Chapter 2.2 Protecting intellectual property

Question 1

Define intellectual property

Answer 1

The property rights over the creations of mind or intellect; can be invention, trademark or original design.

Question 2

Types of intellectual property

Answer 2

• Trademark
• patent
• Design

Question 3

Explain Trademark as intellectual property

Answer 3

Trade mark is the right granted for exclusive exploration of numbers, letters, words, phrases, sounds, smells, logo, picture, an aspect of packing or combination of these.

Question 4

Explain Patent as intellectual property

Answer 4

Patent is the granted exclusive exploitation of any new devices, substances, methods or process that is new, inventive or useful.

Question 5

Explain Design as intellectual property

Answer 5

Design features of shapes, configurations, a pattern or ornamentation that makes a product unique.

Question 6

What is a Feasibility study

Answer 6

A feasibility study is the initial research that is required to determine whether the business concept is potentially viable.

Question 7

What a Feasibility study should contain

Answer 7

• A description of the business idea, products to be sold, services to be offered.
• Profiles of the key people involved
• a description of the market
• Supply analysis
• Identification of the competition
• Assessment of financial feasibility