Product Naming Concerns and Intellectual Property Protection Assignment | Get Paper Help
Option #1: Product Naming Concerns and Intellectual Property Protection: Tangible Product A part of new product launch strategy includes creating the product or service name. Address these questions: In general, how does the product name affect and interact with other new product launch concerns? What are two products (not listed in course materials) whose names clearly reinforce the brand in the mind of customers? Explain what the brand image implies to the consumer. What are the costs and benefits of using intellectual property protection mechanisms? How does product naming and intellectual property protection help support the success of a product? Provide an analysis. Requirements: Your paper should be four to six pages long, excluding the title and reference list pages, which are required. At least four to six scholarly, peer-reviewed references that provide information and guidance for your assignment. The CSU-Global Library (Links to an external site.) is a good place to find these sources. Outside sources include academic and research other than the textbook, course materials, or other information provided as part of the course materials. Follow the formatting outlined in the CSU-Global Guide to Writing and APA (Links to an external site.
Product Naming Concerns and Intellectual Property Protection (IPP) – Tangible Product
Perception. It isn’t the only factor involved in brand recognition, but it’s arguably the most important. From the point of view of a company or firm, how do your customers/clients see you? How do your competitors see you? How do you see yourself? How a company answers these questions will influence how it markets itself and its products. Also, how do you keep your products or services safe from others? What legal options are there for this? Today we will examine the importance of product naming and intellectual property protection with respect to companies that sell products.
What’s in a Name?
According to Gorchels (2012), the way that the product name affects and interacts with other new product launch concerns is that it will support those other concerns while the aspects of those concerns will support the product launch as well. A great product name will emphasize the most important or best prospect profile of your product and the benefit(s) associated with that profile that your product has to offer. It will serve to give your product identity in the same way a person’s name does for that person. When referring to the product, a customer won’t describe it to other people, they will simply say its name. So the name should have character to it. Examples of successful & memorable product names include Energizer batteries, Maserati cars, Twitter, and Sprite soda.
Synonymous by Name
Sometimes a product name can become so captivating to the public that it even takes over the company’s identity of which makes it. Two products that clearly reinforce the brand (and the company that makes them) in the mind of the customers who buy them would be Hoover and Kleenex. When most people think of vacuums, the majority of the time Hoover is the first brand name to come to mind. Some people I’ve encountered that are from foreign countries actually think vacuums from the United States are called Hoovers! The same goes for Kleenex. You never really hear one person ask another to pass them some tissue paper. It’s pretty much always Kleenex, even when the brand of tissue paper present ISN’T Kleenex! But aside from luck, reaching this level of brand recognition takes decades of giving your customers quality, and also making sure your product is perceived in the most positive light possible. But what does the brand image imply to the consumer? Why does the product name matter to people?
According to Round & Roper (2015), there are a few explanations as to why product brand names matter to people, and what those brand name images make consumers think of when they see them. One explanation they offer is that the relevance of a brand name to a person may sometimes be specifically decided upon by that person for unique personal reasons. An example of this is that perhaps a brand name might, to a particular individual, hold special meaning in that they associate it directly with a significant life event they had experienced. As the authors state: “Such an interpretation of findings is consistent with the consumer increasingly being regarded as a co-creator of brand value; this being a key premise of service-dominant logic”. (Round & Roper, 2015) A second factor is that, simply put, to a significant minority of cases, the brand name of an established product is thought of as immensely important. To these customers, the brand name is the brand, which alludes to my earlier point regarding the Hoover and Kleenex brands. Round & Roper (2015) explain that this may be the case because at least some individuals may be naturally more susceptible to the influencing of branding. Some research on this possible factor has been carried out, but more should be performed in order to ensure its validity. But their findings on the majority of consumers was that, in fact, this larger segment of the total buying population feel that the brand name of an established product is only modestly important to them. This is why a company cannot just rely on a name alone, but more so on the strength of what a product they sell does, its quality, and level of demand for the consumers that choose to purchase it. With new products however, consumers have not yet had the opportunity to make any associations, but can over time. Their distribution chart shows that for established products, the existing brand name has a value of 20.9% of the current price of the branded product, which means, on average, consumers would be willing to pay an increase of up to 20.9% for the price of their chosen branded product to avoid a change in its brand name. These results are consistent with and support the conclusion that although a brand name does matter to consumers at varying degrees, on average, its significance is at best a modest one, and that all other factors should be taken into consideration as well when assessing them.
Keeping Your Ideas Secure
Intellectual property protection (IPP) mechanisms come with costs and benefits. But they are a necessary tool in protecting every aspect of your business and the products you sell. According to Bochanczyk-Kupka (2016), intellectual property rights (IPRs) are an essential way for which a company can maximize such benefits as earning returns on their investments and also being granted the ability to invent or create new products and services. IPRs establish incentives to explore, advance, manufacture and distribute new & authentic products. As a result of the existence of IPRs for all types of goods and services, all people who purchase these goods (and really all people period) also benefit as IPRs’ existence helps to bring stability to both the national and international economies by keeping these “trade secrets” safe, thereby ensuring new and/or existing entrants remain motivated to join or stay in the marketplace. This is how product naming and intellectual property protection help aid the success of a product, and beyond.
One cost or issue of IPRs is the struggle to find ways to properly and accurately measure them out between countries. The first measure, explained by Bochanczyk-Kupka (2016), was introduced in 1990 in the U.S. as the Rapp and Rozek Index. It had many strengths, but one weakness was that it did not take into consideration just how strong law enforcement actually was in the U.S., which diminished its accuracy. It was succeeded in 1997 by the GP Index, which examined the intellectual properly laws of several countries between 1960 – 1990 in a much more comprehensive manner than the Rapp and Rozek Index did. This deeper and more extensive level of research yielded a much stronger index of which to measure IPRs by. The issue of adequate measurement still exists today, but newer indexes, like the Taylor Wessing Global Intellectual Property Index (and others), are better structured to mitigate these issues much more effectively.
Gorchels, L. (2012). The Product Manager’s Handbook (4th Ed.). New York, NY: McGraw Hill.
Round, G., & Roper, S. (2015). Untangling the brand name from the branded entity. European Journal of Marketing, 49(11), 1941-1960. Retrieved from https://csuglobal.idm.oclc.org/login?url=https://search-proquest
Bochanczyk-Kupka, D. (2016). THE MEASURES OF INTELLECTUAL PROPERTY RIGHTS PROTECTION. Paper presented at the 329-335. Retrieved from https://csuglobal.idm.oclc.org/login?url=https://search-proquest