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MGT602 - Entrepreneurship - Lecture Handout 19

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LEGAL ISSUES FOR THE ENTRE P RENEUR

LEARNING OBJECTIV ES

  1. To understand the purpose of a trademark and the procedure for filing.
  2. To learn the purpose of a copyright and how to file for one.
  3. To identify procedures that can protect a venture’s trade secrets.
  4. To understand the value of licensing to either expand a business or to start a new venture.

TRADEMARKS

A trademark may be a word, symbol, design, or some combination that identifies the source of certain goods. A trademark can last indefinitely, as long as it continues to perform its indicated function. The trademark is given a 20-year registration with 20-year renewable terms. In the fifth to sixth year, you must file an affidavit with the PTO indicating that the patent is in commercial use. Today the law allows filing a trademark solely on the intent to use the trademark in interstate commerce. There are benefits to registering a mark that has already been in use. Categories of trademarks: Coined marks denote no relationship between the mark and the goods and afford the possibility of expansion. An arbitrary mark is one that has another meaning in our language. A suggestive mark is used to suggest certain features or characteristics of a product or service. A descriptive mark must have become distinctive and gained recognition before it can be registered. Registering a trademark can offer significant advantages to the entrepreneur.

Registering the Trademark

The PTO is responsible for federal registration of trademarks. To file, the entrepreneur must complete the application form, which can be downloaded from the PTO website. Filing of the registration involves four requirements:

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MGT603 - Strategic Management - Lecture Handout 42

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STRATEGY EVALUATION

Learning objectives

This topic covers various aspects concerning with the strategy evaluation and enables you to understand the process of strategy evaluation.

Four Criteria (Richard Rummelt): He explains four criteria for strategy valuation. These four criteria are as follow

  • Consistency
  • Consonance
  • Feasibility
  • Advantage

Consistency
Strategy should not present inconsistent goals and policies.

  • Conflict and interdepartmental bickering symptomatic of managerial disorder and strategic inconsistency

Consonance
Need for strategies to examine sets of trends

  • Adaptive response to external environment
  • Trends are results of interactions among other trends

Feasibility
Neither overtaxes resources nor creates unsolvable sub problems

  • Organizations must demonstrate the abilities, competencies, skills and talents to carry out a given strategy

Advantage
Creation or maintenance of competitive advantage