Chapter 12 Notes

Chapter 12 Notes - Chapter 12 The Importance of...

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Chapter 12 – The Importance of Intellectual Property Highlighted Notes are on Exam 3 Study Guide I. Intellectual Property: Intellectual Property is any product of human intellect that is intangible but has value in the marketplace. (the “product” of human imagination, creativity and inventiveness.) Laws exist to encourage creativity & innovation by granting to individuals exclusive rights to their intellectual property for a period of time. Increasingly a company’s intellectual assets are the most valuable. II. What Intellectual Property to Legally Protect – 2 Guidelines: 1. Is the intellectual property directly related to one’s competitive advantage? 2. Does the intellectual property have value in the marketplace? III. Four Key Forms of Intellectual Property: 1. Patents 2. Trademarks 3. Copyrights 4. Trade Secrets IV. Patents: Patents – a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent. The only form of intellectual property right expressly mentioned in the U.S. Constitution. Three Types of Patents: 1. Utility Patents – (most common) covers new inventions or any new and useful improvement thereof. Three Basic Requirement: 1) The invention must be useful 2) It must be novel in relation to prior arts in the field 3) It must not be obvious to a person of ordinary skill in the field Business Method Patent – patent protection for a method of doing business or something that facilitates this means of doing business
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This note was uploaded on 06/12/2011 for the course MNGT 305 taught by Professor Chadwick during the Spring '11 term at Nicholls State.

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Chapter 12 Notes - Chapter 12 The Importance of...

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