Most successful businesses own some form of correct answers Intellectual Property
Intellectual Property (IP) correct answers Refers to creations of the mind, or the ownership of ideas.
There are many types of Intellectual Property (IP) protections: correct answers - Patent
-Trademark
-Copyr...
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Most successful businesses own some form of correct answers Intellectual Property
Intellectual Property (IP) correct answers Refers to creations of the mind, or the ownership of
ideas.
There are many types of Intellectual Property (IP) protections: correct answers - Patent
-Trademark
-Copyright
-Trade Secret
Patent - correct answers A patent is a type of IP protection that allows for the owner of an
invention to have the exclusive right to make, use, or sell that invention. In order to qualify for a
patent the invention has to be novel, non-obvious, and useful. In the United States, a patent lasts
for 20 years. Once a patent expires, anyone can use the patented invention and make money from
it.
Trademark - correct answers A trademark is a design, symbol, or other mark that identifies and
distinguishes products and/or services from others on the market. We generally think of
trademark's as applying to logos. Once you use a new trademark, you have common law
ownership rights, but many people elect to further protect their mark by registering the trademark
with the US Patent and Trademark Office.
Copyright - correct answers A copyright is a protection of original creative works. It is not
required that a work subject to copyright be registered with any governmental entity, but
registration of a copyright is recommended because it serves as evidence of ownership.
Trade Secret - correct answers A trade secret is information that is commercially valuable if kept
secret, is known to a small number of people, and the owner of the information has taken
reasonable steps to ensure the information remains secret. Trade secrets are often used in lieu of
a patent because they do not expire. Examples include the recipe for Coca Cola and Kentucky
Fried Chicken.
In all cases of IP ownership it is the responsibility of the owner to enforce their IP rights. correct
answers Owners Responsibility
Typically when IP is used by others it is via a licensing agreement wherein the IP owner is paid a
royalty based on a percentage of sales or profits generated from the use of the IP. correct answers
Can earn Profits off IP
The 4 Ps of Marketing (sometimes called the Marketing Mix): correct answers Product, Price,
Place, Promotion
Product - correct answers A company's product includes all the features (tangible and intangible)
that the company sells to its customers. Products can be classified based on who they are being
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