In electronic or digital marketing, intellectual property is an intangible legal right that protects the logo and brand name from other companies. It gives rise to a productive environment wherein value is given to innovations based on creativity. In other words, it protects the creation of human intellect and the thinking process, such as copyrights and patents. It enables people to earn economic rewards and gain recognition for their work. Public policy has a vital role in influencing intellectual property and affects innovation more strongly. In todayâ€™s internet and information technology world, sharing ideas and information is necessary for innovation. The right to intellectual property facilitates this sharing and assures that no ideas and information shared will be misused.
Business organizations are forced to indulge in innovations and new creations due to the increasing rate of technology becoming obsolete. The everchanging needs of the potential customers have to be met by the business entities to survive in the market. This is the main reason for the growth of intellectual property in the digital marketing business. Large investments are made in this domain, leading to increased market growth. Renting intellectual property in an electronic marketing environment has become the current trend in most organizations. It also helps the entity to market its products at the international level.
Copyrights â€“ This is a form of protection given to the writers for original work. This is most prevalent in the USA. It provides legal protection to art, music, writing, pictures, and other forms of intellectual work. It prevents other people from reusing it without seeking permission from the individual who has the copyright. It can only use the copyrighted work can for educational, parody, or commenting purposes.
Patents â€“ It is a legal protection given to the inventor of a product. A patent right generally lasts for 20 years from filing the patent with the countryâ€™s government. The invention should be related to the machine, technological process, or composition of matter. A business organization that discovers or manufactures a new product should patent it in the companyâ€™s name before floating it in the market.
Trademarks â€“ It refers to a symbol, word, or phrase that distinguishes a product from similar products. It helps a product to survive in a competitive market. It also serves as a brand identifier.
Trade secrets â€“ This refers to confidential information about a product or service that allows a company to enjoy a competitive advantage over other products in a market. Can use non-disclosure agreements and trade contracts to prevent the leakage of trade secrets to competitors.
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