Essay on Company's IP Rights: Creating New Products, Strategies, and Regulations

The prompt focuses on the rights of a corporation for creating new products and the strategies used by a company to meet the customer's needs. The discussion identifies the application of intellectual property rights in response to the inventor's rights and regulations restricting other interest user's toad opt the process of creation or the brand of a product. The company is given a limited period to enjoy these rights in the market. In my discussion, I the same perspectives apply to the companies, they have a right to own and restrict other interested parties from using other company's product strategy; however, according to my view, the cooperation or the investors should enjoy full rights of products inventions without time limit. Unlawful use of the investor's product negatively affects the productivity and the market structure, and therefore this must be put into consideration instead of giving the inventor a period to enjoy these benefits.

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For-profit corporations focus strategizes their production and marketing process to satisfy the needs and expectations of the comers, the prompt therefore relies on customer-oriented perspectives in the discussion to identify the potentials a company may have to unveil (Kotler & Keller, 2016). In my discussion, I agree that the company must focus use customer-oriented strategies to maintain market structure, customer loyalty and increase profits, but from a different perspective, a company needs to consider other stakeholders rather than the customers only. This is because, for every success of a business, the and customers are the primary facilitators; however, other stakeholders require consideration. Developing strategies that address all the issues regarding the customers and other stakeholders when developing a strategy is essential and should be embraced to ensure a smooth, profitable business strategy. The prompt also identifies that the usefulness of the intellectual property rights concerning the company, however, it is crucial to consider the effects of violation of these rights on other stakeholders as they form part and parcel of the company. If the rights of the inventor are violated, the effects would be experienced by all the stakeholders and not just the company and identified in the prompt.

The prompt also focusses on the company's profitability strategies aimed at satisfying the customers when it comes to products that affect human life sustainability. The use of Toyota company as an example of the companies producing products every year to update the older ones shows that the significance of the production process is focused on the company's success and the customer needs and expectations. In my discussion, however, I argue that the company must consider not only its profitability strategies or customer satisfaction but also the well-being and long-term positive effects of the products on the consumers a well as other stake-holders (Abbott, Cottier & Gurry,2019). There are some of the strategies which are likely causing adverse effects on other stakeholders despite working well with the customers.

The main concern in my discussion, therefore, is the consumer and other stakeholders facilitating the progress of the company. Maintaining focus on the customers while losing relevant stakeholders is not suitable for a business. Many lives other than consumers depend on the products produced by the company (Saha, & Bhattacharya, 2011), in my discussion, therefore, despite the company focusing on the production process in favor of customer satisfaction and the profits, the corporation must take full responsibility protecting customers intertest and long-term performance of the product in the market.

References

Abbott, F., Cottier, T., & Gurry, F. (2019). International intellectual property in an integrated world economy. New York: Wolters Kluwer.

Kotler, P., & Keller, K. L. (2016). Defining marketing for the new realities. Marketing

Management (15th Ed). (pp. 230-557). Pearson

Saha, C. N., & Bhattacharya S. (2011). Intellectual property rights: An overview and implications in the pharmaceutical industry. Journal of Advanced Pharmaceutical Technology & Research vol (2). Retrieved from https://www.researchgate.net/publication/51881407_Intellectual_property_rights_An_overview_and_implications_in_pharmaceutical_industry