Innovation Management Chapter 6: Managing Intellectual Property Quiz
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Questions and Answers

What is the primary purpose of managing intellectual property?

  • To physically protect assets and innovations
  • To increase the value of physical assets
  • To prevent others from using assets and innovations without permission (correct)
  • To generate financial returns by licensing IP to others

    • Which of the following is NOT a traditional business asset?

  • Equipment
  • Buildings
  • Intellectual assets (correct)
  • Land

    • What is the potential consequence of not seeking legal advice for IP protection?

  • Serious financial losses (correct)
  • Simplified legal processes
  • Increased financial gains
  • Easier IP registration

    • What is the definition of intellectual property?

    <p>A result of human intellect with marketplace value</p> Signup and view all the answers

    What is NOT a type of intellectual property?

    <p>Physical asset</p> Signup and view all the answers

    What is the main advantage of having intellectual property?

    <p>Core competency and competitive advantage</p> Signup and view all the answers

    Which of the following is NOT a reason to protect intellectual property?

    <p>To decrease the value of assets</p> Signup and view all the answers

    What is the role of a lawyer in managing intellectual property?

    <p>To provide legal advice and find the best course of action</p> Signup and view all the answers

    What is the primary purpose of a patent?

    <p>To grant rights to inventors or discoverers of novel devices</p> Signup and view all the answers

    What must be included in a patent application?

    <p>Proof of being first to market</p> Signup and view all the answers

    Why is access to new knowledge considered a strategic motive for patenting?

    <p>To improve technological leadership</p> Signup and view all the answers

    Which convention provides the framework for worldwide patenting?

    <p>PARIS Convention Provisions</p> Signup and view all the answers

    What is the main purpose of design patenting?

    <p>To prevent others from using the same design</p> Signup and view all the answers

    What happens after the protection period of a design patent expires?

    <p>It becomes available to anyone</p> Signup and view all the answers

    What did RIM do to resolve the patent dispute with NTP?

    <p>$612.5 M payment settlement</p> Signup and view all the answers

    Which of the following best defines a trademark?

    <p>A symbol used to identify and distinguish products or services</p> Signup and view all the answers

    What is the primary purpose of a trademark for a firm?

    <p>To represent the successful story of the firm in customer minds</p> Signup and view all the answers

    What are the main steps involved in registering a trademark?

    <p>Selecting, searching, and applying</p> Signup and view all the answers

    What is the primary reason for trademark infringement disputes?

    <p>Competing trademark rights</p> Signup and view all the answers

    What are the main reasons for changing a trademark over time?

    <p>Rebranding, modernization, and legal reasons</p> Signup and view all the answers

    What is the purpose of a copyright in the context of intellectual property protection?

    <p>To protect original works of authorship</p> Signup and view all the answers

    What are the general conditions of copyright protection?

    <p>Original work, recorded on a published physical tool, and some creativity compared to previous work</p> Signup and view all the answers

    What is the typical duration of copyright protection?

    <p>Approximately 70 years</p> Signup and view all the answers

    What is the primary purpose of registering a trademark with the Patent and Trademark Office?

    <p>To protect the company's brand</p> Signup and view all the answers

    What is the primary benefit of having a good IP?

    <p>Increased market presence as the sole owner of a specific asset</p> Signup and view all the answers

    Which of the following is NOT one of the common mistakes in protecting IP of small businesses?

    <p>Overprotecting their IP</p> Signup and view all the answers

    What type of protection does a patent provide to an inventor?

    <p>Protection to prevent others from copying the idea</p> Signup and view all the answers

    What is the duration of protection provided by a patent?

    <p>20 years</p> Signup and view all the answers

    What is the main purpose of a patent?

    <p>To grant protection and exclude others from using the same idea</p> Signup and view all the answers

    Which of the following is NOT a condition to obtain a patent?

    <p>Utility in everyday life</p> Signup and view all the answers

    What does non-obviousness refer to in terms of obtaining a patent?

    <p><strong>Unique</strong> ideas that are hard to find</p> Signup and view all the answers

    Trade Secrets provide protection mainly through:

    <p><strong>Keeping information confidential</strong></p> Signup and view all the answers

    What type of works are protected under copyright law?

    <p>Pantomimes and choreographic works</p> Signup and view all the answers

    Which of the following is an example of a trade secret?

    <p>Coca-Cola recipe</p> Signup and view all the answers

    What is a measure to protect trade secrets?

    <p>Labeling documents</p> Signup and view all the answers

    Why should firms protect their intellectual properties according to the text?

    <p>To preserve core competences and maintain competitive advantages</p> Signup and view all the answers

    What is NOT a type of work protected under copyright law?

    <p>Labeling documents</p> Signup and view all the answers

    What is the main purpose of design patenting?

    <p>To protect the visual appearance of a product, not the product features</p> Signup and view all the answers

    Why do firms protect their intellectual properties according to the text?

    <p>To access new knowledge, open new markets, control competition, and establish technological leadership</p> Signup and view all the answers

    What is the significance of Right of Priority in patenting?

    <p>Priority for the first patent application in all contracting states for 12 months</p> Signup and view all the answers

    How long does a design patent provide protection for?

    <p>20 years</p> Signup and view all the answers

    What is the purpose of a trademark for a firm?

    <p>To identify the source or origin of products or services and distinguish them from others</p> Signup and view all the answers

    What is the main advantage of having intellectual property?

    <p>Enhancing reputation and setting standards</p> Signup and view all the answers

    What rights and protection are provided by the PARIS Convention for Worldwide Patenting?

    <p>Same rights and protection for all contracting states</p> Signup and view all the answers

    What does a trademark protect in terms of products or services?

    <p>To identify the source or origin and distinguish from others</p> Signup and view all the answers

    What is the main purpose of intellectual property protection according to the text?

    <p>To protect assets and innovations from unauthorized use</p> Signup and view all the answers

    What is the significance of intellectual assets compared to physical assets for businesses?

    <p>More important in today's context</p> Signup and view all the answers

    Why should companies consider licensing their intellectual property?

    <p>To generate significant financial returns</p> Signup and view all the answers

    What is the role of a specialized lawyer in managing intellectual property?

    <p>To provide legal advice on the best course of action</p> Signup and view all the answers

    How does protecting intellectual property provide a competitive advantage?

    <p>By having assets not available to others</p> Signup and view all the answers

    What is the primary benefit of having strong intellectual property?

    <p>Core competency and competitive advantage</p> Signup and view all the answers

    What is the main idea behind intellectual property protection?

    <p>To prevent unauthorized use of assets and innovations</p> Signup and view all the answers

    Why is legal protection for intellectual property crucial?

    <p>To avoid serious financial losses</p> Signup and view all the answers

    What are the three common mistakes small businesses make when protecting their intellectual property?

    <p>Not properly identifying all of their IP, Not fully recognizing the value of their IP, Not legally protecting the IP that needs protecting</p> Signup and view all the answers

    Describe the conditions that must be met to obtain a patent.

    <p>Novelty, Non-obviousness, Industrial application (Usefulness)</p> Signup and view all the answers

    What is the main purpose of a patent?

    <p>To grant protection and prevent others from making, using, or selling the same idea/technology for a specific term</p> Signup and view all the answers

    What are the main steps involved in registering a trademark?

    <p>Selecting, searching, applying</p> Signup and view all the answers

    What types of intellectual property forms are discussed in the text?

    <p>Patents, Trademarks, Copyrights, Trade Secrets</p> Signup and view all the answers

    What is the duration of copyright protection?

    <p>Approximately 70 years</p> Signup and view all the answers

    How do Trade Secrets primarily provide protection?

    <p>Mainly through confidentiality and not public disclosure</p> Signup and view all the answers

    What are the main reasons for changing a trademark over time?

    <p>Rebranding, modernization, mergers and acquisitions, international expansion, repositioning, crisis management, legal reasons</p> Signup and view all the answers

    What is the duration of protection provided by a patent?

    <p>Usually 20 years</p> Signup and view all the answers

    Why should firms protect their intellectual properties according to the text?

    <p>To enhance their position in the market and maintain a competitive advantage</p> Signup and view all the answers

    What are the general conditions of copyright protection?

    <p>Original work, unpublished, recorded on a published physical tool, creativity compared to previous work</p> Signup and view all the answers

    What happens after the protection period of a design patent expires?

    <p>The design patent becomes available to the public domain for anyone to use</p> Signup and view all the answers

    What are the main reasons for trademark infringement disputes?

    <p>Competing trademark rights, attempts to mislead customers by imitation</p> Signup and view all the answers

    What is the primary benefit of having a good IP?

    <p>Protection of unique creations, competitive advantage, increased value of the firm</p> Signup and view all the answers

    What is the primary purpose of registering a trademark with the Patent and Trademark Office?

    <p>Legal protection, preventing imitation, establishing ownership</p> Signup and view all the answers

    What is the primary reason for trademark infringement disputes?

    <p>Similar or identical trademarks, misleading customers, competition for market share</p> Signup and view all the answers

    What are some measures firms can take to protect their trade secrets?

    <p>Restricting access, Labeling documents, Password protecting confidential computer files, Maintaining logbooks for visitors, Maintaining logbooks for access to sensitive material, Maintaining adequate overall security measures</p> Signup and view all the answers

    What are some types of works that are protected under copyright law?

    <p>Literary works, Musical compositions, Computer software, Dramatic works, Pantomimes and choreographic works, Pictorial, graphic, and sculptural works</p> Signup and view all the answers

    Why should firms protect their intellectual properties according to the text?

    <p>To preserve core competences and maintain competitive advantages</p> Signup and view all the answers

    What steps should a firm undertake to manage its intellectual properties effectively?

    <p>Develop an inventory of existing IPs, Register patents, trademarks, copyrights, Identify and protect works in progress</p> Signup and view all the answers

    What is the primary purpose of registering a trademark with the Patent and Trademark Office?

    <p>To establish ownership and exclusive rights to the mark</p> Signup and view all the answers

    What are some examples of trade secrets mentioned in the text?

    <p>Coca-Cola recipe, KFC spices, Search engine algorithms</p> Signup and view all the answers

    Why are a company's intellectual assets often considered more important than their physical assets?

    <p>Because intellectual assets can provide long-term competitive advantages and drive innovation</p> Signup and view all the answers

    What is the significance of protecting intellectual properties for firms in today's business environment?

    <p>To maintain competitiveness, innovation, and market positioning</p> Signup and view all the answers

    What are the three common mistakes small businesses make when protecting their intellectual property?

    <p>Not properly identifying all of their IP, Not fully recognizing the value of their IP, Not legally protecting the IP that needs protecting</p> Signup and view all the answers

    What are the conditions that must be met to obtain a patent?

    <p>Novelty, Non-obviousness, Industrial application (Usefulness)</p> Signup and view all the answers

    What types of intellectual property forms are discussed in the text?

    <p>Patents, Trademarks, Copyrights, Trade Secrets</p> Signup and view all the answers

    What is the main advantage of having intellectual property?

    <p>Enhancing position in the market as the sole owner of a specific asset</p> Signup and view all the answers

    What rights and protection are provided by the Paris Convention for Worldwide Patenting?

    <p>Framework for worldwide patenting</p> Signup and view all the answers

    What is the main idea behind protecting intellectual properties?

    <p>To safeguard assets and innovations from unauthorized use by others.</p> Signup and view all the answers

    Why is seeking legal advice crucial for intellectual property protection?

    <p>Legal protection is complex, mistakes can lead to financial losses, and specialized lawyers provide guidance.</p> Signup and view all the answers

    How do intellectual assets compare to physical assets in terms of importance for businesses?

    <p>Intellectual assets are considered more important than physical assets in today's business environment.</p> Signup and view all the answers

    What is the primary purpose of having strong intellectual property?

    <p>To have assets that are not available to others, ensuring uniqueness and competitive edge.</p> Signup and view all the answers

    What is the primary method by which Trade Secrets provide protection?

    <p>By keeping valuable information confidential and undisclosed to maintain a competitive advantage.</p> Signup and view all the answers

    What is the significance of the Right of Priority in patenting?

    <p>Priority for the first patent application (in all contracting states- for 12 months)</p> Signup and view all the answers

    How does design patenting differ from utility patenting?

    <p>Design patenting protects the visual appearance of a product, while utility patenting protects the functionality or features of a product.</p> Signup and view all the answers

    Explain the concept of National Treatment in the context of patents.

    <p>Same rights and protection for all contracting states under the PARIS Convention.</p> Signup and view all the answers

    What are some strategic motives for patenting mentioned in the text?

    <p>Access to new knowledge, opening new markets, establishing technological leadership, enhancing reputation, setting standards, blocking similar development.</p> Signup and view all the answers

    How does a design patent protect intellectual property?

    <p>It prevents others from using the same visual design of a product.</p> Signup and view all the answers

    What are some key steps involved in registering a trademark?

    <p>Selecting, searching, applying</p> Signup and view all the answers

    Between which two entities were there legal disputes over competing trademark rights?

    <p>Apple Corps and Apple Computer (now Apple Inc.)</p> Signup and view all the answers

    What are some main reasons for changing a trademark over time?

    <p>Rebranding, modernization, mergers and acquisitions, international expansion, repositioning, crisis management, legal reasons</p> Signup and view all the answers

    What is the general duration of copyright protection?

    <p>~70 years</p> Signup and view all the answers

    What are the general conditions required for copyright protection?

    <p>Original work, unpublished, recorded on a published physical tool, creativity compared to previous work</p> Signup and view all the answers

    Explain the importance of protecting intellectual properties for firms according to the text.

    <p>To preserve core competences and maintain competitive advantages.</p> Signup and view all the answers

    What are some measures firms can take to protect their trade secrets?

    <p>Restricting access, labeling documents, password protecting files, maintaining logbooks for visitors and sensitive material, and implementing overall security measures.</p> Signup and view all the answers

    Describe the general conditions of copyright protection as mentioned in the text.

    <p>Copyrights protect literary works, musical compositions, computer software, dramatic works, pantomimes, choreographic works, and pictorial, graphic, and sculptural works.</p> Signup and view all the answers

    What is the main idea behind intellectual property protection?

    <p>To ensure that valuable creations and innovations are legally protected from unauthorized use or reproduction.</p> Signup and view all the answers

    Explain the significance of intellectual assets compared to physical assets for businesses.

    <p>Intellectual assets are often more crucial than physical assets for a company's success.</p> Signup and view all the answers

    What is the main purpose of intellectual property protection according to the text?

    <p>To protect assets and innovations from unauthorized use by others.</p> Signup and view all the answers

    Why should firms protect their intellectual properties according to the text?

    <p>To have a core competency and generate financial returns through licensing.</p> Signup and view all the answers

    What is the main advantage of having intellectual property?

    <p>Having something not available to others.</p> Signup and view all the answers

    What is the primary benefit of having strong intellectual property?

    <p>Maintaining competitive advantage.</p> Signup and view all the answers

    What are the three common mistakes small businesses make when protecting their intellectual property?

    <p>Not properly identifying all of their IP, Not fully recognizing the value of their IP, Not legally protecting the IP that needs protecting</p> Signup and view all the answers

    Explain the concept of National Treatment in the context of patents.

    <p>It ensures that foreign patent applicants are treated equally with domestic applicants.</p> Signup and view all the answers

    What are the conditions that must be met to obtain a patent?

    <p>Novelty, Non-obviousness, Industrial application (Usefulness)</p> Signup and view all the answers

    What are some measures firms can take to protect their trade secrets?

    <p>Secure access, limit disclosure, and use confidentiality agreements.</p> Signup and view all the answers

    What type of protection does a patent provide to an inventor?

    <p>Protection to prevent others from making, using, or selling the same idea/technology for the term of the patent</p> Signup and view all the answers

    What is the purpose of managing intellectual property?

    <p>To enhance a firm's position in the market as the sole owner of a specific asset</p> Signup and view all the answers

    What happens after the protection period of a design patent expires?

    <p>The design becomes available to anyone</p> Signup and view all the answers

    How do Trade Secrets primarily provide protection?

    <p>By keeping valuable information confidential and undisclosed</p> Signup and view all the answers

    What are the key components required in a patent application?

    <p>Evidence of being first to market, Establish date of starting the invention, Complete history and description of the invention, Lists claims for the product’s usefulness</p> Signup and view all the answers

    Explain the significance of the Paris Convention Provisions for patenting.

    <p>It provides same rights and protection for all contracting states, establishes national treatment, standardization, and common rules for patent legislation.</p> Signup and view all the answers

    What is the purpose of design patenting?

    <p>To protect the visual appearance of a product, not the product features, and prevent others from using the same design.</p> Signup and view all the answers

    Describe the cost incurred in a patent infringement case like the RIM settlement with NTP.

    <p>$612.5 million payment.</p> Signup and view all the answers

    What is a trademark and what does it aim to do?

    <p>A trademark is any word, name, symbol, or device used to identify the source or origin of products or services and distinguish them from others.</p> Signup and view all the answers

    What is the duration of protection provided by a design patent?

    <p>20 years.</p> Signup and view all the answers

    What are the main steps involved in registering a trademark?

    <p>Selecting, searching, applying</p> Signup and view all the answers

    What were the legal disputes between Apple Corps and Apple Computer related to?

    <p>Competing trademark rights</p> Signup and view all the answers

    Why is it crucial to select a trademark carefully from the beginning?

    <p>It represents the successful story of the firm in customer minds</p> Signup and view all the answers

    What is the significance of trademark infringement disputes between companies?

    <p>An attempt to mislead customers</p> Signup and view all the answers

    What are the general conditions for copyright protection?

    <p>Original work, unpublished, recorded on a published physical tool, creativity</p> Signup and view all the answers

    What are some reasons for changing a trademark over time?

    <p>Rebranding, modernization, mergers and acquisitions, international expansion, repositioning, crisis management, legal reasons</p> Signup and view all the answers

    What are some measures firms can take to protect their trade secrets?

    <p>Restricting access, Labeling documents, Password protecting confidential computer files, Maintaining logbooks for visitors, Maintaining logbooks for access to sensitive material, Maintaining adequate overall security measures</p> Signup and view all the answers

    What are the general conditions of copyright protection?

    <p>Literary works, Musical compositions, Computer software, Dramatic works, Pantomimes and choreographic works, Pictorial, graphic, and sculptural works</p> Signup and view all the answers

    Why do firms protect their intellectual properties?

    <p>To preserve core competences and maintain competitive advantages</p> Signup and view all the answers

    Explain the main idea behind protecting intellectual properties.

    <p>To ensure firms maintain their competitive edge and safeguard their valuable assets</p> Signup and view all the answers

    What is the primary purpose of having strong intellectual property?

    <p>To secure a company's valuable assets and maintain a competitive edge</p> Signup and view all the answers

    What is the primary benefit of having a good IP?

    <p>Preserving core competences and maintaining competitive advantages</p> Signup and view all the answers

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