INTELLECTUAL PROPERTY 5
Thebusiness world today has experienced tremendous changes in everyfacet of management. There has been increased competition amongstbusiness enterprises operating at similar levels. Business today hasto cope with the dynamism brought about by globalization anddigitization. Functional business aspects have easily becomeinterconnected due to the increased internet penetration and usageamong people in the world (Merges 2011). There has also been theemergence of multiple digital business platforms attributable toadvanced Information technology. The advancement of IT has resultedto quite a number of ethical problems such as property rightsinfringement. The hospitality industry has also witnessed thedynamism and has incorporated the concept of intellectual property inmanagement.
Runninga restaurant business may sound a normal thing not unless one givesit a deeper insight. There are several policies that one is supposedto apply to achieve success as a restaurant proprietor. Intellectualproperty rights can be enacted in various hotel products such as arecipe to a given meal, the brand name of the restaurant and also thetrade dress gained from the service offered to customers leading torecognition (Parr 2011). An intellectual property is important to arestaurant in the event that the restaurant enters into a franchiseagreement. The IP will help in the protection of trade secrets aswell as the trademark used. It s also beneficial for restaurantmanagement to apply intellectual property in the development policy.This will provide a shield among the competitors who might have aleakage of the master plan (Blair 2005).
Thefollowing is a list of the objectives of intellectual property in therestaurant business:
To protect the rights of the restaurant, its innovators and inventors as well as the public
To eliminate the infringement, abuse and improper exploitation of the restaurant’s intellectual assets.
To propagate networks with industry and promote extensional research and commercialize the resources for the benefit of the stakeholders.
To ensure equity in the distribution of all the accrued benefits to the parties involved.
To develop the environment into a fair ground for future innovations
Whenall the above stated objectives are adhered to, success of therestaurant business will be achieved. Additionally, the level oflegal problems associated with infringements of rights will reduce(Parr 2011). The documented intellectual property will be used as awitness in the case where a court proceeding concerning infringementof intellectual property happens. It is also advisable to sign sealedcontracts with the suppliers so as to avoid cases of informationleakages to the competitors.
Theintegration of IT in the hospitality industry has made hotels turn todigital reservations. These trends result to a positive impact in theprofitability levels of the hotel industry. Any player in thehospitality industry should apply for trademark if they have slogansto avoid cases of copying by their rivals. Understanding of theintellectual property law gives an individual insight of theirrights. The protection of these rights ensures that consumers areoffered quality products and cases of counterfeit products arereduced. To the organization applying for the intellectual property,it is an investment which can reap high profits. The government alsogets revenue through the issuance of intellectual property rights.Proper application of intellectual property right will shield aproprietor from legal proceedings.
Blair,R. D., & Cotter, T. F. (2005). Intellectualproperty: Economic and legal dimensions of rights and remedies.New York: Cambridge University Press.
Merges,R. P. (2011). Justifyingintellectual property.Cambridge, Mass: Harvard University Press.
Parr,R. L. (2011). Intellectualproperty: Valuation, exploitation and infringement damages. Chichester: Wiley.