IP Management - Strategies and Tactics in Managing IP Disputes - Term Paper Example

order to understand the concept of Intellectual Property strategy it is essential to understand the concepts behind Intellectual Property and strategy and the combination of these both terms. The Intellectual Property strategy, according to different analysts, is the tactic and method used for the management of the Intellectual Property rights by focusing on different activities like licensing and filing. On the other hand, there is another school of thought according to which Intellectual Property strategy is like any other business strategy and the focus is on using the Intellectual Property rights for the management of the technology.

These is also a perception that Intellectual Property strategies are only associated with the large multinationals organizations and small or not for profits companies have nothing to do with Intellectual property. This perception is not correct, the Intellectual Property and associated Intellectual Property strategy is important and relevant for the companies of any size (Kitching & Blackburn, 1998). INTELLECTUAL PROPERTY: In order to understand the different strategies and tactics associated with intellectual property, it is first important to know what is the meaning of intellectual property.

Intellectual property is the term used to refer to the creation or formation of human mind like different inventions, symbols, artistic work, literary work, images, designs and other associated things. For all these creations of the human minds the creator is awarded with a set of exclusive rights associated for the innovation or discovery. These rights and laws are provided to the owners or creators of the intangible assets which cannot be recorded or documented otherwise (Merges, 1997). Intellectual Property can be further divided into two.

The intention of this study is an intellectual property as the term used to refer to the creation or formation of human mind like different inventions, symbols, artistic work, literary work, images, designs and other associated things. For all these creations of the human minds the creator is awarded with a set of exclusive rights associated for the innovation or discovery. These rights and laws are provided to the owners or creators of the intangible assets which cannot be recorded or documented otherwise.

Intellectual Property can be further divided into two categories: one is of the industrial property which consists of inventions, industrial designs, trademarks, etc. and other is copyright which consists of different type of artistic and literary work like poems, novels, films, drawings, musical work, photographs, paintings, sculptures, musical work, etc. Out of all these the types of Intellectual Property which are widely used and are most common are: trademarks, copyrights, patents, trade secrets, and industrial design rights.

The term of Intellectual Property is relatively new, as it was started being used in the nineteenth century and become more common and popular in the twentieth century. The main aim or purpose behind the use of Intellectual Property is the protection and security of the innovation by the creator or innovator. Along with this the financial incentives associated with the Intellectual Property also encourage people to come up with new innovations in order to get Intellectual Property which in turn results in the development of the overall society and world.