Generating and Protecting Business Ideas Flashcards
Research and Development
The initial stage of the product life cycle during which a business invests in the generation and development of new ideas
Business Idea
A potential business opportunity
Innovation
A new idea/invention which is launched into the market
Franchise
When one business (the franchisor) allows another (the franchisee) permission to trade using it’s name and products/services
Copyright
Legal protection for anyone who has produced work in literature, drama, music, art, recordings and broadcasts which prevent that work being copied without the permission of the owner
Patent
Protection of an idea by granting the holder the sole right to use unique features of a new product or process for a fixed period of time
Trademark
Protects a feature that distinguishes a business such as words, pictures, logos and stops others copying it
