The Value of Intellectual Property - Free Essay Sample

Introduction

The value of Intellectual property for the holders of rights and societies is worth more than assets that are physical (Ackerman, 2014). In a report by the United States' Commerce Department (2012), quantified in monetary value, the intellectual property worth an approximate 5.6 trillion dollars, 35% of the Gross Domestic Product. In a recent and comprehensive report by the Sonecon, the total value of all types of Intellectual Property worth over 9.1 million dollars. Protecting ideas of rights owners and the society by the law of IP, a value that is concrete is acquired. The commercialization of the rights to the property is impossible absence authorization.

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The Violation Cost of IPRs to Retailors

The violation of the Intellectual Property's Rights is of extensive cost to retailers (USADC, 2018). They suffer tremendous losses, especially in revenue(s) and opportunities in addition to competitive positions. Retailers also experience both reputational and economic losses due to the infringement of these particular rights. Losses in royalties and sales by retailers are a consequence of the IP Rights violation.

Important Ethical or Moral Considerations

All stakeholders need to observe several and important ethical or moral considerations in the rights of intellectual property. The most crucial ethical factor herein entails anonymity, confidentiality agreement, and informed consent. The intellectual property rights require results to be communicated while considering the most likely potential for harm.

Questionable Advertising Tactics

The Activia's Yoghurt, as advertised, contained misleading information. False advertisements give consumers misleading statements. In the promotion of the Yoghurt product by the Activia, the producer misrepresented its nature, qualities, and characteristics (Heilpern, 2016). Dannon gave or stated an inconsistent comparison of the product that was false- YourDictionary. The yogurt product was indicated to have nutritional benefits that similar products from other companies lacked. Giving misleading information affects consumers in making the appropriate purchase decisions to products since they are lured to pick a product with unfit qualities and specifications for consumption. There has to be truth in any product advertisement by companies (Federal Trade Commission, n.d.).

Conclusion

The Apple Watch and Televisions are superb. These products are innovative since they are designed after research from customers. Despite the competition Apple has from Samsung's fitness Televisions and Watches, Apple's products have a great ability to synchronize with various devices. I am also in agreement that there other advertisements containing information that is false. Heilpern (2016), for instance, showed an advert that its producer claimed its product (The Red bull drink) “could give you wings.” In another advert by Kellogg, Kipsies of rice were mispresented that they could boost users’ system of immunity. Since companies got finalized, I do suggest that they update the information of the products advertised to accurately present their true nature.

References

Ackerman, P., (2014). The true value of intellectual property: How the information revolution is driving the ascendance of IP.
https://www.innovation-asset.com/blog/true-value-intellectual-property-information-revolution-driving-ascendance-ip

Federal Trade Commission. (n.d.). Truth in advertising.
https://www.ftc.gov/news-events/media-resources/truth-advertising

Heilpern, W. (2016). 18 False advertising scandals that cost some brands millions. Business Insider. https://www.businessinsider.com/false-advertising-scandals-2016-3

The United States of America Department of Commerce [USADC], 2018. Intellectual Property. Losses form IP theft. https://acetool.commerce.gov/cost-risk-topic/intellectual-property.