Ethics And Intellectual Property Marketing Research Assignment (Essay Sample)

ETHICS AND INTELLECTUAL PROPERTY
NAME
INSTITUTION AFFILIATION
Much today in the business world is the regulation of business activities by bodies and legal statutory. Intellectual property ownership right is advantageous to the owner in that they enjoy some benefits. Inventors are entitled to temporary monopoly where they joy ride a [period of substantial profits from their invention. There is this great relationship between the owner and the use of the invention by the owner. In a free economy, there is an existence of commercial morality principle which protects the owner of the intellectual property from exploitation through copyrights, imitations and unfair competition.
Change is inevitable and this there for means that there must be strategies to protect this business world of invention and innovation. Intellectual property needs, therefore, to be protected since it's one of the divisions where customers enjoy new products. Homogeneity of a product does not exist, and this is because each day customers have a great appetite to changes in the market because each of them has different tastes and privileges.
Intellectual property has also played a huge part in marketing and branding of products setting businesses apart from their competitors. Through inventions, business entities have portrayed a state of ownership and confidence in product promotion. This strengthens the outward image of an entity making it more acceptable to the customers.
Intellectual property ownership has brought up a significant impact in the business world today.” It has brought out forms of unlawful injuries on the discipline of commercial morality due to unhealthy competition” Lai, E. L. C. (2015). As a result, there was a reason for a legal mechanism to control market system from such injuries. This mechanism provided an opportunity for an attendance of fairness. The law of unfair competition clearly states that anything done by a rival in the same sector to mislead the public by making the public believe they are buying an original product of which is an imitation would be a fraud of the inventor’s right and this will be an offense which is enforceable by the law. The complainant, who in this case is the owner, will have the right to sue the offender claiming payments for the damages. The main reason is to protect the consumer whose rights are jeopardized through confusion and unfair methods of trade.
The business environment consists of internal and external factors. The society, in general, is a constituent that outer part of the business. This factor will affect the entity’s confidentiality in that in one way, or another intellectual property’s secret may be exposed. The law of trade secret comes to exist to protect an entity from information exposure. This law shows the concern of the society to protect business intellectual property through the encouragement of high degree of honesty and good faith. The entity on its side is advised to transfer ideas by use of refined technology.
It is, therefore, important to en...