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Submitted By tavneet
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INTELLECTUAL PROPERTY(IP)-This refers to the creations of mind: invetions, literary and artistic works and symbols, names, images and designs used in commerce and trade.

IP is divided into two categories-
1-Industrial Property-which includes inventions (Patents, Trademarks, Industrial Designs and Geographical Indications of source)
2-Copyright-which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures and architectural designs.

WHAT ARE IPR’s?
Intellectual Property Rights are the rights given to people over the creations of their minds. With rights in hand, through the exploitation of IP, the individuals or the business organizations earn profits either through manufacturing or licensing and which is a reward for their innovative efforts. It also acts as a stimulus to R&D efforts.

NEED FOR IPR’S:
Michael Porter in his work on “Competitive Advantage” stated that differentiation is a key to business competitiveness. This can achieved through product, experience, technology or way the things are performed and exhibited to satisfy the customers. However, all this amounts to the knowledge which, in today’s highly dynamic and competitive business environment is the key source of competitive strength to the organizations.

The need of IPR can be felt because any invention is the intellectual catpital of a firm or an individual which needs to be captured, preserved and protected for future use such that it is not used by the rivals and competitors. This Intellectual Capital may lead to core competency which can be leveraged for sustainable competitive advantage in the dynamic markets. Intellectual Capital is intangible wealth that helps the organization access to the markets, preserve exclusive markets and maintain the profits. Hence, the organizations

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