International Marketing Study Set 9

Answer:

Intellectual property is a type of property which is intangible invented by humans on their knowledge, intellect which contains primarily trademarks, patents and rights.
Intellectual property rights are those rights which are related to the products, brands, procedures, designs, trademarks and patents which help the company in gaining competitive advantage.
It is very important for a international marketing company to take extra efforts to protect intellectual property rights because all the intellectual properties are assets of the company. They signify quality and image in the minds of the customers. They are considered to be intangible quality. Lots of money is invested to develop this kind of property so it is very important to safe guard them.
Therefore, intellectual property rights are intangible in nature and are very costly i building so international marketer should take every step to safe guard them as the laws and governing differ from country to country.

Answer:

Code law countries are those countries which maintain common law systems. Code law is a systematic common written statement of rules to be followed in a particular area which is codified.
In many countries code of law is followed for safeguarding their intellectual property rights. They initially register their rights to safeguard the ownership. In countries like United States code of law is not followed. They follow common law hence prior use declares the ownership.
Therefore, it is very important to understand these laws to safeguard the intellectual property rights and the ownership.

Answer:

Arbitration refers to the process of settling the disputes among the business parties by a third party outside the court.
Arbitration is based on the willingness of the business conducting parties to regard the rules of the arbitrator. Some contracts also include this as a provision to increase the chances of success. However, contradiction on these contracts always exists as the contracts are made on disputes even before the dispute taking place. Arbitration has an board and procedure to follow. When the dispute arises, the first step is to identify and select the arbitration board they want and consult them for the settlement. After which the board or tribunal attempts to immediately conciliate the parties on the dispute. If this attempt fails, then both the parties appoint their arbitrators to defend their side. After listening to the both the defenders, judgement is given. This judgement has a high success rate.
Therefore, arbitration is an simple process to follow and some businesses in advance mention their arbitration board or tribunals in the contracts they make to attain peaceful and successful settlement on time.