Question

There are two primary rules of thumb for deciding if intellectual property protection should be pursued for a particular intellectual asset. First, a firm should determine if the intellectual property in question is directly related to its competitive advantage. Second, a firm should determine if its intellectual property:

Answer 1

is valuable in the market.

Step-by-step explanation:

Intellectual property (IP) is the product of the mind. It includes designs, images, names, symbols, artistic works, inventions and so on.

Individuals earn financial benefits or recognition from their IP and it is protected in law. IP aims to encourage innovation and creativity.

There are different types of intellectual property, which include, copyright, patents, trademarks, industrial designs, trade secrets, geographical indications and so on.

Before pursuing the IP of a particular asset, it is important for the firm to, first, discover if the IP is in-line with its competitive advantage and second if the IP is valuable in the market. This is because the process of IP protection takes time and resources to obtain, therefore, the two primary rules of thumb should be considered.