Marketing Management Essay Example | Topics and Well Written Essays - 1000 words - 2

Marketing Management - Essay Example Therefore, to prevent others from preying on a new product idea, entrepreneurs must seek legal protection for their great ideas. One can seek nondisclosure agreement to protect trade secrets. Similarly, there are other legal protection mechanisms such as patents, registered design, trademark, copyright and licensing among others that can be used to protect unique ideas. The nature of the product will determine the most appropriate protection measure to be taken. This paper explores suitable legal protection mechanisms for Smart Control, branding and evidence of viability. It also gives justifications for the choice of the product’s target audience. Methods of Legal Protection Available for Smart Control Patents The first appropriate legal protection choice available for our product, Smart Control is patenting. A patent refers to a legitimate monopoly issued by the government to an entrepreneur for specific time coverage (Rowland & MacDonald 2005). Patents prevent other people from commercially benefiting from other people’s product ideas, manufacturing methods as well as product functioning. A patent will be more suitable for safeguarding Smart Control because it can usually protects a product from a wider perspective compared to copyright (Galler 1995). It will disclose to the public how Smart Control works while disclosing the extent of protection to our product. Being a novel, important and inventive step, Smart Control qualifies for patenting. However, the company will need to conduct patent search to establish the products legibility for registration and avoid adverse legal issues in future. Licensing The second available option is licensing. Smart Control being an intellectual property, can be commercially exploited by television manufacturing companies as well as other devices it is designed to operate. Smart Control’s patent may be sold or mortgaged. Consequently, licensing will enable the company to allow licensees to exploit our i nvention for a fee (Lindberg 2009). Licenses can be a crucial revenue source for us. Trademark Trademark will identify and distinguish Smart Control from other similar products. Unlike copyrights, trademark law may prohibit developing similar product, which may confuse the public. As such, trademark protection will be more suitable for our product compared to copyright (Lindberg 2009). Trademark law will protect our unique mark effectively. Trade Secret Nondisclosure agreements and trade secret protection protects a new idea from being stolen by competitors (Anderman 2007). Smart Control being an iphone compatible app can easily be stolen by iphone producing companies to better their products. Trade secret protection will help to protect Smart Control from being illegally exploited by iphone companies that would wish to partner with us to deliver superior products to the consumer. Management of Brands Contemporary advertising majorly focus on brand management. Brand management refer s to the techniques aimed at establishing, promoting, and protecting the integrity of a given brand (Kapferer 2008). Commercial advertisement messages usually appeal to customers to buy a particular brand and not any other by claiming superiority. Branding eliminates any notion about the possibility of a product being generic. According to Wood (2000), brands are fundamental product differentiation strategy and must as such be managed strategically. Strategic brand management (branding) commence only after a