BUSN 1100 Chapter Notes - Chapter 13: Maybelline, Trade Secret, Novo Nordisk

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1100
• Professor: Crittenden William

Document Summary

Can be classified as good, service or both. Idea generation brainstorm as many ideas as possible. *each stage requires management to green light the idea before moving on to the next phase. Company that comes up with an idea and tries to be the first to market. Get credit for the idea, come up with the patent. Companies see a good idea and they emulate it, they come up with a different version of it. Something that is close but not quite the same. They hop on the band wagon and copy the hottest trend. Innovation commercial exploitation of a (generally new) idea or invention. Ex. new iphone models (5, 5s, 5c) More competitors offer similar products to yours. Innovating can be risky, new products have a. Improving general standards of living/quality of life (function) to innovate yourself (innovative competition) Intellectual property refers to the creation of the mind. *intellectual property rights a like any other property right.