1E) Business concept development Flashcards
A brief outline of the business idea, its main selling activities and the features that will provide it with a competitive advantage is a… ?
A Business concept.
What is Intellectual property (IP) ?
A legal creation of the mind that can me legally owned.
What are the 4 Legal barriers can can protect intellectual property?
1) Trademark
2) Patent
3) Copyright
4) Domain name
What does a trademark do?
A trademark will help a business ensure that it has a unique image or look that can’t be replicated by other business.
What does a patent do?
A patent can help create a competitive advantage by protecting new inventions that are intended to be sol by a business.
What happens when copyright is ignored by another business?
A business can take legal action if copyrighted materials are used by another entity.
What does a domain name do?
If a business is not yet ready to launch, registering a domain name will ensure a business address in the future. The domain name is also unable to be copied once the business has been launched.
