Question

(a) Each product has a cycle and entrepreneur must be aware of these changes. Briefly discuss the product development cycle. (b) It is important as new venture seekers to protect your products. Briefly discuss intellectual-property rights. Briefly discuss patent infringement

Answer 1

a) Product Life Cycle

The Product Life Cycle is the set of commonly identified stages in the life of commercial products. There are four basic stages of life for all products: Introduction, Growth, Maturity and Decline.

Introduction: It is the official birth of a product. During the introductory stage of the product life cycle, a firm works to stimulate demand for the new market entry. Science the product is unknown to the public, promotional campaigns stress about its features.

Growth: It is the most challenging stage, where most products fail. The growth stage usually begins when a firm starts to realize substantial profits from investment. Word-of-mouth reports, mass advertisement, and lowered prices all encourage buyers to make a trial purchase of products. To compete effectively, a firm may need to make improvements and changes to a product during this stage.

Maturity: It is the peak of the product life cycle. Product sales have begun to diminish and competition from competitors is strong. Design and develop of the next generation product should be well underway at this stage.

Decline: It is the end of the life cycle. Product sales continue to decline and core market share is at risk. Testing of next generation product should begin at this stage.

The needs of a product change over the course of its life cycle. It is important to undertand the dynamics of there changes in order to focus business and design resources accordingly. Failure to do so shortens the life cycle of a product.

b) Intellectual property (IP)

Intellectual property (IP) refers to creation of the mind, such as inventions, literary and artistic works, designs and symbols, names and images used in commerce.

Intellectual property encompasses two types of rights: industrial property rights (trademarks, patents, designations of origin, industrial designs and models) and copyright.

The main purpose of intellectual property law is to encourage the creation of a large variety of intellectual goods.

Intellectual-Property Rights:

A right that is had by a person or by a company to have exclusive rights to use its own plans, ideas or other intangible assets without the worry of competition, at least for a specific period of time. These rights include copy rigts, patents, trademark, and trade secrets.

Patent infringement:

Patent infringement is the commission of a prohibited act with respect to a patented invention without permission from the patent holder. Permission may typically be granted in the form of a license.

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