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Questions and Answers
Intellectual Property (IP) includes only tangible products of human intellect.
Intellectual Property (IP) includes only tangible products of human intellect.
False
Businesses traditionally considered physical assets more important than intellectual assets.
Businesses traditionally considered physical assets more important than intellectual assets.
True
One of the main purposes of IP is to prevent others from using our assets and innovations without permission.
One of the main purposes of IP is to prevent others from using our assets and innovations without permission.
True
Licensing intellectual property to others cannot generate significant financial returns for a firm.
Licensing intellectual property to others cannot generate significant financial returns for a firm.
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Seeking legal advice from a specialized lawyer for IP matters is not necessary and can be undertaken alone.
Seeking legal advice from a specialized lawyer for IP matters is not necessary and can be undertaken alone.
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Intellectual property is named as such because it is the result of human imagination and inventiveness.
Intellectual property is named as such because it is the result of human imagination and inventiveness.
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A patent is granted to the inventors or discoverers of novel devices, products, processes, equipment, materials, or those who significantly improve them.
A patent is granted to the inventors or discoverers of novel devices, products, processes, equipment, materials, or those who significantly improve them.
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A patent application must include evidence of being first to market.
A patent application must include evidence of being first to market.
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Design patents protect the functionality of a product rather than its visual appearance.
Design patents protect the functionality of a product rather than its visual appearance.
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Patenting a design provides protection for 10 years.
Patenting a design provides protection for 10 years.
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Trademarks are used to identify the source or origin of products or services.
Trademarks are used to identify the source or origin of products or services.
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Common rules for patenting include right of priority for the first patent application in all contracting states for 6 months.
Common rules for patenting include right of priority for the first patent application in all contracting states for 6 months.
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Trademarks can be registered through the Patent and Trademark Offices.
Trademarks can be registered through the Patent and Trademark Offices.
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Selecting a trademark is not important as it does not affect the firm's success.
Selecting a trademark is not important as it does not affect the firm's success.
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Attempting to imitate a similar trademark will be accepted in the registration process.
Attempting to imitate a similar trademark will be accepted in the registration process.
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There were no legal disputes between Apple Corps and Apple Computer over competing trademark rights.
There were no legal disputes between Apple Corps and Apple Computer over competing trademark rights.
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Copyrights are only applicable for a duration of 50 years in Qatar.
Copyrights are only applicable for a duration of 50 years in Qatar.
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Copyright protection prevents others from reprinting, copying, or publishing any original works of authorship.
Copyright protection prevents others from reprinting, copying, or publishing any original works of authorship.
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Having a good IP can diminish your position in the market.
Having a good IP can diminish your position in the market.
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Not recognizing the value of IP is a common mistake in protecting the IP of small businesses.
Not recognizing the value of IP is a common mistake in protecting the IP of small businesses.
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Patents, trademarks, copyrights, and trade secrets are all types of intellectual property forms.
Patents, trademarks, copyrights, and trade secrets are all types of intellectual property forms.
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A patent grants protection and allows others to freely use the same idea or technology.
A patent grants protection and allows others to freely use the same idea or technology.
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A patent is a contract between an inventor and a business entity.
A patent is a contract between an inventor and a business entity.
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To obtain a patent, one of the conditions that must be met is non-obviousness.
To obtain a patent, one of the conditions that must be met is non-obviousness.
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A student's exam paper is automatically protected by copyright law, even without registration.
A student's exam paper is automatically protected by copyright law, even without registration.
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Trade secrets lose their protection if they are disclosed in a common area.
Trade secrets lose their protection if they are disclosed in a common area.
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Intellectual assets are considered more valuable than physical assets for companies in the current business environment.
Intellectual assets are considered more valuable than physical assets for companies in the current business environment.
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It is necessary for firms to register all their intellectual properties to protect their core competences.
It is necessary for firms to register all their intellectual properties to protect their core competences.
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One of the measures to protect trade secrets is to maintain logbooks for visitors only.
One of the measures to protect trade secrets is to maintain logbooks for visitors only.
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Restricting access is not an effective way to protect confidential computer files.
Restricting access is not an effective way to protect confidential computer files.
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Study Notes
Introduction to Intellectual Property
- Intellectual Property (IP) refers to any product of human intellect that is intangible but has value in the marketplace.
- IP is called "intellectual" because it is the product of human imagination, creativity, and inventiveness.
- A company's intellectual assets are often more important than their physical assets.
Need for a Lawyer
- If you have any type of IP, you need to seek legal advice from a specialized lawyer to find the best course of action.
- Having a good IP can enhance your position in the market as the sole owner of a specific asset.
Types of Intellectual Property
- Patents
- Trademarks
- Copyrights
- Trade Secrets
Patents
- A patent is a contract between the government and an inventor that grants protection and prevents others from making, using, or selling the same idea/technology for a specified period (usually 20 years).
- To obtain a patent, the following conditions must be met:
- Novelty: something new
- Non-obviousness: something unique, not obvious to find
- Industrial application (Usefulness): can be produced as a product or process in the market
- Patents are issued by the Patent and Trademark Offices (e.g., in the US: www.uspto.gov).
Copyrights
- Copyrights protect original works of authorship, such as literary works, musical compositions, computer software, dramatic works, and more.
- Copyrights prevent others from printing, copying, or publishing original works of authorship.
- Registered with the Copyright Office (www.copyright.gov).
- Applicable for a duration of approximately 70 years.
Trade Secrets
- Trade secrets protect confidential information that has economic value.
- Measures to protect trade secrets include:
- 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.
Summary
- Firms need to protect their IPs to preserve their core competences and maintain competitive advantages.
- A company's intellectual assets are often more important than their physical assets.
- A firm should develop an inventory of its existing IPs (registration of patents, trademarks, copyrights, etc.).
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Description
Test your knowledge on intellectual property management with this quiz based on Chapter 6 of Innovation Management. Learn about different types of intellectual properties such as patents, trademarks, and copyrights. Explore the importance of managing intellectual property in the business world.
