A patent is an agreement between the inventor and the federal government under which the inventor receives an exclusive right to use the invention while having an obligation to make it public. A trade secret refers to any information or method giving the owner an exclusive competitive advantage if used in the business. The aim of a patent is to make the invention public while the aim of a trade secret is to keep the information hidden from publicity. While patents are limited in time, trade secrets are not. Another distinctive feature of a patent is its ability to protect the invention from being used by anyone except the owner of the patent for commercial purposes. A trade secret is not provided with such protection, as it can be used by another person if being discovered by legitimate means. The person can patent already existing trade secret if he/she discovers Continue reading
International Business Basics
Factors Determining the Infringement of Trademark
Trademark infringement is defined as the unauthorized use of a trademark or service mark on or in connection with goods and services in a manner that is likely to cause confusion, deception, or mistake about the source of products. Infringement may be constituted as a result of a deliberate attempt by an individual or a company to benefit unfairly from the name of a strong brand by assuming a trademark that is similar to that of the competitor. In other cases, it may be a mistake caused by the inferiority and inconspicuous nature of the already existing trademark that leads to the confusion. Whether the action was deliberate or not, the affected party can seek legal redress whenever it feels that its brand name, logo, or other brand attributes have been infringed upon. It is expected of the owner of the trademark affected by the infringement to go to court Continue reading
The Concept of Dilution of Trademark
Dilution of a trademark refers to a situation where unauthorized persons use a company’s trademark on its products that do not compete with those of the owner of the mark. Such unethical business practices are common among small and medium-sized companies that do not have registered trademarks. They try to ride in the wave of the strong brand of the targeted company. For instance, a coffee shop may use the name Microsoft Inc as its name in the market. Products offered by such a coffee shop may not be related in any way with products offered by Microsoft Corporation. The two companies may not be in any form of competition. However, the act of using a known brand on a product that the owner does not offer may be considered an infringement upon rights of the owner. Customers that hold the company in high regard may be shocked when they Continue reading
Difference between Patent and Copyright?
A patent is authority granted to the creator of intangible property the gives them the ability to exclude others from making, or selling the IP or invention. A strong patent protection allows only the original innovator to use the innovated technology and increases innovator’s incentive. A patent can be used to protect a business process, medicine formulas, hardware, and software. A utility patents protects the rights of the creator for a term of 20 years from the time the application is filed, while a design patent generally provides protection for 14 years for the time that patent is granted. The difference being that a utility patent protects the way an article work and a design patent protects the way it looks. By getting a patent the original creator also retains the right to authorize others to produce and sell their invention. This authorization is usually granted through a sale or Continue reading
Effective Ways to Deal With Culture Shock
Culture shock is a form of homesickness felt when a person moves into a foreign country or society that has a markedly different culture from his own. These differences are normally in the form of language, climate, social norms, sanitation, food, climate, and so on. Culture shock causes a difficulty in adjusting into the new culture characterized by nostalgia, loneliness, depression, mental fatigue, confusion as to how to proceed with work, boredom, and a lack of enthusiasm. In extreme instances, culture shock may lead to physical discomfort, withdrawal from social activities, eating disorders, stereotyping of and hostility towards locals, and irritability. Behavioral scientists have shown that culture shock occurs in various stages, each stage characterized by a set of symptoms mentioned above. The first stage is known as ‘honeymoon’ phase, followed by negotiation phase, then adjustment phase and finally the mastery phase. Today, the number of corporations with operations in various regions Continue reading
4 Important Types of Intellectual Property Rights
The process of inventing or discovering the innovative and rather unique product and the focus on launching it in the future can guarantee the success of a company or a person within the market. Nevertheless, there are a lot of associated challenges. Thus, the unique idea or design can be stolen or copied. Moreover, the inventor or creator does not receive the recognition and benefits, if the product and idea are not protected with references to the intellectual properties laws. Intellectual property is one of the most controversial legal and ethical fields of management. It is the dynamic and developing area of the modern law which covers all the creations of the human mind. From this point, intellectual property can be defined as the specific concept which is used to speak about inventions, literary pieces, artistic and music works, designs, photographs, slogans, names, and symbols. The above-mentioned pieces and objects are Continue reading