6. Managing the Intangible Assets

Question 1

9 Common Types of Intellectual Property

Answer 1

1. Patent – used for an invention; the grant of a property right to the inventor, issued by the U.S. Patent and Trademark Office
2. Copyright – a form of protection provided to the authors of “original works of authorship” including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished (e.g., music)
3. Trademark – unregistered mark (a symbol, word, or words) used to represent a company or product; trademark is used to represent goods (e.g., Slap Chop)
4. Service mark – a legally registered name or designation used in the manner of a trademark to distinguish an organization’s services from those of its competitors (e.g., NBC for both the peacock logo and the tri‐tone sound)
5. Registered mark – The registered trademark symbol (®) is a symbol that provides notice that the preceding word or symbol is a trademark or service mark that has been registered with a national trademark office (e.g., Coca Cola)
6. Trade secret – any confidential business information which provides a competitive edge. Trade secrets include manufacturing or industrial secrets and commercial secrets (e.g., KFC’s original recipe)
7. License – process of leasing a legally protected (trademarked or copyrighted) entity – a name, likeness, logo, trademark, graphic design, slogan, signature, character, etc. The entity, known as the property or intellectual property, is then used in conjunction with a product
8. Franchise – the right or license granted to an individual or group to have access to a business’ proprietary knowledge, processes and trademarks in order to market a company’s good or services in a particular area;
9. Concession – a right or privilege to operate commercially within the limits of a larger concern (e.g., Clinique, department store; selling my product in your store)

Question 2

Risk Management for Intellectual Property - Risk Control Options

Answer 2

1. Protecting the organization’s assets (our stuff)
2. Not violating anyone else’s assets

Question 3

Risk Management for Intellectual Property - Risk Financing

Answer 3

1. Cyber insurance policies for both first party and third party intellectual property may be available for purchase
2. manuscript policies or an endorsement to an existing policy, which are flexible,
3. Alternative financing methods such as a captive, funded or unfunded segregated accounts

Question 4

Difference between Logo, Brand and Reputation

Answer 4

Logo – a symbol or design that identifies a brand.

Brand – a set of perceptions or expectations that represent a company, product or service and differentiate it from its competitors (e.g., Samsung Galaxy, NFL, Rolex, American Airlines).

Reputation – collective assessments of a corporation’s past actions and the ability of the company to deliver improving business results over time.

Question 5

Factors Influencing reputation and brand

Answer 5

• *Corporate Behavior** - General corporate philosophy and responsibility
• *Individual Behavior** - Abuse of Authority / Negligent acts
• *Criminal Acts**

Question 6

Importance of Protecting Reputation and Brand

Answer 6

1. Critical assets of an organization
2. Susceptible to any type of disaster but are most affected by human actions, accidental or deliberate
3. Can be damaged through no fault of the organization, its employees or its representatives
4. Losses can single‐handedly cause the organization to fail

Question 7

Management of an Organization’s Reputation and Brand

Answer 7

1. Policies and Procedures
2. Goodwill
3. Monitoring
4. Communication

Question 8

Reputation & Brand - Policies and Procedures

Answer 8

1. Establish and enforce codes of ethics and conduct
2. Implement a social media and blogging policy to include the following:

Question 9

Reputation and Brand - Goodwill

Answer 9

1. Customer relations
2. Community outreach programs
3. Charitable donations
4. Environmentally friendly

Question 10

Reputation and Brand - Monitoring

Answer 10

1. Website gatekeeper for
   
   1. comments made by outsiders
2. Maintenance of quality assurance programs
3. Training employees in procedures and policies

Question 11

Reputation & Branding - Communication

Answer 11

• Rumor control
• Risk finance – adverse reputation coverage: protection against adverse reputation arising out of product Failure, product recall, extortion, business operations contrary to organizational image, misrepresentation of products and employees’ criminal acts or offenses against public taste or decency

Question 12

Reputation and Branding - Communication

Answer 12

1. Critical Communication Events
2. Recipients - Who receives
3. Delivery Channels
4. Content

Question 13

Reputation & Branding - Critical Communication Events

Answer 13

1. New hire in a major position
2. New product line
3. Crisis

Question 14

Recipients - Who receives the communication?

Answer 14

1. Employees (on‐site and off‐site)
2. Visitors, customers or service providers
3. Media outlets
4. Regulatory agencies
5. Law enforcement
6. Local government officials
7. Family members of affected persons
8. Neighbors or propertyowners
9. Partnering companies

Question 15

Reputation & Branding - Delivery Channels

Answer 15

1. Text alerts
2. Email
3. Social media
4. Website
5. Press release
6. Press conference or other public appearance

Question 16

Reputation and Branding - Content

Answer 16

1. What happened
2. What information is critical
3. What is being done to manage the event
4. Address Questions / Control Rumors