Intellectual property helps companies consolidate foothold

Given the increasing level of competition generated by global integration, in addition to improving product quality and expanding markets, companies should also pay greater attention to intellectual property, which can be a powerful tool in competing with foreign rivals.

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This company protected the intellectual property of its products before introducing them to the market, giving it confidence in competing with rivals, as copyrighted products often win more trust from customers.

Intellectual property protects not only tangible but also intangible assets. It is also a bridge bringing the ideas of enterprises closer to customers.

Though intellectual property brings about a lot of competitive advantages, many companies still overlook the task, resulting in losing their brands to rivals and even partners. Let’s take ST25 rice as an example, which had its brand registered by a foreign company with nothing at all to do with its production.

Intellectual property is a set of powerful tools for a company to fight in the market. They include brand name, design, copyright, patents, and geographical indication, etc. Once these tools are fully utilised, a company’s foothold in the market is consolidated./.

VNA