Intellectual Property Marketing Plan
Intellectual Property Marketing Plan
Intellectual Property Marketing Plan
Types of Patents
Patent: grants holder protection from others making, using, or selling similar idea; issued by the PTO.
Utility patent: grants owner protection from anyone else making, using, and/or selling the identified invention.
Design patent: provide inventor with a negative right excluding others from making, using, or selling an article having the
ornamental appearance given in the drawings included in the patent.
Plant patent: given for new varieties of plants, represent a limited area of interest.
Introduction
• Background.
• Advantages of the invention and the nature of problems that it overcomes.
• States how the invention differs from existing offerings.
Description of invention
Claims
Patent Infringement
• Many businesses, inventions, or innovations are results of improvements on, or modifications of, existing
products.
• Copying and improving on a product: May be perfectly legal & A good business strategy.
• Products can be licensed from the patent holder.
• Advisable to hire a patent attorney to ensure no possibility of patent infringement.
Trademarks- A distinguishing word, name, or symbol used to identify a product. Can last indefinitely. Can be filed solely
on intent to use the trademark in interstate or foreign commerce. Can also be filed with intent to use in the future.
Copyrights- Right given to prevent others from printing, copying, or publishing any original works of authorship.Issues
surrounding access to material on the Internet have led to major legal battles for the entertainment industry.
Trade Secrets- Protection against others revealing or disclosing information that could be damaging to business. Have a
life as long as the idea or process remains a secret. Not covered by any federal law but is recognized under a governing
body of common laws in each state.
Licensing- Contractual agreement giving rights to others to use intellectual property in return for a royalty or fee.
Type of licensing:
• Patent license agreement: specifies how the licensee would have access to the patent.
• Trademark: involves a franchising agreement.
• Copyrights.
Product Safety and Liability- Responsibility of a company to meet any legal specifications regarding a new product
covered by the Consumer Product Safety Act.
Claims regarding product liability usually fall under one of the following categories:
• Negligence.
• Warranty.
• Strict liability.
• Misrepresentation.
Sarbanes-Oxley Act- federal law that mandates certain practices in financial record keeping and reporting for
corporations.
Contracts- A legally binding agreement between two parties.
The Marketing Plan
Industry Analysis- Provides sufficient knowledge of the environment that can affect marketing strategy decision making.
Competitor Analysis- Document current strategies of primary competitors. Information can be utilized to formulate the
market positioning strategy.
Defining the purpose or objectives- Make a list of the information that will be needed to prepare the marketing plan.
Gathering data from secondary sources- Trade magazines, Newspaper articles, Libraries, Government agencies, Internet
Marketing plan- written statement of marketing objectives, strategies, and activities to be followed in business plan.
• Provide a strategy.
• Be based on facts/assumptions.
• Describe an organization for implementation.
• Provide for short-term and long-term continuity.
• Be simple and short.
• Be flexible.
• Specify criteria for control.
Marketing system: interacting internal and external factors that affect venture’s ability to provide goods and services to
meet customer needs.
• Financial resources
• Management team
• Suppliers
• Company mission
The Marketing Mix- Combination of product, price, promotion, and distribution and other marketing activities needed to
meet marketing objectives.
Quality image, list price, quantity, discounts, allowances for quick payment, credit
Price terms, and payment period.
Media alternatives, message, media budget, role of personal selling, sales promotion
Promotion (displays, coupons, etc.), and media interest in publicity.
Situation analysis: describes past and present business achievements of new venture.
Defining the Target Market
Target market: specific group of potential customers toward which venture aims its marketing plan.
Market segmentation: process of dividing a market into definable and measurable groups for purposes of targeting
marketing strategy.
Business-to-business markets
Consumer markets
• Techniques and strategies within the mix of these factors vary significantly.
Budgeting
• Costs are reasonably clear if the entrepreneur has followed the procedure of detailing the strategy and action
programs.
• If assumptions are necessary, they should be clearly stated.
• Useful in preparing the financial plan.
Implementation
Monitoring the Progress of Marketing Actions- Involves tracking specific results of the marketing effort. Depends on
specific goals and objectives outlined in the marketing plan.