Institution: Commercialization Time to market is the commercial term used to refer to the time period it takes for a product to move from being conceived as an idea, through the development process and finally a sellable product (Kahn, 2004)…
Just like time to market, the commercialization of a product or service is broken down into phases that constitute the commercialization plan, starting from the idea, production process and through distribution and customer support. This essay will identify and discuss the concept of time to market with respect to the commercialization plan and value creation. Various types of time to market exist, out of which an organization can pick any for varied reasons. For instance, although most managers would opt for one that minimizes the time to market as much as possible, the ideal situation would be to choose one that is aligned with the organization’s strategy rather than a blind pursuit of speed. On the other hand, while working on a tight time schedule, a manager may opt to have a more heavily staffed project to speed up things but also be ready for the escalated project cost (Kotler & Keller, 2012). Both the concept of time to market and commercialization are targeted towards value creation. The results of actions that grow the worth of products and services, as well as the business organization define how effective the commercialization plan and value creation techniques are. For a business to be successful, value creation should go beyond the aspect of improving value for customers who buy products and services (Jobber, 2001). ...
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