Intellectual Property Assets

Intellectual Property Assets

• Assets resulting from activities of the mind
• Products of research, ingenuity, brilliance, creativity, or accidental discovery
• Examples include trademarks, service marks, software, copyrights, patents, and trade secrets
• Trademarks encompass service marks, trade names, designs, logos, seals, and symbols
• Software is organized information for computer operations with two classifications:
  • System software controls basic computer functions
  • Application software handles common tasks with programmed manuals and instructions
• Original literary, music, and art compositions are unique
• Trade secrets involve all types of information, technical or otherwise, like company philosophy and data
• Intellectual property outputs include unique designs, innovative products, and inventions
• Protected by law, giving exclusive rights to individuals/organizations via patents or copyrights, enabling a monopoly

Organizational Monopoly

• Created when an organization possesses intellectual property assets, leading to a competitive edge
• Allows the organization to optimize intellectual property and enjoy associated benefits – Cultivates a reputation for innovation – Increases internal efficiency, productivity, and employee motivation
• Helps to draw financial returns from intellectual property through production, utilization, and sales – Offers exclusive rights to produce and sell research results
• Safeguards corporate assets through legal means for brand protection and trade secrets – Government ensures intellectual property rights through legal enforcement, prohibiting copying – Patents and copyrights act as legal proof of ownership
• Creates opportunities for low-cost leadership and enhances competitive strength

Human Resource Assets

• Encompass expertise, traits, capabilities, skills, and organizational human-centered assets
• Expertise includes specialized knowledge and academic achievements
• Skills include unique and forward-looking professional competence
• Knowledge in various fields does not automatically equate to intellectual capital
• Individuals become valuable assets when they are smart, strategic, and have environmental knowledge
• Historical knowledge is valuable because it is from people that have been within the company for a long time seeing the evolution of the company
• Key personal traits include leadership, ingenuity, problem-solving capabilities, and adaptability – Also includes energy, initiative, industry, and integrity
• Managerial, entrepreneurial, and competency assets include effective planning and business expertise – Also includes competency in communication, IT, and practical qualifications

Human-Centered Assets

• Involve mature employees and collaborative teamwork
• Employee qualities include high emotional intelligence, self-awareness, and strong interpersonal skills
• Synergistic relationships among employees, management, and stakeholders
• Cultivate commitment, social enrichment, and competitive advantage

Human Resource Leverage

• Arises from human resource assets, creating a competitive edge
• "Expertise" assets consist of educational attainment, professional competence, and relevant knowledge
• Personal qualities enhance organizational temperament
• Managerial and entrepreneurial skills promote effectiveness
• Human-centered qualities facilitate opportunity
• Recognizing and developing human resources is crucial
• Employee departure results in asset loss

Marketing Assets

• Intangible assets such as brands, names, and loyalty
• Brands provide market supremacy – Well-recognized brands promote substantial sales – Examples include "Colgate", "Kodakan", and "Xerox"
• Company names can be market assets by virtue of popularity
• Customer loyalty assists organizations in gaining market share by long term support and relationships

Distribution Channels

• Efficient channels do not assure market control if they are unstructured
• Organized channels enable expansion and attract customers
• Strategic and collaborative alliances are essential for market ascendancy

Market Dominance

• Brought about by effective brand marketing and efficiency
• Effective branding creates product awareness and advertising advantages
• A well-known company name enhances financial worth
• Repeat business from customer loyalty creates an advantage
• Optimized sales come from efficient movement of goods/services to the public

Infrastructure Assets

• Positive organizational features like management philosophy and structure
• A lean organizational structure streamlines tasks and reduces bureaucracy
• Dynamic organizational cultures have values that translate into positive attitudes – Includes shared interests and emotional balance – Has organizational philosophies and ethical practices
• Managerial practices with quality standards enhance competitiveness
• Technology is the application of knowledge

Comparative Advantage

• Streamlined structure improves communication
• Aligning beliefs fosters a collaborative environment
• Management philosophies contextualize organizational direction
• Commitment to ethical practices enhances organizational value.
• High involvement increases performance
• Streamlined processes minimize costs
• Quality standards like quality policy improve operations
• IT transforms functionality in various ways

Asset Management Strategies

• Managing the assets of an organization to improve its valued resources
• Competency involves knowledge, attitudes, and skills aligned with the vision
• Well-defined job descriptions provide a performance framework and assures employees have proper skills
• Competency streamlines management - improving employee skills and efficiency
• Competency assists with recruitment and promotion

Classifying Competencies

• Realization of a company success is dependent on the vision and its employees performing
• Employee expertise is dependent on rank an alignment with job descriptions
• Competencies are classified as either core, functional, or managerial
• Core competencies are the basic standards that all employees must have
• Functional competencies are for specific jobs in areas like marketing and tech
• Managerial competencies involve administrative/attitudinal skills

Widening the Horizon

• Strategic advancement is critical to competitive advantage
• Computers can broaden business opportunities
• Companies should appreciate the value of knowledge and communication to improve
• Creating a database of existing clients, vendors and competition improves performance
• Undergoing systematic computer recording
• Engaging in e-marketing
• Take advantage of deals offered by supplier
• Training helps enhance and generate knowledge
• Employees must be encouraged to develop themselves and share knowledge
• Need to recognize the knowledge of experts within the fields
• Prepare employees to adopt to attitudinal change
• Resources are access to market information and intellectual property
• Networking through strategic alliances is important
• Company culture should constantly evolve

Competitive Innovation

• Ensures sustainability and advantage
• Creating and re-engineering new ideas
• Brings a paradigm shift from old mindsets to new
• Encourage a synergistic outlook
• Should be tailored to the given innovation scenario

Innovation Scenarios

• Consists of ways to innovate
• Differentiation of existing products
• Reinventing products and services
• Continuous experimentation
• Applying technologies
• Change the business
• New products to futurize the org
• Widening the breadth/depth of intellectual property
• Competencies are more effective than seniority, and create bargaining power