Intellectual Property Issues Case Study
1.0 INTROUCTION
This report will discuss a case study that mainly comprises intellectual property issues. The report will focus to answer the questions in the case study, Mcdonald Muckraker. Areas generally examine are the problems that they face currently and problems in the foreseeable future and lastly solutions for the potential problems.
2.0 QUESTION 1 PART: I
What are the problems currently? What have they done wrong? Identify the problems.
Lack of market and product research
Many entrepreneurs do not realise the importance of developing a marketing approach in laying the foundation for a new venture (Frederick & Kuratko, 2010). In the same vein the president of Onswitch LLC, Nancy (http://www.theonswitch.com/) highlighted that Entrepreneurs are often so passionate about their ideas, and inconsiderate in giving time to do a thorough research. In the case of Muckraker, Jenny and Garry design the product according to their own needs without any market research. Thus, the way it operates might not fulfil the customers’ need and the design might not attract, which leads to less demand for Muckraker. Another area that they have overlooked is product research. They did not examine the products that the competitors offer, life-cycle of competitors’ products and whether their product need to be quite different from the current offering to be successful.
Ignorance of legal and regulatory issues.
The business is subject to many legal and regulatory requirements, mainly the necessity for patents, trademark and copyrights to protect one’s invention and products. When legal and regulatory issues are overlooked, major problems can result (Frederick & Kuratko, 2010). In the case of Muckraker, the combination of agricultural techniques may lead to face the problem of copyright. According to Australian Copyright Act 1968, individuals are fined up to $ 50,000 and the possible term of imprisonment up to five years (http://www.ipaustralia.gov.au). In addition,
This report will discuss a case study that mainly comprises intellectual property issues. The report will focus to answer the questions in the case study, Mcdonald Muckraker. Areas generally examine are the problems that they face currently and problems in the foreseeable future and lastly solutions for the potential problems.
2.0 QUESTION 1 PART: I
What are the problems currently? What have they done wrong? Identify the problems.
Lack of market and product research
Many entrepreneurs do not realise the importance of developing a marketing approach in laying the foundation for a new venture (Frederick & Kuratko, 2010). In the same vein the president of Onswitch LLC, Nancy (http://www.theonswitch.com/) highlighted that Entrepreneurs are often so passionate about their ideas, and inconsiderate in giving time to do a thorough research. In the case of Muckraker, Jenny and Garry design the product according to their own needs without any market research. Thus, the way it operates might not fulfil the customers’ need and the design might not attract, which leads to less demand for Muckraker. Another area that they have overlooked is product research. They did not examine the products that the competitors offer, life-cycle of competitors’ products and whether their product need to be quite different from the current offering to be successful.
Ignorance of legal and regulatory issues.
The business is subject to many legal and regulatory requirements, mainly the necessity for patents, trademark and copyrights to protect one’s invention and products. When legal and regulatory issues are overlooked, major problems can result (Frederick & Kuratko, 2010). In the case of Muckraker, the combination of agricultural techniques may lead to face the problem of copyright. According to Australian Copyright Act 1968, individuals are fined up to $ 50,000 and the possible term of imprisonment up to five years (http://www.ipaustralia.gov.au). In addition,