Innovation Management Chapter 6 Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is Intellectual Property (IP)?

Any product of human intellect that is intangible but has value in the marketplace.

Why are a company's intellectual assets considered more important these days?

To protect the assets and innovations developed from being used by others without permission, providing core competency and competitive advantage.

What is the main idea behind Intellectual Property (IP)?

To protect assets and innovations from unauthorized use by others.

Why is seeking legal advice necessary for protecting Intellectual Property (IP)?

<p>To find the best course of action and avoid serious financial losses due to mistakes.</p> Signup and view all the answers

What type of assets have traditionally been considered most important by businesses?

<p>Physical assets like land, buildings, and equipment.</p> Signup and view all the answers

How can firms benefit financially from Intellectual Property (IP)?

<p>By licensing their IP to others.</p> Signup and view all the answers

What must a patent application include?

<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

What is the purpose of design patenting?

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

What is 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

What is a trademark?

<p>Any word, name, symbol, or device used to identify the source or origin of products or services</p> Signup and view all the answers

What are some strategic motives for patenting?

<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

What is the duration of protection provided by design patenting?

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

What are the 5 common mistakes small businesses make in protecting their IP?

<p>Not properly identifying all of their IP, Not fully recognizing the value of their IP, Not legally protecting the IP that needs protecting, Not using their IP as part of their overall plan for success</p> Signup and view all the answers

What are the 4 forms of IP mentioned in the text?

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

What is a patent?

<p>A contract between the government and an inventor that grants protection and prevents others from using the same idea/technology for a specified term.</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

Where are patents usually issued?

<p>Patent and trademark offices, such as the USPTO in the US</p> Signup and view all the answers

How long does patent protection typically last?

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

What is the main purpose of trademarks?

<p>Provide consumers with useful information</p> Signup and view all the answers

Where can trademarks be registered in the US?

<p>Patent and Trademark Offices (e.g., <a href="http://www.uspto.gov">www.uspto.gov</a>)</p> Signup and view all the answers

What are the steps involved in registering a trademark?

<p>Selecting → Searching → Applying</p> Signup and view all the answers

What are some reasons for trademark change 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 main function of copyrights?

<p>Grant legal rights to the owner of a work of authorship</p> Signup and view all the answers

Where can copyrights be registered?

<p>Copyright Office (e.g., <a href="http://www.copyright.gov">www.copyright.gov</a>)</p> Signup and view all the answers

What are some examples of items protected under copyright law?

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

What is the purpose of protecting trade secrets?

<p>To prevent disclosing information that could be damaging to a firm if stolen by others.</p> Signup and view all the answers

What are some measures to protect trade secrets?

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

Why do firms need to protect their intellectual properties?

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

What is recommended for a firm regarding its existing intellectual properties?

<p>Develop an inventory (registration of patents, trademarks, copyrights, etc.) and protect works in progress systematically.</p> Signup and view all the answers

Why should a firm identify works in progress?

<p>To ensure they are being documented and protected in an orderly manner.</p> Signup and view all the answers

Flashcards are hidden until you start studying

Related Documents

Innovation Management Chapter 6

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser