The Power of Real Time Social Media Marketing Essay

The Power of Real Time Social Media Marketing - Essay Example The researcher states that for Textile Company, several issues can be patented or trademarked to ensure that the new development brings positive results to the company. The success of the new development is on the ability to own it and make it the property of the company. Despite the hardships involved in the process of patenting the product, it is necessary for the textile company to look for the patent before the start of product sales and manufacture. The patent law has several terms that must be understood in order to apply and obtain patent easily. The term invention in the patent is too loosely defined as a wide range of objects. Patents in legal terms may apply to things that do not exist. The legal language is vague in such instances, and the situation may be complex if a legal proceeding occurs when no patent has been obtained. Despite the beauty of the innovation, it is vital to illustrate the success of patents because some innovation may appear to be public property if no t patented. The failure to patent an innovation may make such public recognized innovations a waste of money and resources especially if not patented on time. The roll out an innovation must be done after the receiving of the patent. For example, the law of relativity developed by Albert Einstein has never been patented even after influencing the physics world massively. Such failures could be fatal for a business because it will affect the earnings of the business. Business needs to patent before starting a massive production of the product such as the success of the coca cola company patents. Patents in the UK fashion industry must be taken because the imitation and copying of product in this sector is extremely fast. If not patented, the company may lose all the research money and the product money. The power to restrict such invasion is based on the patenting of any product developed by the textile industry. The success of the company will depend on the ability to evaluate the d evelopments and innovation and know their ability to obtain patent. Despite the evaluation, the company must apply for patent regardless of the situation of the innovation because it will facilitate understanding of the conditions of patenting. Patenting will help put a check on the competitors by guarding the innovation. However, when the application for patent is the knowledge and idea may be accessible to other members of the business community. The revelation of the secrets will affect the future of the product id the patent was obtained. The success of patenting of the new textile innovation will depend on the level of technology, and the uniqueness of the new product thus facilitates the development of product specification understanding. Action plan Intellectual rights that the company needs to protect before partnerships The development of new products and design requires patenting and protection to ensure that value can be obtained from new innovation. The failure to patent or protects it may not only lead to loss but also discourage innovation. The small textile company is in ransom because of the minimal capital outlay. Patenting and intellectual property protection is expensive to undertake especially in where the two applications must be made.