(Solved Homework): The possible intellectual property for the grocery store can be as below:=…

The possible intellectual property for the grocery store can be as below:=

Name and trade mark of the store

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Slogan of the store

Special USPs

Special sales promotion and advertisement messages

Q: Design a step by step plan of how you will protect the ownership of these intellectual properties, and protect grocery store business rights to the intellectual property.

Expert Answer

The term intellectual property (IP) includes – copyright, trademarks, industrial design rights, and patents. It is very important to understand that intellectual property is a tool to help achieve endeavours of a business. IP can be crucial in commercializing research and running a successful science-based business, but having a patent and having a successful patented product are two very different things. IP can only work for a business if the business owners understand what it is, why do they want it, and what are they going to do with it. IP is a right to prevent other people from doing something; owning IP does not necessarily give you the right to do anything yourself.

Step by step plan to protect the ownership of Grocery store’s IP is –

  1. First step is to analyze why do you need an IP
  2. Know your intellectual property rights
  3. Apply for a patent of the name or trademark or slogan which you feel has to be protected.
  4. Once you get the patent, you can claim ownership of the name, or trademark etc.

A grocery store can apply for an IP for its slogan, or name or trademark. It is not easy to get IP for special USP’s, or sales promotions, although it is not difficult too.

Any money spent on IP is capital that cannot be spent on production, marketing, etc. So it is advisable, to think carefully about why you are investing in protecting your IP. There are many good reasons to stop people from copying you; to add value to your company if you want to sell it; to sell or license to a third party; to hold it in your armoury if you suspect you are going to be sued and want to countersue (for example, Google has spent a substantial amount of money buying patents recently); even to reduce your tax bill (in certain countries profits attributed to patents can be taxed at a lower rate).

Most businesses do not need the trinity of patents, trademarks, and designs. In fact, trademarks are probably the only IP most companies have or need, however for a few companies the full house is required. Like for example, consider the Apple® iPad®: two registered trademarks, a registered design for its shape, and of course patents for the way it interacts with the user.

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