What is the process of transforming inventions into marketable products called?

The process of transforming inventions into marketable products is called commercialization. This encompasses several key activities, including developing a product prototype, testing it in the market, and establishing the production process while also strategizing its marketing and sales approach. Commercialization is crucial because it bridges the gap between ideas or inventions and the market, allowing businesses to generate profit from innovative concepts.

Innovation refers to the broader concept of introducing new ideas, products, or methods, but it does not specifically emphasize the practical steps taken to bring a product to market. Production focuses mainly on the manufacturing or assembly of a product rather than the entire process of getting an invention into consumers' hands. Market Research, while an important aspect of understanding customer needs and the competitive landscape, is just one component of the broader commercialization process, which involves various stages from conception to sale.