Wednesday, November 4, 2015
Chapter Nine
Intellectual property or intangible property is often protected by trademarks, copyrights, patents, or trade secrets. The Lanham Act protects this property from infringement, dilution, cybersquatting, and counterfeiting. Trade dress is the look and feel of a product or service establishment. The use of the law is important in deciding which protection to use. A patent only protects a company's product for twenty years. This is why Coca Cola did not use this protection. Coke was able to protect its recipe for over one hundred years. Receiving a patent is also a slow process. For this reason, patents are not appropriate for products with quick technological change. Patents are more useful for long term products like medicines. Companies are also protected by trade secrets. Trade secrets are designed to protect companies from ex employees from giving sensitive company information to a future employer and also from trying to steel customers from past employers. Companies must do all they can to protect their intellectual property. This should be put at the top of their agenda as to making a profit.
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