What does the term "market readiness" refer to?

The term "market readiness" specifically refers to a product's fitness for sales and compliance. This encompasses whether the product meets industry standards, regulations, and quality expectations that are necessary for it to be successfully sold in the market. Achieving market readiness involves various aspects including ensuring that the product is fully developed, tested, and validated according to applicable standards. It means that the product is not only physically ready for consumers but also legally and strategically positioned for a successful introduction.

Factors like marketing strategies, distribution channels, and customer support play significant roles in market readiness as well, but the primary concern is whether the product itself can be sold under the prevailing conditions and regulations. A product that is deemed market-ready has gone through necessary evaluations and is considered safe, reliable, and compliant with relevant laws, therefore ensuring a higher likelihood of success when launched.