The Strategic Management of Intellectual Property

The Strategic Management of Intellectual Property

The systematic integrated management of intellectual property ( IP ) is a relatively modern observable fact, even though this aspect has been around for over a period of several centuries. It has been observed that, in the current era, matters have become more complicated which has made it essential for the organization to ensure the efficient integration of IP management ( Reitzig, 2004 ).

In management sciences, the terms integrated IP management means not just that the numerous types of intellectual property ( copyright, trade secrets, patents, as well as trademarks ) are all dealt together, rather it means that the management of intellectual property is efficiently incorporated within the corporate strategy and within the model design of the overall business as well. Therefore, integrated management is a lot than just the simple establishment of a licensing model, or the development of a manufactured goods which effectively incorporates the new invention ( Reitzig, 2004 ) .

Over the past few years, the main locus of value for numerous businesses / organizations has been directed towards the determination and declaration of their intellectual property rights. Research in the field has concluded that a company can protect their products and the developed ones with the IP specialists in cooperation with the company's leaders of technology and other business executives to place the product in the market, in an appropriate manner. In this way, the introduction, implementation and the execution along with the smartly designed patent strategy, ultimately challenges the competitors who feel that it is almost impossible to create the products produced by their rival company ( Reitzig, 2004 ; Bryer, ? Lebson & Asbell, 2011).

In relation to the area of intellectual property rights, at the beginning, mot much of the work done has been focused towards the executives operating at the senior level, on the contrary it has recurrently been rendered for specialists, by the specialists. Also, for the purpose of effectively governing and exploiting the tremendous IP assets, there is a need for the senior managers to address a few certain areas ( Reitzig, 2004 ; Bryer, ? Lebson & Asbell, 2011 ). These primary areas include; the approached which a particular organization can utilize the use intellectual property rights in order to expand on and continue the competitive advantage, and what options does the IP rights present, particularly in relation ...