Patents, Trademarks and Copyrights 1, business and finance homework

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Business Finance

Description

Identify the best protection for each of the following creations:

What about the pricing strategy?  What would protect an IP?

Please explain why you would chose one over the other.

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Explanation & Answer

Thank you for the opportunity to help you with your question!

First, we must understand the basic difference between the three terms by the help of their meanings.
Copyright is a form of protection provided to the authors of "original works of authorship" including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished.
A trademark is a word, name, symbol or device which is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others. It protect words, logo, phrases etc.
A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office. 
Intellectual property (or IP) refers to creative work which can be treated as an asset or physical property. It cna be protected using all three (copyright, trademark, patent) depending upon the type of property.
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