Innovation and Commercialisation

This document discusses the importance of innovation and its comparison with invention. It also explores how vision, culture, leadership, and teamwork shape innovation and commercialisation. The document further explains the 4Ps of innovation and the use of the innovation funnel. The case of Heinz is used as an example throughout the document.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explanation of innovation & its importance to company in comparison with invention......3
P2. Explanation of how vision, culture, leadership and teamwork of an organisation shape
innovation & commercialisation..................................................................................................6
TASK 2............................................................................................................................................7
P3. Explanation of 4Ps of innovation and use of innovation funnel ...........................................7
P4. Frugal innovation along with examples ................................................................................9
TASK 3..........................................................................................................................................10
P5. Importance of commercial funnel and new development process.......................................10
P6. Innovation business case .....................................................................................................11
TASK 4..........................................................................................................................................12
P7. Evaluation of Different tools to develop, retain and protect intellectual property..............13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is defined as the process of translating an invention as well as idea into products
and services, which develop value for customers in an appropriate manner. In addition to this, it
refers as a path to which an entity attract large number of people and enhance its performance as
well. It is determine that nowadays people like to consume those things that is innovative and
new in market as well (Akhundjanov, 2020). In the present report, Heinz is taken into
consideration. It is one of the Britain's brand which offer product such as Tomato Ketchup,
Heinz Beans, Cream of Tomato soup and many more. The company was established in the year
1869 and its main factory is situated in UK and Ireland as well. In earlier, its Ketchup contain
glass bottle that have a risk to break and is also inconvenient for customer also. For this, the
higher authorities of Heinz is planning to bring an innovation that is to replace glass containers
by squeeze vessel that is convenient and easy to carry for customers. The present report will
cover importance of innovation along with its comparison with invention. In addition to this,
there is discussion about how organisational culture, vision, teamwork and innovation shape
innovation as well as commercialisation. Moreover, 4Ps of innovation and development in
frugal innovation along with examples is described. Furthermore, the report will going to cover
the significance of commercial funnel along with application of new product development. Later,
an innovation business case is develop that consist of various ways of access funding in a proper
manner.
TASK 1
P1. Explanation of innovation & its importance to company in comparison with invention
Innovation: It is consider as a process of make changes in the existing product or bring
something new in terms of product, field or idea as well. Innovation help an entity to capture
large market share and develop a unique image at marketplace. In context to Heinz, It is a
renowned and for it is important to bring innovation in order to retain in market and to enhance
its customer base level. The company bring innovation that is replacement of glass containers of
sauce to Squeeze vessel.
Invention: It is defined as an act of bringing objects or ideas together in a unique way in
order to develop something which did not exist before (Altaf, Hassan and Batool, 2019). In many
organisations, invention take place when they have new idea that is totally different and unique

in market and has the ability to attract people and enhance its market share as well. For instance,
development of electric vehicles is totally a new concept in market that ensure growth as well as
success.
Importance of innovation:
Innovation plays vital role for every organisation as it help in attracting people and
develop a unique image in market as well. It is determine that it is important for a company to
ensure that innovation that is bringing by them is as per the market trends and fulfil requirements
of customers as well. The significance of innovation is given below:
Helping in growth of company: As per the viewpoint of experts, it is determine that
innovation help an entity to expand its operations in an effective way, which has positive
influence on the overall growth and success of company. In addition to this, innovation assist in
gaining eyes of people towards brand and develop positive mindset of customer that directly
leads to growth and development of an organisation.
Reinforce Brand: One of the most essential factor that plays vital role in gaining success
and growth as well is development of positive brand image at marketplace (Awni, 2019). It is
analysed that innovation process aid an entity to develop unique image in market that supports
in developing value for customers and set a brand image in mind of customer in a positive
manner.
Creating of USP: Bringing innovation directly mean of providing unique features and
attributes in market. It is determine that innovation help in developing a distinct image at
marketplace which in turn assist in attaining competitive advantage at marketplace. It will
directly leads to increase in performance and profitability level of an organisation in an effective
manner.

Responding to competition and trends: Innovation assist an entity to gain knowledge
about what opportunities they cab gain by their existing products and services. It is determine
that innovation help in fulfilling current needs of customers, deal with new market trends and
cope up with new technology. By this way, an organisation can respond to current trends and
remain n competition at marketplace.
Continuous improvement: It is analysed that innovation provides organisational
sustainability when an entity continuously make improvements and re-branding its products as
well as services. Making improvements help in attracting large number of people towards brand
that has a positive influence on sales and profitability level of a company.
Difference between Invention Innovation
Basis Invention Innovation
Meaning It is defined as bringing
something totally new in
market which does not exist
earlier as well. The companies
focuses on binging completely
new in order to increase its
product line and capture large
market share in an effective
manner.
This process is associated with
the development of new idea,
features, attributes within the
goods and service which is
already offered by company.
Bringing innovation help in
increasing consumption
product and services that leads
to increase in sales as well as

profitability in an appropriate
manner.
Concept This concept is mainly adopt
in order to give better service
to customers prevailing within
the society (Bond-Smith,
2019). It is determine that
invention take place for
different customer segment so
that there is proper utilisation
of new products as well as
services.
This concept is associated with
the development of value of a
specific product and service as
well. It help in providing
unique features and develop
brad image at marketplace in a
positive manner
Activities It is determine that invention is
limited with the practice of
research & development.
It is determine that innovation
cannot have limited access as it
spread at all the departments of
an organisation.
Innovation plays vital role as it assist in gaining business growth and development in an
effective manner. In addition to this, bringing innovation help an entity to attract more number of
people towards that has positive influence on sales as well as profit margins of company.
Moreover, innovation assist in raising market share and effectively respond to the disrupters
prevailing in the industry. Innovation allow an organisation to gain success and attain
competitive advantage at marketplace in an effective manner.
In addition to this, it is analysed that innovation is more effective as compare to the
invention. Innovation provide more opportunities an organisation for attaining growth in market
whereas invention occur high cost to company due to which overall profitability and revenue
level is declined (Zimmermann, Ferreira and Moreira, 2019). It is determine that innovation
takes less time as compare to the invention and also there is probability of acceptance of
innovation of products and services at marketplace.

P2. Explanation of how vision, culture, leadership and teamwork of an organisation shape
innovation & commercialisation
One of the main objective of every organisation is to gain growth as well as long-term
survival at marketplace. It is determine that there are several factors that help an entity in
achieving its desired goals in an effective manner. These factors are teamwork, vision,
leadership, culture of an organisation. It is analysed that all this factors shape innovation and
commercialisation that is given below in relation to Heinz:
Organisational vision: It is consider as an action which help an entity in bringing out an
innovative idea for an organisation that directly leads to attainment of desired objectives within
stipulated time period. It is determine that managers develop new ideas and strategy by
considering its vision and communicate it to all the staff members. In context to Heinz, its vision
is to offer some different taste and quality of product and packaging to its customers so that they
can grab attention of people and develop value for them in an effective manner.
Leadership: It is defined as a process of guiding and instructing people in order to
achieve desired goals in an effective manner. In addition to this, it is stated that an effective
leader is one who has the ability as well as potential to influence and motivate employees
towards attainment of objectives (Brem, Bilgram and Marchuk, 2019). With reference to Heinz,
it is determine that its leader make use of transactional and transformational leadership as it help
them to make employees conveyance to adopt changes in a timely and appropriate manner.
Moreover, it is significant for leaders of Heinz to make use of effective leadership style so that
innovation take place effectively and efficiently as well.
Culture: This factor include background, religion, language, values, beliefs and opinions
of staff members that is prevailing within the company. In case of Heinz, its higher authorities
ensure that requirements of its overall employees is fulfilled so that they can work with full
potential towards attainment of objectives within given time period. In addition to this, it is
analyse that company allow all the staff members to participate in the process of decision making
which help in bringing new idea and innovation in an effective manner.
Team work: One of the key factor of meeting with the targets and attain success is
Teamwork. It is determine that team working is more effective and productive as compare to the
individual performance. In relation to Heinz, it has teams that perform different functions such as
marketing, finance, operations and many more. All such teams help organisation to develop

some unique idea and implement them in market in an appropriate manner that directly leads to
raise in performance and productivity level of Heinz effectively (Chou, Hu and Shih, 2019).
Importance of cross functional teams
Cross functional teams are those wherein team members have different set of skills and
capabilities and is working to attain a common goal. It also consist of people belong from
different backgrounds and is performing so that organisational objectives is attained within given
time period (Laurent and Leicht, 2019). There are various benefits of development of such team
that is development of management skills, improvement in communication skills, development
of team building skills and sole. This teams plays vital role as organising cross functional teams
develop good relationship, motivate employees and improve confidence level due to which staff
members is retained for longer time with the organisation.
TASK 2
P3. Explanation of 4Ps of innovation and use of innovation funnel
Innovation is basically a procedure which is adopt by companies for the development of
products as well as services that is already existing in market. Heinz is redesigning its packaging
of ketchup glass containers to squeeze vessel that help company to provide convenient and easy
consumption of its product. For the implementation of such innovation and attainment of positive
results, it is determine that company can make use of 4Ps of innovation that is position, process,
paradigm and product as well. All this is described below in context to Heinz:
Paradigm – It is consider as identification of various ways by which company is
implement all the functions associated with innovation. In relation to Heinz, it is determine that it
make use of systematic innovation that help in gaining knowledge about the various innovation
ways and implement activities in an effective and best manner as well.
Product – It is determine that one of the innovation that comes in the mind of employees
or top level management of an organisation is product innovation. It is basically adding some
new feature, attributes within the product in order to make it attractive and enhance its
consumption level in an effective manner (archow and Röhm, 2019). With reference to Heinz, it
brings innovation within the packaging of Ketchup containers so that its consumption is
increases that has positive impact on sales and profitability as well.

(Source: Innovation space 4P's, 2016)
Position – It is basically alter the context of the goods and services and introduce it in an
effective manner. In addition to this, this factor basically take place in order to develop positive
mind set of people that is target market in an effective manner. Heinz is launching a new design
of Ketchup packaging that is handy and convenient for customers and for this, it make use of
promotional tools in order to develop position in market and enhance its acceptance level in an
effective manner.
Process – It is basically defined as the way of how innovation is delivered in market. It is
essential for higher authorities of Heinz to make use of proper and effective tools at the time of
production of products as it help them to create and delivered innovation in an effective manner.
In addition to this, it is determine that top level management of Heinz make use of performance
analysis tool in order to ensure proper im0plementation of activities and attainment of positive
results in an effective manner (Liyanage, 2019). Moreover, this innovation is delivered in
market by the assistance of marketing tools as it help them
Illustration 1: Innovation space 4P's

(Source: Innovation space 4p's , 2015)
Innovation funnel
Innovation funnel is mainly used to describe the steps which take place in the
development of process or product as well. It is also termed as Funnel management procedure
that is mainly adopt by entities in order to develop a realistic as well as innovative action plan.
Innovation funnel mainly consist of three major steps that is given below in context to chosen
organisation:
 Investigation – It is consider as the initial stage of innovation funnel and herein an entity
collect as many ideas as possible in order to bring innovation. It is determine that more
number of ideas aid companies to gain quality and better solution as well. If it is talking
about Heinz, it is identified that company has separate research team that examines and
conduct detailed study about the market scenarios along with the competitors action
which will help Heinz to make effectively bring innovation and new plan in market.
 Development – Herein, all the ideas which are create at the first stage is screened and
those idea is selected which is matching with the organisational goals (Ruposov, Belikov
and Urintsov, 2018). In relation to Heinz, its bring innovation of squeeze vessel that help
Illustration 2: 4p's of innovation

in attracting large number of people towards brands as it is easy to handle and use as
well.
(Source: Innovation funnel,2016)
 Product Delivery – It is consider as the last stage of innovation funnel and herein the
final product that is decided to bring in market is getting launched in a proper manner. In case of
Heinz, it is going to launch Squeeze vessel packaging of Ketchup and it is important for
company to bring such innovation in a proper manner so that people can attract towards it that
leads to increase in profitability of Heinz.
P4. Frugal innovation along with examples
Frugal innovation is defined as the procedure of declining the level of complexities &
cost of production as well as goods in an effective manner. In simple terms, it is using for
removing non-essential features from the products that has positive influence on performance of
an organisation. It is determine that Frugal innovation help an entity to convey things without
any obstacles and imperfections as well (Mat Jalaluddin, Othman and Harikrishna, 2019). It is
considered as an important tool as it help an organisation to deliver more value to customers at
lower cost without compromising the quality. Fir instance, General Electrics VSCAN make use
of principle of frugal innovation. In 1980, General Electrics healthcare was a leading provider of
traditional ultrasound machines globally. The demand of its product is getting high but after
penetration with Chinese market, it is required to replace expensive hardware of traditional
ultrasound machines and replace it with cheaper software in order to retain in the Chinese
market. There are various principles of frugal innovation that is given below:
Illustration 3: Innovation funnel

Principle 1: Engage and iterate: It is determine that old models of research and
development is time consuming and inflexible. Customer engagement and development of good
relationship with them help an organisation to gain better understanding about customer
requirements.
Principle 2: Flexibility: It is analysed that frugal approach is applicable to the asset
chain that consist of distribution, manufacturing, services, people and so on. For example, BMW
make use of light-weighting approaches for its electric cars that involve carbon fibre and
aluminium irrespective of steel.
Principle 3: Development of sustainable solutions: With the change in environment, it
is important for an organisation to develop those products and services that is sustainable and
offer is recycle in a proper manner. For instance, MacBook 2018 of Apple are produced with
100% recycle aluminium.
Principle 4: shape customer behaviour: This principle states that increase in awareness
and motivation as well help in shaping positive customer behaviour. One of the example is
Care4Today application which aid patients to stay on time table with their medication.
Principle 5: Make innovative trends: Another principle of Frugal innovation is hyper-
collaboration with suppliers, government, partners and competitors as well. For example,
General Electrics partnership with Quirky (a crowdsourcing platform) in order to develop
products such as Aros air-conditioner.
One of the example of frugal innovation is TATA Nano car that is world's cheapest car.
Most of the engineers working on Nano and used high-quality plastic panes for increase
structural stability. In addition to this, Nano has a seat with an integrated headrest, its frugal
engine and its easy shift mode. All such features assist TATA to bring out car at an economical
price in market.
TASK 3
P5. Importance of commercial funnel and new development process
Commercial funnel is consider as a marketing tool by which an entity find, trade as well as
qualify its products as well as services to customers. In addition to this, commercial funnel
breaks down customer journey from awareness to the buying stage. Moreover, it is a systematic
procedure of attracting customers towards goods and services & imposes then to buy it. For this,

it is essential for an organisation to determine customer requirements and needs so that it can be
fulfilled in a proper manner (Min, Vonortas and Kim, 2019). With the help of commercial
funnel, the top level management of Heinz is able to aware people about its new offering and
packaging that will directly leads to increase in profits and sales of company in an effective
manner. Furthermore, analysis of market conditions will help Heinz to offer innovation to the
target customer segment and enhance its productivity and profitability as well. Gaining
knowledge about buying process of customers assist Heinz to fulfil requirements of customers
and retain them for longer time period.
There are various stages involved in commercial funnel that is defined below:
Awareness: It consist of people who have idea about the product. In order to create more
awareness, the managers of Heinz can make use of social media applications such as Facebook,
Instagram, YouTube and so on. It assist company in reaching large number of people within
short span of time and enhance its sales and profitability level in an effective manner (Harmsen,
2019). In addition to this, the company can make also organize marketing campaign that help in
launching new product in more effective manner and also attract people towards new offering of
Heinz.
Interest: Herein, the respective company can emphasis on people who visit in its website
and shown interest on their product. Along with this, the company can make leads of those
person and provide them offers so that they can attract towards innovation which increase chance
of increasing of sales of company.
Decision: It is determine that herein people who are interested has take decision
regarding purchasing of product or not. It is important for Heinz to give discounts and attractive
offers so that final buying is take place by customers.
Illustration 4: Sales funnel

(Source: Sales funnel,2019)
Action: herein, the actual buying is take place and a new customer is added in company.
It is significant for Heinz to ensure that needs of customers is satisfied as it help in retaining
customer for longer time period and enhance profitability of company.
From the above discussion, it is analysed that commercial funnel plays vital role in
delivering new product effectively in the market due to which there is attainment of higher sales
and profit take place in the company (Fernández-López, Calvo and Rodeiro-Pazos, 2019). In
addition to this, following of such procedure help in bringing innovation at marketplace in an
effective manner.
New product development process:
It is defined as a step to step procedure that aid in launching products as well as services
to the potential and right customers as well. The process of NPD is given below in relation to
chosen company:
Idea generation: In the first step, a organisation is planning to develop an new idea with
an aim to attract more number of people towards brand. In relation to Heinz, its managers saw
that using of Ketchup glass container is inconvenient for people then it develops an ideal of
launching squeeze vessel that is convenient and easily handle as well.
Screening: herein, the idea that us developed is analysed that is whether it is reliable or
not and work in future or not.
Development of concept: In this step, the testing of particular concept take place and
main focus is n technical feasibility, formalities and designing as well.
Marketing strategy: Herein, an effective marketing strategy is developed with an aim to
promote innovative idea in market. It is determine that Heinz make use of marketing promotional
tools such as social media application in order to aware people about its new brand.
Business analysis: At this stage, overall evaluation of acceptance of new idea in market
is evaluated by managers of Heinz through various sources .
Development: This stage take place after the idea is properly tested by Heinz that is
implementation of innovative idea.
Test marketing: Herein, the products is tested as per the set standards so that
effectiveness of innovative idea is measured.

Commercialisation: It is consider as the last stage of new product development process
and herein the product is launch in market as the planning in a proper manner.
P6. Innovation business case
The idea that is bringing in market by Heinz is using of Squeeze vessel instead of glass
material for ketchup. It is an innovative ideal as in market most of the ketchup contain glass
coverage that is inconvenient to handle and has a risk of breakage. This innovative idea help
company to increase its sales and earn higher profits as well.
Steps Description
Summary This case will show how development of transformation of glass
bottles to squeeze vessel of Ketchup take place in Heinz in a
proper and effective manner. The innovation of squeeze vessel
take place after the analysis of customers requirement and market
trends. In addition to this, it also consist of objectives associated
with the innovation bring by Heinz at marketplace. Changes in the
packaging of Ketchup will easy ad convenient for customers to
handle or carry it.
Objectives The primary objective of Heinz is to enhance its customer base

level by 10 % and raise its profitability by 5% in coming 6 months.
Mission The mission statement of company is “To fulfil requirements of
customer by analysing their taste and preferences and to attain
competitive edge at marketplace”.
Vision The vision of Heinz is “To be the best food association in this
sector by providing quality food to customers in the
marketplace” .
Innovation in product The innovation that is bringing by Heinz is replacement of glass
bottles of ketchup with squeeze vessel that is convenient and easy
to use for customers. This innovation will attract customers
towards the brand that has a positive influence on sales and
profitability level.
Funding For bringing such innovation, the higher authorities of Heinz is
required funds that can be taken from external as well as internal
sources. It is determine that company opt for bank loan as it is one
of the systematic and secured form of funding.
Benefits By the assistance of new feature in its product, Heinz can attract
large number of people towards brand that leads to increase in
sales and profit margins of company. Its innovation aid company
to provide convenient service to customers that develop a positive
mind set of people and increase number of loyal customers of
Heinz.
Monitoring and
controlling
It is essential for higher authorities of Heinz to check and monitor
activities implement by employees as it help in making
improvements and attain objectives within given time period.
Cash flow forecasting

Particulars
First month
(All data in
£)
Second month
(All data in £)
Cash receipts:
Investment by partners 10000
Sales revenue 5000 5000
Total cash receipts (A) 15000 5000
Cash payments
Office rent 1000 1000
Office furniture 500 0
Marketing 500 500
Legal and accounting costs 200 200
Project materials 0 500
Sub-contracted labour 2000 2000
Salary 1000 1000
Sundry cost 500 500
Total cash payments (B) 5700 5700
Net cash flow (A-B) 9300 -700
Calculation of BEP
Particulars
First month
(All data in
£)
Second month
(All data in £)
Fixed cost:
Office rent 1000 1000
Furniture 500 0
Salaries 1000 1000
Total fixed cost 2500 2000

Variable cost:
Marketing cost 500 500
Legal and accounting cost 200 200
Material cost 0 500
Labor 2000 2000
Sundry cost 500 500
Total variable cost 3200 3700
Sales 5000 5000
Breakeven point (In units)
Fixed
cost /
contrib
ution
Breakeven point (In units) 1.39 1.54
Breakeven point (In revenues)
Fixed
cost /
PV
ratio
Breakeven point (In revenues) 6944.4 7692.3
Working Note*
Contribution
Sales-
variabl
e cost
Contribution 1800 1300

PV ratio
Contri
bution
/ Sales
* 100
PV ratio 36 % 26 %
Sources of funding
Bank loan: It is consider as a secured and systematic form of funding. The bank provide
funds to entities and for this, it charge an interest amount along with the principal amount.
Government assistance:It is determine that government provide finance to those
organisation that is present in its own country (Olson and Cohen, 2019). In addition to this, it is
analysed that government charge less amount of interest as compare to other sources of funding.
Venture capital: In this type of corporate financing, investors participate in the fresh
business in exchange for cash & strategic advice as well. It is determine that venture capital is
suitable for a business who require large funding for expansion and to raise market share. Along
with this, it is analysed that venture capitalists are more involved with business activities and
plays vital role in meeting with targets and providing advice for attaining success (Howell,
2020). Most of the venture capitalists like to invest in those organisations who has the value of
more than $100 million and to invest in such business, they take several months for decision of
investment.
From the above discussion of sources of funding, it is determine that Bank loan is
suitable for Heinz in order to take funds for bringing innovation in market. The Banks charge
less amount of interest as compare to other sources of funding.
TASK 4
P7. Evaluation of Different tools to develop, retain and protect intellectual property
It is important for an organisation to undertake measures through which intellectual
property can be developed, retained and protected. The discussion over the most important of
these tools is discussed as follows:-
Patents

Patents can be referred to as a set of exclusive rights that are granted via government for
an inventor for a fixed tenure of time in return for disclosing an invention done by them. These
tend to preserve an innovation or invention done by a company by prohibiting any other person
to copy the same in any manner.
Advantages: Patents provide protection to inventor or innovator until the statutory life of
the respective patent. Further, patents provide rights to owner company in case a willing
infringement of patent takes place.
Disadvantages: Patents are expensive to be acquired. In addition to this, it has been
acknowledged that the life of patents is quite less, in maximum cases being only 20 years.
Copyrights
Copyrights are similar to the patents, its just that copyright provides a range of selective
right via statute for a particular concept. The basic difference between patent and copyright is
that patent focuses upon innovation while copyright is associated with works of a source. With
the help of copyrights, the creation of a concept or idea can gain restriction right for all the
companies and individuals to be able to design or invent for a certain time frame.
Advantages: The statutory life of copyrights is more than any other intellectual property.
The statutory life is equal to life of creator in addition to 70 years.
Disadvantages: It is important to own the copyright in order to be able to enjoy the rights
that it grants. This implies that hereby authorship is not ownership.
Trademark
A trademark exclusively defines a product and recognizes ownership of the brand. Along
with this, it offer insurance to logos, brands and tag lines as well. One of the most profitable
categories in intellectual property is trademark that protect brand, logos to be copied by other
competitors. Trademarks are important as it help company to make customers quickly identify
and differentiate products and services prevailing at marketplace (Faurel, 2019). It is evaluated
that trademarks is used as a marketing technique to develop brand and also maintains demand of
a product. A trademark registration provides an exclusive right to company to use mark
internationally or in relation with products as well as services listed at the time of registration.
Further, it is identified that by having registered trademark an organisation is only one in the
whole world able to sell goods and services with that exclusive name.

Advantages: The statutory life of trademark is long as proprietor can keep renew
registration of trademark while keep it on using. It is analysed that registration of trademark
within the trademark office is easy and inexpensive as well. Another advantage is, trademarks
are unique that cannot be used by another brand in order to develop demand.
Disadvantages: It is determine that Trademark have a measure of unpredictability within
the market and such changes directly impact a price & popularity in sensational manner. In
addition to this, Trademarks may possess a remarkable level of volatility within the market. It is
determine that markets & perception change on a continuous basis and such changes may decline
value in a dramatic manner.
In accordance with the above discussion, it has been said that the innovation of Heinz
should be protected by copyrights (Yin, 2019). This is proposed because it has a larger statutory
life in comparison to other intellectual property.
CONCLUSION
From the above study, it is concluded that innovation plays vital role as it help in attracting
large number of people towards brand and also aid in retention in market for longer-time. IN
addition to this, commercial funnel help an entity to gain knowledge about buying process of
customers that leads to customer satisfaction and retention as well. It is important for company t
make use of intellectual property rights such as trademarks, patent and so on in order to secure r
protect their innovative idea in an effective manner.

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