IB Business and Management OPERATIONS MANAGEMENT 5.6 Innovation

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IB Business and Management OPERATIONS MANAGEMENT 5.6 Innovation

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IB Business and Management .com IB Business and Management T he IB Diploma Business and Management course delivered IN STYLE , ONLINE . ©

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z innovation 5.6 HL

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z The importance of r & d Create & develop new products & improve existing ones Increased revenue & market share Esp. if new product forms the basis of a new blue ocean strategy Given ‘tyranny of choice’, innovation can be, if the new product becomes first in mind , a very powerful differentiating factor

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z Types of innovation

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z Costs, benefits & goals of innovation Growth opportunities Productivity gains International competitiveness Brand switching Job creation Social benefits High costs High failure rate Budgetary constraints

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Importance of R&D z

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Limitations of R&D z

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z Factors affecting innovation

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z Intellectual property rights

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z Intellectual property rights

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z Intellectual property rights I A patent protects inventions or discoveries and provides the grant of a property right to the inventor. A patent may be obtained for any “new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof.” This generally includes practically everything that is man-made and the processes for making them. The legal rights granted to the patent owner includes “the right to exclude others from making, using, offering for sale, or selling” the invention. patents

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z Intellectual property rights II A copyright is a form of protection provided for “original works of authorship” in literary, dramatic, musical and artistic works. Copyrights encourage creativity by giving exclusive property rights to “works of authorship,” enabling the creator to reap financial rewards from their works by controlling access to the works in the marketplace. Copyright law provides the owner with the exclusive right to reproduce the work, to prepare derivative works, to distribute copies, to perform or display the work publicly. copyright ©

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z Intellectual property rights III A trademark is a word, name, symbol, or device that is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others. A service mark is the same as a trademark except that it identifies and distinguishes the source of a service rather than a product. Trademarks protect the public’s interest in being able to accurately ascertain the source of goods or services in the marketplace and protect a business’ good will in their reputation, image and expectation of repeat customers. Trademark law provides the owner of a federally registered mark with protection against the use of similar marks if any consumer confusion would result. trademark ® ™